Interest Rate for Student Loans is on the Rise

The U.S. Department of the Treasury is set to raise federal student loan interest rates in July, Money magazine reported Wednesday. The move had been expected after the Federal Reserve increased benchmark interest rates in recent months.

New undergraduate federal loans will have an interest rate of 4.45 percent during the upcoming academic year, up from a historically low rate of 3.76 percent.

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Cherie S. White
Cherie S. White
Cherie S. White is Director of Digital Strategy for the Tom Joyner Foundation, a writer and editor.