Home News Federal student loan interest rates for the upcoming school year will be lower than ever, outstripping the previous record from 2005 – Business Insider

Federal student loan interest rates for the upcoming school year will be lower than ever, outstripping the previous record from 2005 – Business Insider

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  • Federal student loan interest rates are at a historic low for the 2020-2021 school year.
  • All undergraduate federal student loans will carry a 2.75% interest rate, while graduate student loans are set at a 4.3% interest rate. The previous record low was 2.875% set in 2005.
  • This year’s interest rates are 1.78% lower than last school year’s rates across all loan types.
  • Learn more about getting or refinancing a student loan with CommonBond »

Federal student loans will be much more affordable during the 2020-2021 school year, according to new interest rates from the Department of Education.

Since March 2020, interest rates across the board have fallen as the Federal Reserve cut the federal funds rate. Lower interest rates will make both federal and private student loans cheaper for this school year, sending the federal student loan interest rate to record lows.

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