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Direct Loan Interest Rates for 2023-2024
The Treasury Department auctioned off 10-year Treasury notes on May 10, 2023, with a high yield of 3. 448%. The interest rates for Direct PLUS Loans, Direct Unsubsidized Loans, and Direct Subsidized Loans that are first disbursed on or before July 1, 2024, are displayed in the chart below.
Interest rates on loans that are first disbursed on or before July 1, 2024, and first financed on or after July 1, 2023, for direct subsidized, direct unsubsidized, and direct PLUS loans
|
Loan Type |
10-Year Treasury Note High Yield |
Add-On |
Fixed Interest Rate |
|
Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate Students |
3.448% |
2.05% |
5.50% |
|
Direct Unsubsidized Loans for Graduate and Professional Students |
3.448% |
3.60% |
7.05% |
|
Direct PLUS Loans for Parents of Dependent Undergraduate Students and for Graduate or Professional Students |
3.448% |
4.60% |
8.05% |
We appreciate your ongoing commitment to supporting the federal student aid initiatives.
FAQ
What will student loan interest rates be in 2023 2024?
Currently, the interest rate on federal student loans for undergraduates is 5. 50% for the academic year 2023–2024; graduate students have interest rates of 7% 05 percent or 8. 05 percent for unsubsidized loans or Direct PLUS loans, respectively.
Will student loan interest rates increase?
Federal student loan rates have also been rising. For the 2023–2024 academic year, the cost of borrowing for all Department of Education loans will increase once more, following the previous period’s record-breaking rate increases for certain rates.
What will the interest rates be in 2023?
From and Including Up to But Not Including Rate 0% years%20-%206% months0%20years%20-%208% months3-1/2%0% years%20-%208% monthss1%20year%20-%209% months3-5/8%1%20year%20-%209% months2%20years%20-%204% months3-1/2%2%20years%20-%202%20months3-5/8%
Will taxes be taken for student loans in 2023?
All federal student loan collection efforts are presently suspended through September 2024, which should safeguard your federal and state tax refunds for 2022 and 2023.
Read More :
https://fsapartners.ed.gov/knowledge-center/library/electronic-announcements/2023-05-16/interest-rates-direct-loans-first-disbursed-between-july-1-2023-and-june-30-2024
https://www.bankrate.com/loans/student-loans/current-interest-rates/