{"id":8701,"date":"2024-11-28T09:45:24","date_gmt":"2024-11-28T09:45:24","guid":{"rendered":"https:\/\/finderica.com\/student-loan-interest-rates-for-2024\/"},"modified":"2024-11-28T09:45:24","modified_gmt":"2024-11-28T09:45:24","slug":"student-loan-interest-rates-for-2024","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8701","title":{"rendered":"Student Loan Interest Rates for 2024"},"content":{"rendered":"\n
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\"ScoreCard<\/p>\n

College is expensive<\/a>, and it\u2019s only getting worse. The total United States student loan debt is at <\/span>more than $1.7 trillion<\/span><\/a>. The average public university student borrows about $<\/span>32,000 for a bachelor\u2019s degree<\/span><\/a>. And 42.8 million borrowers have federal student loan debt, according to 2024 figures.<\/span><\/p>\n

Like most loans, student loans accrue interest. This article will look at current interest rates among the most common student loan products, including federal and private student loans.<\/p>\n

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We Dare You to Take Control of Your Debt<\/h3>\n

Up for a debt challenge?<\/p>\n

In 10 days, these 10 practical steps<\/a>\u00a0could help you get back on the right financial track.<\/p>\n<\/div>\n

The State of Federal Student Loans<\/h2>\n

On June 30, 2023, the Supreme Court rejected President Joe Biden\u2019s $400 billion plan to cancel or reduce student loan debt for millions of Americans. After a three-year pandemic pause on payments, federal student loans resumed accruing interest on Sept. 1, 2023, and payments restarted the following month. <\/span><\/p>\n

Comparing Rates Among Federal, Private and Refinance Loans<\/h2>\n

When you\u2019re evaluating student loan options, you may notice there is more interest rate variability when it comes to private student loans versus federal. But it\u2019s important to note that the lowest interest rates are very difficult to get \u2014 your credit needs to be outstanding.<\/p>\n

It\u2019s also important to note the difference between fixed and variable interest rates on private student loans. While variable interest rates can look more appealing, they also can change over time, meaning you won\u2019t necessarily be paying the same interest rate that you started with throughout the course of the loan. When doing your research, remember to evaluate the trade-offs of every loan \u2014 if you find a low interest rate on a variable loan, don\u2019t expect to pay that forever. Likewise, if your credit score is low, don\u2019t anticipate that you\u2019ll qualify for the best interest rates. Federal student loans can be a safer option if you want to know exactly what you\u2019re getting and how it works.<\/p>\n

Federal Loan Interest Rates at a Glance<\/h3>\n

These interest rates are for direct loans first disbursed on or after July 1, 2024, and before July 1, 2025.<\/p>\n

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Federal Loan Interest Rates at a Glance <\/p>\n

\n\n\n\n\n\n\n\n
Loan Type<\/th>\nBorrower<\/th>\nFixed Interest Rate<\/th>\nLoan Fee<\/th>\n<\/th>\n<\/tr>\n<\/thead>\n
Direct Subsidized and Direct Unsubsidized Loans<\/td>\nUndergrad students<\/td>\n6.53%<\/td>\n1.057%<\/td>\n\n\t\t\t\t\t\t\t<\/td>\n<\/tr>\n
Direct Unsubsidized Loans<\/td>\nGraduate or professional students<\/td>\n8.08%<\/td>\n1.057%<\/td>\n\n\t\t\t\t\t\t\t<\/td>\n<\/tr>\n
Direct PLUS Loans<\/td>\nParents and graduate or professional students<\/td>\n9.08%<\/td>\n4.228%<\/td>\n\n\t\t\t\t\t\t\t<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

There are two types of federal student loans: subsidized and unsubsidized. The two differ based on when interest starts to accrue.<\/p>\n