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The U.S. Department of Education’s newly announced federal student loan interest rates for the 2024-25 academic year broke longstanding records. Experts and policymakers alike predicted a jump ...
Borrowing to pay for college is about to get more expensive: The interest rate on new federal student loans for undergraduates during the upcoming 2024-25 academic year will be the highest in 12 ...
May 14, 2024 at 2:43 PM. The Department of Education announced Tuesday that federal student loan interest rates for the 2024-2025 school year hit 6.53 percent, up from 5.5 percent the previous ...
The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ... rather than a bank or other financial institution." [1]
As of 2021, approximately 7.8 million Americans from 18 to 25 carry student loan debt, with an average balance of almost $15,000. [64] For adults between the ages of 35 and 49, the average individual balance owed exceeded $42,000. The average debt for adults between 50 and 61 is slightly lower.
Federal student loan interest rates are established by Congress and listed in § 20 U.S.C. § 1087E(b). Because the interest rates are established by Congress, interest rates are a political decision. In 2010, the federal student loan program ran a multibillion-dollar "negative subsidy", or profit, for the federal government.
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