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Federal student loan interest rates are fixed for the life of the loan; however, the rates for new loans will change annually, based on the current market. The interest rates for the 2013–2014 academic year are as follows: 3.86% for undergraduate Stafford Loans (both subsidized and unsubsidized) 5.41% for graduate Stafford Loans [6]
Standard repayment borrowers have 10 years to repay. The loan servicer calculates the monthly payment amount that will pay off the original loan amount plus all accrued interest after 120 equal payments. Payments cover interest and part of the principal. Some loan terms may be shorter than 10 years.
Employer student loan contributions are a type of employee benefit in the United States. With this benefit, employers pay back student loans on behalf of employees, at certain amount per month as decided by the employer. Companies are using this benefit as a way to attract and retain employees, especially millennial workers. [1]
For people with incomes of more than $55,000 who were making student loan payments, the average employee contribution rate was 6.1%, while those in the same income range who weren’t making ...
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The pandemic-era relief provided by the student loan payment moratorium ended in 2023, and by 2024, borrowers were back in the routine of paying their college debt — with interest.
On October 6, 2021, the Biden administration announced a temporary waiver allowing past payments to qualify even if they had the wrong loan type or payment plan. [11] As of March 2022 100,000 people have had over $6.2 billion of student loans canceled as a result of the waiver, [ 12 ] however, many problems still persist.
Getty Images If the looming student loan crisis were a movie, the title might be something like "Fiscal Cliff, part II: Summer Break Edition." As a recap, here's the basic story: On July 1 ...
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