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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 ]
When it comes to federal student loans, interest rates are determined by Congress each year. This interest rate is valid from July 1 of the current year until June 30 of the following year and is ...
The U.S. Department of Education’s newly announced federal student loan interest rates for the 2024-25 academic year broke longstanding records. Experts and policymakers alike predicted a jump ...
Federal student loan interest rates are established by Congress and listed in § 20 U.S.C. § 1087E(b). Because the interest rates are established by Congress, interest rates are a political decision. In 2010, the federal student loan program ran a multibillion-dollar "negative subsidy", or profit, for the federal government.
The direct subsidized loan with the maximum amount of $5,500 has an interest rate of 4.45%, while the direct plus loan with the maximum amount of $20,500 has an interest rate of 7%. [45] As for private loans, there are more options like fixed interest rates, variable interest rates, and income-based monthly plans, whose interest rates vary ...
As expected, the U.S. Supreme Court struck down President Joe Biden's federal student loan forgiveness program last week, which means that more than 45 million borrowers will soon have to begin...
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