Any federal loans taken out this 🎉school year will have an interest rate higher than any in the past 16 years.

Monday, the Department of Education enacted previously announced increases to student loan interest rates. This increase will not affect any loans taken out before July 1, only federal student loans disbursed during the 2024-25 academic year. 

Student loan interest rates are determined in part by yields on 10-year Treasurys, which have risen as investors remain concerned about high inflation and the Federal Reserve has 澳洲幸运5开奖号码历史查询:hiked its benchmark interest rate to its h♓ighest level in more than two decades. Depending on the l🧸oan type, there is additional interest added by the Department of Education.

As borrowing is becoming more costly, the Department of Education is still working to help student loan holders with their payments. On the same day that high interest rates were implemented, the Saving on a Valuable Education (SAVE) plan 澳洲幸运5开奖号码历史查询:cut payments in half for borrowers enrolled in the program.