It was 3.73 for the 2021-22 school year...what's your best guess for this school year? Show Answer: 4.99% vs. 3.73% Click here for the ready-to-go slides for this Question of the Day that you can use with your students. Behind the numbers (Bankrate): Federal student loan interest rates are set to rise for the 2022-23 academic year, following the U.S. Treasury Department’s 10-year note auction on Wednesday afternoon. The new rates will be 4.99 percent for undergraduate loans, 6.54 percent for graduate Direct Unsubsidized Loans and 7.54 percent for PLUS loans. These rates will go into effect on July 1, 2022. --------------------- Learn to manage student debt while balancing other tradeoffs in NGPF's award-winning PAYBACK game in the NGPF Arcade. Played more than 3.1 million times! There are several loan programs available to undergraduate students and their parents to help pay for college. There are two basic categories of
loans: Need-based loans include the Federal Direct Subsidized, Nursing, and Institutional Loans. Non-need based loans include the Federal Direct Unsubsidized, and Direct Parent PLUS loans, as well as private/alternative loans. When you apply for financial aid, you are automatically considered for Direct, Nursing, and Institutional Loans. Direct Parent PLUS loans require completion of two applications, one with the federal government and one with UVA. All private alternative loans require separate application to be filed with the lender of your choice. The University of Virginia participates in the William D. Ford Federal Direct Student Loan Program. This program offers low-interest loans to dependent and independent,
undergraduate and graduate students enrolled in school at least half-time (minimum of six credit hours per semester) in a degree-seeking program. Student Financial Services certifies private loans that come from a private lending institution such as a bank or credit union. The University does not offer financial aid for students in certificate programs. As you consider whether to accept part or all of the loans offered to you, please carefully consider the terms
and repayment for each type of loan. The Federal Student Aid Repayment Estimator is an excellent resource. Loan Interest Eligibility Terms How to Apply Institutional • Need-based • For first undergraduate degree • Must be enrolled at least half-time • Repayment deferred, no interest while in school at least half-time • 6-month grace period to begin repayment • Deferment/cancellation options available • Automatic consideration for this when you apply for financial aid • Must sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to https://www.ecsi.net/promw28/ Nursing • Need-based • Must be enrolled full-time in nursing program • Repayment deferred, no interest while in school at least half-time • 9-month grace period to begin repayment • Deferment/cancellation options available • Automatic consideration for this when you apply for financial aid • Must sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to https://www.ecsi.net/promw28/ Direct Subsidized 4.99% fixed • Need-based • Must be in a degree-seeking program at least half-time (at least six credit hours) • Limits based on year in school. See chart below. • Repayment deferred, no interest while enrolled at least half-time • Interest accrues during 6-month grace period before repayment begins • Limited deferment provisions • 1.057% origination fee • Automatic consideration for this when you apply for financial aid • Must sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to Studentaid.gov. Direct Unsubsidized 4.99% fixed • Non-need based • Enrolled at least half-time (at least six credit hours) in a degree-seeking program • Limits based on year in school. See chart below. • Interest accrues from time loan is disbursed and is capitalized when the loan enters repayment. Interest payments may be made while in school to lower overall payments once loan enters repayment. • Repayment of principal deferred while enrolled at least half-time (at least six credit hours) • Limited deferment provisions • 1.057% origination fee • Automatic consideration for this when you apply for financial aid • Must sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to Studentaid.gov. Direct PLUS (Parent PLUS) • Non-need based • May borrow up to cost of attendance minus other aid • Student must be enrolled at least half-time in a degree-seeking program (at least six credit hours per term) • Parent borrows on behalf of student. • Interest begins to accrue upon loan disbursement. • Repayment of principal and interest begins after the loan is fully disbursed. • Limited deferment provisions • 4.228% origination fee Must complete: • UVA Direct PLUS Loan application • STUDENT must complete FAFSA (Follow this link for a Spanish version of the FAFSA) • PARENT must sign Master Promissory Note to receive funds. Go
to Studentaid.gov. • PARENT must pass Department of Education credit check. Those who apply with a credit-worthy endorser or appeal a decision must complete credit counseling with Studentaid.gov. Private • Non-need based • Most likely will need a credit-worthy co-signer • Varies by lender • Varies by lender • Student must accept or decline other financial aid before private loans will be certified by SFS • Must be in a degree-seeking program. Dates and DeadlinesSFS Closed for Thanksgiving Break The University is closed November 23-25. Our regular hours resume Nov. 28 at 10am. Spring Charges Posted to UVAPay For most programs, including all undergrads. SFS Closed for Winter Break The University is closed from December 26-30. Our regular hours resume Jan. 2 at 10am. What is the interest rate on federal unsubsidized student loans 2022?If you got your Direct Subsidized or Unsubsidized Loan on or after July 1, 2022, and before July 1, 2023, it will have a fixed interest rate after the payment pause ends: For undergraduate students, the interest rate for Direct Subsidized Loans and Direct Unsubsidized Loans is 4.99%.
What is the interest rate for student loans 2022?Federal student loans for undergraduates currently have an interest rate of 4.99 percent for the 2022-23 school year, while graduate students have interest rates of 6.54 percent or 7.54 percent for unsubsidized loans or Direct PLUS loans, respectively.
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