BELOW SUPERNAV drop zone ⇩

Federal student loan interest rates highest in more than a decade

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

(The Hill) — The Department of Education announced Tuesday that federal student loan interest rates for the 2024-2025 school year hit 6.53 percent, up from 5.5 percent the previous year.  

Higher education expert Mark Kantrowitz told CNBC the new undergraduate interest rate is the highest it has been in a decade.  

Graduate student loans hit 8.08 percent, up from 7.05 percent the previous year and the highest in 20 years, Kantrowitz said. Parent plus loans have earned the highest interest rate at 9.08 percent, beating the 8.05 percent from before.  

President Biden has made easing the burden of student loans a priority in his presidency.  

The administration has forgiven billions of dollars of student loans and made changes to income-driven repayment plans to help borrowers out of debt.  

Republicans have railed against Biden’s efforts and have run on the message that debt forgiveness is unfair to those who never went to school or already paid off their loans.  

Education

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Fair

la

61°F Fair Feels like 61°
Wind
4 mph ESE
Humidity
54%
Sunrise
Sunset

Tonight

Partly cloudy this evening, then becoming cloudy after midnight. Low 48F. Winds light and variable.
48°F Partly cloudy this evening, then becoming cloudy after midnight. Low 48F. Winds light and variable.
Wind
4 mph N
Precip
2%
Sunset
Moon Phase
Waning Crescent