Federal student loan interest rate will rise to highest level in 12 years
CNN
Borrowing to pay for college is about to get more expensive: The interest rate on new federal student loans for undergraduates during the upcoming 2024-25 academic year will be the highest in 12 years.
Borrowing to pay for college is about to get more expensive: The interest rate on new federal student loans for undergraduates during the upcoming 2024-25 academic year will be the highest in 12 years. The federal student loan interest rate will be 6.53% for undergraduate students, up from 5.5% for the current year. The interest rate has not been that high on any undergraduate loans since the 2012-13 school year. Graduate students will see an 8.08% interest rate this coming academic year, up from 7.05%. And PLUS loans, which are available to both parents and graduate students, will come with a 9.08% interest rate, an increase from 8.05%. The rates for graduate students and parents have not been as high since before July 2006, when the government started setting fixed rates for student loans. Prior to that, most federal student loans had variable rates. The higher student loan interest rates will make it more costly for borrowers to pay back their debt – and could cause a problem for President Joe Biden who is working to win over as many young voters as he can before the November election. To be clear, the president does not set the federal student loan interest rates himself. The rates are set annually and are based on the 10-year Treasury note auction held every May. The increase isn’t a total surprise since the Federal Reserve has kept the nation’s benchmark interest rate at a 23-year high as it waits for inflation to cool.
CNN’s 5 Things AM brings you the news you need to know every morning
The two men killed as they floated holding onto their capsized boat in a secondary strike against a suspected drug vessel in early September did not appear to have radio or other communications devices, the top military official overseeing the strike told lawmakers on Thursday, according to two sources with direct knowledge of his congressional briefings.
As Chad Curry busily ferries his teenage children through the streets of their Chicago neighborhood of West Ridge, he eyes passing vehicles with a skepticism he didn’t have just a few months ago.
Speaker Mike Johnson is a political survivor, weathering crisis after crisis since his unlikely ascent two years ago.
Chief Justice John Roberts and Justice Elena Kagan are well matched, rhetorically forceful opposites. And they have been clashing for more than a decade over an increasingly relevant question of presidential power: How easy should it be for the president to fire the heads of independent agencies?
The Army gynecologist described in a recent lawsuit as a “predator in uniform” is now being held in the Bell County Jail in Texas, “after apparently violating conditions of liberty imposed by his commander,” according to an Army spokesperson.
Brian Walshe on Thursday came face-to-face for the first time with the man who had been having an affair with his wife before her death, as he took the stand to testify in Walshe’s murder trial.
The Supreme Court on Thursday allowed Texas to use a congressional map that will boost President Donald Trump’s effort to keep Republicans in control of Congress, blocking a lower court decision that found the new boundaries were likely unconstitutional because they were drawn based on race.
The US military carried out a strike Thursday on a suspected drug boat in the Eastern Pacific, killing four people on board, according to a social media post from US Southern Command.
A grand jury voted against indicting New York Attorney General Letitia James after being asked to look at the mortgage fraud case against her a second time, according to multiple people familiar with the development Thursday.
National Guard troops deployed to Washington, DC, can remain there for now, after a federal appeals court on Thursday temporarily froze a judge’s ruling that would have soon required them to leave the city’s streets.
Defense Secretary Pete Hegseth’s bad week just got worse. That’s after the long-awaited release Thursday of an inspector general’s report on his sharing of highly sensitive military attack plans on the unclassified app Signal earlier this year.
President Donald Trump has hired a new architect for the White House ballroom amid disputes between the president and his architect originally contracted to complete the project, several sources have told CNN.