SummerBreakShaka

The Importance of Summer Jobs & Internships for Students

Hi Friend,

Happy June! Summertime is here and high school seniors are now graduating. Congratulations! All their hard work has paid off and now they can start focusing more on their next exciting chapter, college.

Federal student loans are one of the many ways to help pay for college and each year the new loan rates are announced. This year the federal student loan rates are increasing for loans first disbursed on or after July 1, 2024 – June 30, 2025. The undergraduate direct subsidized and unsubsidized loans are set at 6.53%, up from 5.50% with graduate and professional direct unsubsidized loans set at 8.08%, up from 7.05% and lastly, graduate and parent PLUS loans will be set at 9.08%, up from 8.05%.

Many students have already started to think about the best ways to utilize their time off from school this summer. One great way for students to maximize summer opportunities is by finding a job or an internship. Securing a summer job or an internship is a smart way for students to invest in their future, as they can gain some real-world experience to help round out their education.

Are you ready to get started on your family’s college financial planning? Sign up for a complimentary consultation with us today! 

– Trixie

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Federal Student Loan Interest Rates Will Hit Some Record Highs

Federal student loan interest rates will reach record heights for the 2024-25 school year, increasing the cost of college for people who will take out student loans, according to a May 14 Education Department announcement.

Here’s how 2024-25 federal student loan interest rates will compare to 2023-24 rates:

  • Undergraduate direct loans will have a 6.53% interest rate, up from 5.50%. 
  • Graduate and professional direct loans will have an 8.08% interest rate, up from 7.05%
  • PLUS loans, available to parents and grad students to fill in funding gaps, will have a 9.08% interest rate, up from 8.05%. 

6 Top Benefits of Summer Jobs & Internships for Students

As the season of sunshine and warmth approaches, high school and college students may find themselves wondering how to make the most of their upcoming summer break.

While catching up on sleep and finding time to unwind are typical summer activities, there are additional possibilities to explore, such as seeking out a summer job or an internship. Securing a position for the summer months can have a positive impact on a student’s future endeavors.

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