People also ask
Are student loan rates going up?
Student loan rates are increasing. Each May, Congress sets federal student loan interest rates for the academic year based on an auction of 10-Year Treasury notes. As the Federal Reserve has raised interest rates to control inflation, consumer debt has become more expensive. How much more expensive will student loans become?
When will student loan payments be paid again?
Thanks to the pandemic, federal student loan payments have been on hold for more than two years. Right now that pause is scheduled to end on Aug. 31, 2022. But Secretary of Education Miguel Cardona testified at a Senate subcommittee hearing in June that another moratorium extension is still a possibility.
How much would the average borrower get in student loan forgiveness?
The average borrower would receive $8,478 in student loan forgiveness. That鈥檚 in addition to the more than $25 billion in loan forgiveness that the Biden administration has approved for about 1.3 million borrowers, including public service employees and defrauded students.
Are student loans more expensive in 2022?
Student loans are more expensive as of July 1, 2022. That鈥檚 bad news for student loan borrowers who already have faced high inflation on everything from groceries to gas. With uncertainty around student loan forgiveness and the student loan payment pause, there鈥檚 no question why student loan borrowers are feeling the student loan blues.