For the second year in a row, interest rates on federal student loans will decrease for the 2020-2021 academic year. This year’s decrease brings rates to record lows. The rates apply to new federal student loans made on or after July 1, 2020, through June 30, 2021. This includes direct loans for undergraduates (subsidized and unsubsidized), direct loans for graduate students, and direct PLUS loans. The interest rate is fixed for the life of the loan. See chart below for a comparison of old and new rates, who they are available to, and borrowing limits.
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Prepared by Broadridge Advisor Solutions Copyright 2020.