The Louisiana Education Loan Authority, a division of the Louisiana Public Facilities Authority, has reduced its interest rates on college loans. As of July 1, the 8.19 percent repayment interest rate on federally backed "Stafford" student loans dropped to 5.99 percent.

Students who obtain federally backed loans through the LPFA/Lela's SuperTop Program also have the opportunity to cut the 5.99 percent interest rate in half. The LPFA/Lela program reduces its student loan rate by 3 percent for borrowers who make their initial 36 consecutive monthly payments in a timely manner. This would lower the federal government rate of 5.99 percent to 2.99 percent. These federal loan rates are variable, and are reset by the federal government every July 1.

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