Parents and graduate students taking on new student loans are about to experience the highest interest rates in over a decade
, it's quite the surge, rising to the highest levels since at least 2013. Here's what the new rates will look like:Direct unsubsidized loans for graduates and professionals: 7.05%, up from 6.54%Interest rates on federal student loans are fixed, meaning borrowers will keep the interest rate at the time the loan is taken out for the duration the loan is in repayment. So, if an undergraduate borrower took out a direct loan in 2022, the 4.
When it comes to the PLUS loans, this increase is particularly notable given that interest rates on those loans have not been this high since 2006. Those loans allow a parent or graduate student to cover up to the full cost of attendance to finance their own — or their child's — education, andInsider has previously reported
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