If you are taking out a student loan after July 1, you will be paying more interest.
The interest rate on federal undergraduate loans will be 6.53 percent for the 2024-2025 school year. The previous rate was 5.50 percent. For graduate students, interest rates will be 8.08 percent, up from 7.05 percent. PLUS loan interest rates will rise to 9.08 percent, up from 8.05 percent.
Student loan interest rates are set every year based on the yield of the 10-year Treasury note, which is auctioned in May., according to Money.com.
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.