Federal student loan interest rates will decrease for new borrowers in 2019-2020
The makes the rate decrease anywhere from 10% for undergraduates, to 7% for Grad and Parent PLUS Loans.serves as the benchmark for rates for the following year. Whatever interest rate is set for the 10-year note is used as the baseline interest rate for student loans.
Given that this year's auction resulted in a substantially lower yield than last year's, we see student loan rates decreasing. After the basic price for the 10-year note are factored in, the Department of Education then adds an additional rate which covers their expenses.Finally, Congress does set overall caps on the interest rate that can be charged, but we are not close to these levels yet.The rates above are what are charged for Federal student loans, not private student loans.
However, private loans don't offer a lot of the features of Federal loans, such as income-driven repayment plans, student loan forgiveness, and more. As such, simply looking at the interest rate doesn't take into consideration the whole picture about where to borrow.Overall, this is positive news for borrowers. Given that student loan interest rates have decreased, borrowers can expect to see savings on the total cost of their education.
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