Student loan interest rates are due for a significant hike. We break down the impact on your bottom line.
InvestigateTV - Federal student loan interest rates are set to rise on July 1, the official start of the 2022-23 academic year. The rate, which was 3.73%, will see a 34% hike to 4.99% for undergraduate student loans., said you’ll also pay more for private student loans
“Because the Fed are raising rates across the board, you could have multiple loans with different interest rates,” Dale said. She said if you are forced to take multiple loans to pay for school, consolidating as you near graduation could lock in a better interest rate. Dale said if you need to pay for school, it’s a good idea to rely on aid you don’t have to repay first like scholarships, grants and otherfederal student loansOne thing to note as the Fed continues to look at rate increases, fixed-rate private student loans will not have a similar change because the rate is set.
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