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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.
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 ...
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 ...
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 ]
Key takeaways. Interest rates on federal student loans are always fixed. These rates are set on July 1 each year for loans disbursed from July 1 to June 30 of the following year.
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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