Increasing interest rates on student loans will make college even more costly this fall

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Two years ago, federal student loan borrowers enjoyed the lowest interest rates ever.

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For undergraduate borrowers this fall, rates will be nearly double what they were in 2020-21.

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Undergraduate direct federal student loan interest rates

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are set to increase to 4.99% for the 2022-23 academic year,

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from 3.73% last year and 2.75% in 2020-21. The interest rates on

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graduate direct loans will also rise to 6.54%; parent and

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graduate PLUS loans will increase to 7.54%.

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