Here’s what the Fed’s rate hike means for your student loans:
Student loans: federal student loans
There’s good news and bad news for federal student loans. Let’s start with the good news. For current student loans borrowers, the interest rate on your federal student loans will not change. Why? Most federal student loans have fixed interest rates, which means the interest won’t change over the life of your student loans. So, the Fed can raise interest rates six or more times, and your interest rate will remain the same. .
This is particularly helpful if you want to lock-in a low fixed interest rate since the Fed plans to raise interest rate several more times this year. Student loan refinancing rates will rise, so if you plan to refinance, it’s better to do it now rather than later. To qualify for student loan refinancing, you’ll need at least a 650 credit, be currently employed or have a signed job offer, and have enough monthly cash flow to pay living expenses and make current debt payments.
Student loan repayments restart after May 1, 2022. Make sure you evaluate all your options, particularly with the potential for multiple interest rate increases that could make your student loans more expensive.
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