Congress sets new student loan rates each spring based on the high yield of the last 10-year Treasury note auction in May. The rates apply to student loans disbursed from July 1 to June 30 of the following year. Federal rates are also fixed, so they can't change once you've taken the...
The interest rate for direct federal undergraduate student loans disbursed after July 1, 2024 will be 6.53%, the Department of Education announced Tuesday. That's up from the current 5.5% interest rate, and the highest rates have been since 2008, according to ED data. The undergraduate rate...
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Average parent PLUS loan debt: $29,526. Source: Federal Student Aid, Portfolio by Loan Type Q4 2023. » MORE: What's the average parent PLUS loan debt? AD Simplify your student loan refinancing with Sparrow Pre-qualify and compare rates with 17+ lenders to refinance your student loans th...
2021. This means students who take out a loan for the upcoming school year 2020-2021 will benefit the most from these lowest rates in over a decade (Mulhere, 2020). The current rates stand at 2.75% for undergraduate student loans, 4.30% for graduate students with unsubsidized direct loans...
Student loan refinance rates climbed higher in 2023, but with the Federal Reserve expected to cut rates in this year, refinancing rates will likely decline — meaning it may be a good time to refinance your debt. Our writers and editors have spent dozens of hours analyzing and vetting student...
Average student loan debt has been on the rise as families try to keep up with soaring college costs. Though 2023 college graduates who borrowed to pay for school took out, on average, $43 less in loans compared with the prior year, the average total student debt continues to h...
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With that said, here’s what could cause federal and private loan rates to drop:Federal loans: If 10-year Treasury yields are lower in the last auction before June 1, 2024, than in the 2023 auction, rates will decrease for loans disbursed after July 1, 2024. Private loans: If market ...