Financial advisers urging private loan recipients to be careful of September interest rate hike

DELMARVA – A sigh of relief from many Americans after president Joe Bidens recent announcement. It would give the opportunity for $10,000 dollars in federal relief for college private tuition loans.

But not everyone wasn’t included in that relief, some are asking what about those with private loans – how does this impact them? One financial adviser tells 47 ABC that the best thing to do would take another look at those loans. “The biggest thing you could do is if you have a variable rate loan goes back to that institution and see if they’ll lock you into a fixed interest rate loan. You want to be in a fixed rate loan right now if you’re in a rising interest rate environment to protect yourself from the high side of those interest rates,” says Mark Welsh, a CPA at UHY LLP.

With the squeeze of inflation on other necessities including food and rent, Welsh says you need to act fast before the September interest rate hike. And just a reminder that the federal loan forgiveness is not final yet and still has a few more steps before Americans receive $10,000 dollars.

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