from: I read Lonas, The hill
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(The hill) – The Education Department announced Tuesday that interest rates on federal student loans reached 6.53 percent for the 2024-2025 school year, up from 5.5 percent last year.
Higher education expert Mark Kantrowitz said CNBC The recent interest rate for students is the highest in a decade.
Kantrowitz said graduate loan borrowings rose to 8.08 percent, up from 7.05 percent last year and the highest level in 20 years. Parent Plus loans achieved the highest interest rate at 9.08 percent, surpassing the previous 8.05 percent.
President Biden has made student loan relief a priority of his presidency.
The administration has Billions of dollars awarded of student loans and made changes to income-driven repayment plans to support borrowers get out of debt.
Republicans are railing against Biden’s efforts, pushing the message that debt relief would be unfair to those who never went to school or have already paid off their loans.
