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Student loan rates are heading for historic lows — here's what it will mean for your payments

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Here's why 2020 will be a good year to take out student loans

College students this fall will experience a historic moment and for positive reasons.

Starting in July, students taking out federal loans to pay for college will have access to the lowest interest rates in history. 

Mark Kantrowitz, vice president of research at Savingforcollege.com, said the new rates will save borrowers thousands of dollars over the life of an average loan. 

Unfortunately, the terms only apply to future borrowers but there are still ways for people with existing loans to benefit, according to Kantrowitz. 

Check out this video for a full breakdown on the new rates and for tips on what to do with your older loans.  

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