But with a 6.87% interest rate (the average student loan interest rate among all existing borrowers) and a 10-year repayment plan, you'd end up paying a total of $40,751 for your student loan.

The federal student loan interest rate will be 6.53% for undergraduate students, up from 5.5% for the current year. The interest rate has not been that high on any undergraduate loans since the ...

Interest rates have risen since 2020, climbing gradually as the Fed's benchmark federal funds rate went from 0 percent during the early pandemic to the current 5.25 to 5.5 percent range.

Finding the lowest student loan rates could take some work this fall, but it's also likely to pay off over time. Getty Images The cost of higher education is continuing to climb, making it tough ...

For example, a borrower with $30,000 in federal student loans at a 6.5% interest rate today might pay around $345 per month on a standard 10-year plan, totaling roughly $41,000 paid over the life ...

As an example, let’s take an undergraduate student leaving school in 2025: their student loan for the final year of college will cost $466 more compared to the same loan taken out just one year ago.

2. Seek out rate discounts Another way to lower your student loan interest rate is through rate discounts. Most lenders will reduce your rate by 0.25 percentage points if you sign up for autopay ...