‘I plan on dying with student loan debt’

Federal student interest rates are expected to be the highest in over a decade.

Kieran Ryan

May 15, 2024

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The cost of being a student just got more expensive.

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Federal student loan interest rates are determined each year based on the results of the May 10-year Treasury auction, where new 10-year U.S. Treasury bonds are sold. Federal student loan interest rates for the 2024-2025 academic school year are expected to be the highest in over a decade:

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Undergraduate loans: 6.53%, up from 5.50%
Graduate loans: 8.08%, up from 7.05%
PLUS loans, available to parents and graduate students: 9.08%, up from 8.05%

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For those of us still with student loans, you may be wondering WTF happened to Biden’s student debt-relief plan. The Supreme Court struck down its first attempt in June 2023, and Biden's second attempt at student loan forgiveness is in its public comment period. The new plan aims to cancel $20,000 in unpaid interest for borrowers. The plan could begin reducing and eliminating balances as early as this summer, but some experts predict similar legal challenges.

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Looks like I won’t be getting my MBA anytime soon!