Students given break again on loan costs

Iowa college students will continue to get a break on fees for student loans. Gary Nichols, the executive director of the Iowa College Student Aid Commission, says they’ll continue to waive the loan guarantee charge. He says they’re authorized to charge up to one percent of the loans that students take. He says because of some successful management of their student loan losses, and above-average recoveries and investment of the student loan fun, they’re able to waive the fee for the next year. He says individual students will save between 25 and 75 dollars, but says overall it adds up. He says overall students will save three-point-four million dollars in fees. Nichols says they’ve believe they could continue waiving the fee for another four or five years, but he says they may not have that chance. He says some states have not been able to pass the savings onto students, so he says the Department of Education may mandate the fees sometime in the near future. Nichols says this will be the fifth year they’ve waived the fee. He says the fee waivers since 1999 add up to about 10-million dollars.