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Interest rates on Federal student loans rising today

Interest rates on new Federal student loans are rising today, under a law passed by Congress last year.  Rates for new undergraduate Stafford loans are going up from 3.86 to 4.66 percent; for new graduate Stafford loans, the rates are going up from 5.41 to 6.21 percent; and for new parent PLUS loans, the interest rates are going up from 6.41 to 7.21 percent.  Those rates will stay the same for the life of the loan.

The new rates do not have any effect on existing student loans that borrowers have taken out in the past.

The Institute for College Access & Success has an information sheet setting out the new rates for each type of loan.