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Federal student loan rates drop 0.52 points for 2019-20, the first cut in three years. See the new rates and smart ways to borrow less. Start saving today.
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Federal direct loan interest rates are dropping 0.52 percentage points for the 2019-20 school year — the first decline in three years.
Interest rates for student loans in the federal direct loan program are decreasing by 0.52 percentage points for the 2019-20 school year compared with loans borrowed for 2018-19.
The coming reduction is the first time in three years that federal loan rates have dropped.
Federal student loan interest rates for the 2019-20 school year, effective July 1.
The government pays the interest on subsidized loans while the student is in school.
Congress sets new federal student loan interest rates annually for loans issued in the following academic year.
Federal student loan interest rates are fixed throughout the life of the loan.
For instance, a federal student loan borrowed in fall 2018 by an undergraduate had a 5.05% rate.
Just because federal loan rates are dropping doesn’t mean students should borrow more.
Interest accrues daily while students are in school.
Here’s how students can limit their debt and save on student loan interest.
Teddy Nykiel is a writer at NerdWallet.
The article New Federal Student Loans Are Getting Cheaper originally appeared on NerdWallet.
Interest rates in the federal direct loan program are decreasing by 0.52 percentage points for the 2019-20 school year compared with loans borrowed for 2018-19.
No.
Limit borrowing by accepting only the loans you need and aiming for payments no larger than 10% of expected take-home pay.
Since federal loan rates are fixed, the only way to lower them is to refinance through a private lender.
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Frequently Asked Questions.
How much are federal student loan rates dropping for 2019-20?.
Why are federal student loan rates going down?.
Will the lower rate apply to my existing federal student loans?.
How can students save more on student loan interest?.
Should I refinance my federal student loans to get a lower rate?.
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