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Research from EducationData.org shows that almost 44 million Americans hold an average federal student loan debt balance of $37,717. Combined, student loan debt in the U.S. adds up to $1.744 trillion.
In its most recent update, Federal Student Aid said the fixed interest rate is 5.50% for direct subsidized and unsubsidized undergraduate loans first disbursed after July 1, 2023.
According to the Education Data Initiative, 6.87% is the average student loan interest rate among all existing borrowers. The higher the interest, the quicker your debt grows.
The federal student loan program was criticized for not adjusting interest rates according to factors under students' control, such as the choice of academic major. Critics have contended that flat-rate pricing contributes to inefficiency and misallocation of resources in higher education and lower productivity in the labor market. [ 15 ]
Student loans. The average cost of college per year in the U.S. is $38,270, ... you may be looking at a higher interest rate. And carrying too much student loan debt might upend your finances in ...
Graphic 1: Total number of dollars (in billions) entering default, 2009-2018, data source: CRS Graphic 2: This graph portrays the changes in the interest rate for direct subsidized loans, 2004-2019. Default and delinquency are increasingly common and are a large risk the government bears when giving out low-interest rate loans.
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