Annual student loan interest rates increase tomorrow, July 1st. This represents the first full year loan rates will be tied to the 10-year Treasury note under the deal struck by Congress last summer. Rates will rise from 3.86 to 4.66 percent for undergraduate Stafford loans, 5.41 to 6.21 percent for graduate Stafford loans and 6.41 to 7.21 percent for parent and graduate PLUS Loans. The maximum Pell Grant will also increase tomorrow by $85 to $5,730. The Institute for College Access and Success offers a helpful fact sheet breaking down the changes.
June 30, 2014