The interest rate for direct federal undergraduate student loans disbursed after July 1, 2024 will be 6.53%, the Department of Education announced Tuesday.
That's up from the current 5.5% interest rate, and the highest rates have been since 2008, according to ED data.
New graduate student loans will have an 8.08% interest rate and parent PLUS loans will come with a 9.09% rate.
Here are three ways to lower your overall college costs and reduce the amount you may need to borrow.
Starting your college education at a community college or trade school is one way you may be able to cut down on costs while racking up course credits.
Persons:
That's, Gabriella Carter, Ethan Nguonly, Nguonly hustled, Nguonly
Organizations:
Department of Education, Princeton University grad, CNBC, University of California —
Locations:
University of California — Berkeley