Federal student loan interest rates highest in more than a decade
The U.S. Department of Education announced that the interest rates on federal student loans for the 2024-25 academic year is 6.53% for undergraduates, up from 5.5% for the 2023-24 school year.
Loans for graduate students will come with an 8.08% interest rate, up from the current 7.05%, and loans for graduate students and parents will have a 9.08% interest rate, compared with the current 8.05%. According to higher education expert Mark Kantrowitz, both of these rates haven't been as high in more than 20 years.
All federal loans issued on or after July 1 will be subject to the new rates, and loans for the 2024-25 year must be taken out after that date. Most previous federal student loan rates are fixed, so the rates on those existing loans will not change.
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