"Student loan debt will get heavier for many students as federal interest rates for new college loans will increase on July 1," UPI reports.
"The new rate for undergraduate student Stafford loans will be 4.45 percent, compared to the previous rate of 3.86 percent after the Treasury Department's auction of 10-year notes in May.
Graduate students will see an increase in their loan interest rates, going from 5.41 percent to 6 percent.
Parents taking out loans to help pay for their child's college education will also see a rise. PLUS loans will jump from 6.41 percent to 7 percent.
The increases go into effect for new loans starting July 1.
Under the previous 3.86 interest rate, the amount of interest to be paid on the average student loan debt of $30,000 came out to $6,229 if the total debt is paid off within a 10-year period."
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Publication Date: 6/29/2017