The federal government releases the new student loan interest rates for federal student loans every year. If you opened a loan in 2021, you’re probably wondering what the student loan interest rate is.
Federal Student Loan Interest Rates in 2021
For interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans distributed on or after July 1, 2021, and before July 1, 2022; see the table below*.
|Loan Type||Borrower Type||Fixed Interest Rate|
|Direct Subsidized Loans and Direct Unsubsidized Loans||Undergraduate||3.73%|
|Direct Unsubsidized Loans||Graduate or Professional||5.28%|
|Direct PLUS Loans||Parents and Graduate or Professional Students||6.28%|
Keep in mind, these interest rates are fixed and don’t change over the life of your loan.
If you have questions about your interest rate, you should contact your lender or loan servicer.
What about private student loan interest?
Private student loan lenders decide their interest rates based on credit history in addition to many other factors. If you need to know your interest rate for a private student loan, or want an idea of what it might be if you take out a loan, you’ll need to contact a lender directly.
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