JOPLIN, Mo. — The cost of higher education is getting pricier for students who take out federal student loans.
The U.S. Department of Education is setting the 2024 – 2025 interest rate at 6.53 percent.
It’s a significant jump from the current rate of 5.5 percent… and experts say it’s the highest rate for student loans in more than a decade.
Financial aid workers at Missouri Southern point out that’s the same rate students pay nationwide – and a good reminder to do your research when applying for a loan.
“Make a concerted effort to understand what you’re borrowing. Understand what the repayment requirements are going to be. Certainly the financial aid office can help you understand what those are going to be for any of our students. And then make a calculated decision,” said Becca Diskin, MSSU Financial Aid Dir.
The new student loan interest rates take effect on July 1.
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