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submitted 1 month ago by someone@hexbear.net to c/news@hexbear.net

The U.S. Department of Education announced Tuesday the interest rates on federal student loans for the 2024-2025 academic year.

The interest rate on federal direct undergraduate loans will be 6.53%. That’s the highest rate in at least a decade, according to higher education expert Mark Kantrowitz. The undergraduate rate for the 2023-2024 year is 5.5%.

For graduate students, loans will come with an 8.08% interest rate, compared with the current 7.05%. Plus loans for graduate students and parents will have a 9.08% interest rate, an increase from 8.05% now. Both of those rates haven’t been as high in more than 20 years, Kantrowitz said.

The rise in interest rates could complicate the Biden administration’s efforts to get the student loan crisis under control and relieve borrowers of the pain of interest accrual, experts say. Even as millions of people have benefited from recent debt relief measures, new students will be saddled with more expensive loans for decades to come.

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[-] TheLepidopterists@hexbear.net 60 points 1 month ago

The rise in interest rates could complicate the Biden administration’s efforts to get the student loan crisis under control and relieve borrowers of the pain of interest accrual, experts say.

He's the one DOING this! What do you mean his "efforts to get the student loan crisis under control" he's actively making it worse. Big "Biden isn't doing enough to restrain Netanyahu" energy. Every bad thing this motherfucker does is framed as him not doing the opposite, good thing, enough.

[-] RedWizard@hexbear.net 34 points 1 month ago

Biden punching himself in the face could complicate Biden's efforts to get the bruising and swelling down on his face and release himself of the pain of being punched in the face, experts say.

[-] goferking0@lemmy.sdf.org 19 points 1 month ago

but he's using old laws to forgive loans that should have been forgiven years ago to cancel debt

[-] Teapot@hexbear.net 12 points 1 month ago

Student loan interest rates are set by statute

[-] TheLepidopterists@hexbear.net 14 points 1 month ago

I'm glad you mentioned this, should have read the article.

Well I guess this isn't his fault specifically but I still hate that old ghoul

[-] MayoPete@hexbear.net 13 points 1 month ago

Fucker can't be arsed to get Congress to fix the statute, won't lift a finger to take any executive action on it, but by gosh he will sign a TikTok Ban as soon as it hits his desk.

Fuck Joe Biden

this post was submitted on 23 May 2024
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