New Student Loan Interest Rates
Last Friday, President Obama signed into law the Bipartisan Student Loan Certainty Act of 2013. This new law permanently changes the determination of interest rates on student loans. Each July 1 rates will change but will remain fixed and in effect until that loan is paid in full.
The rates on Unsubsidized Stafford loans, where the first disbursement is made between July 1, 2013 and June 30, 2014, will be 5.41% (it was previously 6.8%). The fixed rate on Graduate PLUS loans where the first disbursement is made during this same time period is 6.41% (it was previously 7.9%). This is an automatic change and will encompass all borrowers. You need not take any action in order to receive this adjusted reduction in the interest rate.