Higher interest rates set for loans borrowed during 2021-22 academic year
By Beth Ziehmer
July 08, 2021
After having historically low interest rates for student loans borrowed for the 2020-21 academic year, the rates for loans borrowed during the 2021-22 academic year will rise.
On May 19, the Department of Education announced interest rates for Direct Loans first disbursed between July 1, 2021 and June 30, 2022.
According to the Department, rates on loans disbursed next year are as follows:
- Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate Students - 3.73% (up from 2.75%)
- Direct Unsubsidized Loans for Graduate and Professional Students - 5.28% (up from 4.3%)
- Direct PLUS Loans for Parents of Dependent Undergraduate Students and for Graduate or Professional Students - 6.28% (up from 5.3%)
Mapping Your Future has updated the new rates in the counseling sessions, website content, and the online interest rate chart, as well as the interest rate chart handout and the Direct Loan entrance counseling presentation in the Member resources section of the Access Area.
Contact us with any questions about the interest rate resources on the Mapping Your Future site.