Borrowing money for college just got more expensive! Interest rates on new federal student loans are set to increase this summer with the largest percentage jump since 2013.
Due to the Treasury Department’s recent auction of 10-year notes, federal student loan interest rates will rise by more than a percentage point on July 1, 2022. These rates are for loans taken out to pay for the 2022-2023 academic year and will not affect existing education debt.
Click here to read more about this rate increase.
Source: Washington Post