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The U.S. Department of Education’s newly announced federal student loan interest rates for the 2024-25 academic year broke longstanding records. Experts and policymakers alike predicted a jump ...
The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ... rather than a bank or other financial institution." [ 1]
Key takeaways. Interest rates on federal student loans are always fixed. These rates are set on July 1 each year for loans disbursed from July 1 to June 30 of the following year.
The fixed interest rate on federal student loans will climb to 6.53% for undergraduate loans — up from 5.5% last year. The new higher rate applies to Federal Direct Stafford loans for ...
The federal student loan program was criticized for not adjusting interest rates according to factors under students' control, such as the choice of academic major. Critics have contended that flat-rate pricing contributes to inefficiency and misallocation of resources in higher education and lower productivity in the labor market. [ 16 ]
Educational inflation is the increasing educational requirements for occupations that do not require them. Credential inflation is the increasing overqualification for occupations demanded by employers. [ 1][ 2] A good example of credential inflation is the decline in the value of the US high school diploma since the beginning of the 20th ...
The largest is a $145 billion increase that’s partly due to changes the Biden administration made to student loan repayment plans and a new, proposed forgiveness program that would waive some ...
A closely related issue is the increase in students borrowing to finance college education and the resulting in student loan debt. In the 1980s, federal student loans became the centerpiece of student aid received. [48] From 2006–2012, federal student loans more than doubled and outstanding student loan debt grew to $807 billion. [48]