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(Lincoln, NE) - - They dropped in 2001, dropped again in 2002, and today student loan interest rates set another record low. Whether in school or out of school, students will pay even less interest on their education debt in 2003 with new rates of 2.82% and 3.42% for loans in grace and in repayment respectively.* Mom and dad also got a break with Parent Loans for Undergraduate Students (PLUS) moving to 4.22%.

Both Stafford and PLUS loan rates are variable and reset each July based on short-term Treasury bills. New rates are announced annually at the end of May and are effective on July 1.

"With rates this low, the cost of education enters a new age of affordability and accessibility," commented Don Bouc, President of Nelnet (National Education Loan Network) and the company's chief spokesperson. "This is an exciting time and one of tremendous opportunity for both students and adults considering higher education."

Nelnet is a vertically integrated educational finance organization dedicated to providing products and services that facilitate education finance for students, schools, lenders, and guarantors. Additional information is available at www.nelnet.net.

*New rates apply to most Stafford and PLUS loans issued after 1998.