Rising interest rates are a boon to savers but a curse to borrowers. Federal student loan interest rates are based on the 10-year Treasury yield at the May auction. That auction took place last week, so next year’s interest rates are set– and they are more than 1% higher than last year’s rates. Each loan type– Direct Student Loan, Parent…
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What segment of education borrowers is growing the fastest? Parent PLUS loan borrowers. And it’s not just the number of borrowers that’s increasing; outstanding debt balances for Parent PLUS loans are growing faster than any other segment of the federal student loan portfolio. From 2014 to 2023, the number people with outstanding Parent PLUS loans grew by almost 20% to…
Rising interest rates are a boon to savers but a curse to borrowers. And just like mortgages and credit cards, next year’s student loans will have higher rates. Federal student loan interest rates are based on the 10-year Treasury yield at the May auction. That auction took place last week, so next year’s interest rates are set. Each loan type–…
With December almost here, it’s time to get on year-end tasks. If you’re among the many who want a year-end to do list, here goes!
I’m guessing this isn’t the first time you’re hearing that the Biden administration is going to forgive $10,000 of federal student loans per borrower, or up to $20,000 for those who received Pell grants. The announcement was a little short on details about how this is going to happen, but it did clarify borrower relief in three areas: A final…