Southern Tier Parents Relieved Over College Loan Rates Deal

07.22.13 | Abby Lutcher

Southern Tier parents of incoming Penn State freshman will feel the impact first-hand in just a few weeks. The Southern Finger Lakes Chapter of Penn State alumni held their Class of 2017 send-off picnic Saturday. Parents of freshman we spoke with say they're relieved a deal was reached. Scott Rupert, a father from Ithaca, says it’s a load off his shoulders since affording to send his daughter to college is an everyday concern. Mike Denardo, a father from Watkins Glen says it’s still too high, but he’s happy it’s back down to under seven percent for parents. Under the new deal reached on Thursday, undergraduate students would be able to borrow at a 3.9 percent interest rate, graduates at 5.4 percent, and parents can help their kids out at a rate of 6.4 percent.