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Although the pause on student-loan payments, accompanied by zero interest accrual, is continuing through September, the Federal Student Aid (FSA) office announced new increased interest rates for the next year. It’s another sign that the $1.7 trillion student debt crisis, which President Joe Biden vowed to address in his campaign last year, will just continue to grow.
Interest rates reset each July, and this year, interest on student loans will increase by nearly a full percentage point. The FSA posted the new interest rates for direct subsidized and unsubsidized loans for undergraduates, direct unsubsidized loans details ⇒
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