What is the interest rate for federal student loans?
Asked 6 months ago
The interest rate for federal student loans varies depending on the type of loan and when it was disbursed. For direct subsidized and unsubsidized loans that were first disbursed on or after July 1, 2021, and before July 1, 2022, the interest rate is fixed at 3.73%. For direct PLUS loans made to graduate or professional students, the interest rate is 5.28%. The interest rate for direct PLUS loans made to parents or graduate/professional students is 6.28%. Federal student loans offer competitive interest rates compared to private loans, making them an attractive option for financing education. It is important to note that these rates are subject to change annually, so checking the US Department of Education's website for the most up-to-date information is crucial.
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