Interest rates will be 4.99% for undergraduate loans, 6.54% for graduate loans and 7.54% for PLUS loans for the 2022-2023 year.
for the Biden administration to cancel billions of dollars in debt for millions of student loan borrowers. That's because the interest rates on federal student loans are set to go up on July 1.
The interest rates for federal PLUS loans – which can be taken out by eligible graduate or professional students enrolled in programs at least half-time as well as eligible parents of dependent students enrolled in undergraduate programs at least half-time – will be 7.54%, up from 6.28%. The fixed interest rate hikes on new federal student loans come as Americans are grappling with soaring prices in multiple sectors. The cost of groceries has risen more than 10%, the fastest annual pace in 40 years, andmore than 30% year over year. And rents are up more than 17% nationally on average from a year ago, according to Realtor.com.
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