Aug 07, 2010 - COLUMBUS, GA (WTVM) -The price you pay for an education can indeed be costly. Research shows fees at private colleges are up 5% this year to more than $26,000 and that's just for one year of tuition, room and board.

Expenses at public schools are around $7,000 per year, up 6.5 % from last year.

To cut costs, many co-eds opt for student loans, but they too come with a price tag in the form of interest. Well rules that kicked in earlier this summer may just give your budget a breather.

For Stafford and PLUS loans issued on or after July 1, 2006 and for those given out after July 1st of this year through June of 2011, here are the new rules that apply:

There's 4.5% percent fixed rate on Subsidized Stafford Loans. That's down from 5.6%.

Unsubsidized Stafford Loans are at a fixed rate of 6.8% for the life of the loan.

PLUS loans are also fixed at 7.9% percent.

For Stafford PLUS loans issued on or after July 1, 1998 and before July 1, 2006, the new interest rates for the period of July 1, 2010 through June 30, 2011 are:

Stafford in repayment status....2.4%, down from 2.48%.

Stafford in school, grace period or deferment status are at 1.87% down from 1.88%.

PLUS Loans in repayment status are at 3.27% down from 3.28%