Federal student loan interest rates rise
Lafayette, La (KADN) “But at the moment, I didn’t know FAFSA rates were going up”
The fall semester is fast approaching and many students say they are using loans to pay for their tuition, but were unaware of a potential increase.
“With the interest rate hike, I think since we’re old people who had some sort of grandfathering and it goes up pretty much towards the end, it’s pretty confusing.”
Students who plan to borrow federal student loans for the next school year can expect interest rates to rise.
“So I qualified for the highs with my deed score and everything, so I paid my tuition and then for the rest of my fees I use student loans.”
The change comes after existing loans were set at zero as part of coronavirus relief. interest rates are expected to be above 3.7% for undergraduates and many say they should have been notified of this change by their university before the start of the semester.
“I think to inform students like email or on social media, because I know a lot of students don’t regularly check their Facebook, Twitter emails, it’s like a lot of things that I see them students receive main information “