According to the analysis of student loan expert Mark Kantrowitz, borrowers will be paying the highest interest rates for undergraduate loans in more than a decade. The current interest rate for an undergraduate loan in 2023-2024 is 5.5%.
For graduate students, loans will rise over 1% from the current rate of 7.05% to a new rate of 8.08% in 2024-2025. Plus loans, or those for graduate students and parents, will similarly rise from 8.05% to 9.08%. Kantrowitz noted those rates haven't reached such levels in over 20 years.
Source: Education Headlines (educationheadlines.net)
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