2023-24 Federal Student Loan Rates
2023-24 Federal Student Loan Interest Rate
Will Be Higher
The Federal Direct Student Loan interest rates for 2023-24 have been determined by the government and they will be increasing for the school year 2023-24. This change will be applied to new federal loans disbursed between July 1, 2023, and June 30, 2024. The 2022-23 rates were slightly higher after years of lower rates due to COVID and the historically low 10-year treasury rates.
These are the rates for new federal student loans. Under the National Forbearance program due to COVID current loans have a 0% interest rate until 9/1/2023. Under the current President's Executive order, this will expire by 9/1/2023. You can view/download the chart below for this year's upcoming interest rates.