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Higher interest rates set for loans borrowed during 2023-24 academic year

May 18, 2023

Borrowing student loans will get more costly with the new interest rates set for the 2023-24 academic year.

On May 16, the Department of Education announced interest rates for Direct Loans first disbursed between July 1, 2023 and June 30, 2024.

According to the Department, rates on loans disbursed next year are as follows:

Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate Students – 5.5% (up from 4.99%)
Direct Unsubsidized Loans for Graduate and Professional Students – 7.05% (up from 6.54%)
Direct PLUS Loans for Parents of Dependent Undergraduate Students and for Graduate or Professional Students – 8.05% (up from 7.54%)

Mapping Your Future will update the new rates on the website and various publications prior to July 1, 2023.