The U.S. Department of Education announced Tuesday the interest rates on federal student loans for the 2024-2025 academic year.
The interest rate on federal direct undergraduate loans will be 6.53%. That’s the highest rate in at least a decade, according to higher education expert Mark Kantrowitz. The undergraduate rate for the 2023-2024 year is 5.5%.
For graduate students, loans will come with an 8.08% interest rate, compared with the current 7.05%. Plus loans for graduate students and parents will have a 9.08% interest rate, an increase from 8.05% now. Both of those rates haven’t been as high in more than 20 years, Kantrowitz said.
The rise in interest rates could complicate the Biden administration’s efforts to get the student loan crisis under control and relieve borrowers of the pain of interest accrual, experts say. Even as millions of people have benefited from recent debt relief measures, new students will be saddled with more expensive loans for decades to come.
From “No student debt” to “highest interest rates on student loans in over a decade”
This motherfucker is trying to lose, you can’t convince me otherwise
Biden is doing everything in his power to ensure that “mass shooter” is the only available career path for US children born without generational wealth.
They’re trying to get rid of public education imho so kids can’t even do that.
In a rich man’s country, there is no place to shoot but his face.
— Diogenes
(Satire)
But Biden is canceling student debt for another 4327 people, somehow none of which are still anybody I know.
The rise in interest rates could complicate the Biden administration’s efforts to get the student loan crisis under control and relieve borrowers of the pain of interest accrual, experts say.
He’s the one DOING this! What do you mean his “efforts to get the student loan crisis under control” he’s actively making it worse. Big “Biden isn’t doing enough to restrain Netanyahu” energy. Every bad thing this motherfucker does is framed as him not doing the opposite, good thing, enough.
Jesus Christ 8% people will never get out from under that
I have paid more in interest than my principal and I’m locked in at 5%
It’s fucking criminal that they charge at all for education but the interest rate spread between the 30 year Treasury note and student loans is extra egregious because these loans are federally backed. It’s a naked wealth transfer from low and middle income students to finance capital.
