today’s news for Thursday, May 9, 2024

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Interest rates are determined each June 1 for the upcoming award year by adding a fixed percentage to the high yield of the 10-year Treasury note auctioned at the final auction prior to June 1. As a result of the May 8 auction, the interest rate for federal loans first disbursed on or after July 1, 2024 are expected to increase from 5.50% to 6.533% for undergraduate Direct Loans, from 7.05% to 8.083% for graduate/professional Direct Unsubsidized Loans, and from 8.05% to 9.083% for Parent and Grad PLUS loans. The interest rate caps for these loans are 8.25%, 9.5 %, and 10.5% respectively. Federal Student Aid (FSA) will provide a chart detailing those rates in its knowledge center.

The higher education sector has faced a litany of challenges in recent years, including the pandemic, rising college costs, downward enrollment trends, and the delayed implementation of the 2024-25 FAFSA. But a new survey has found some positive indicators for perceived economic benefits offered by a postsecondary education.

NASFAA is pleased to share a preview of comments it plans to submit to the Department of Education (ED) next week on its student loan debt relief proposal. In the comments, NASFAA stresses the need for debt forgiveness programs to be fair, data-informed, and well-targeted. NASFAA also argues for the importance of pairing debt relief efforts like this one with long-term, bipartisan student loan reform, and provides technical comments on specific provisions in the proposal. Comments are due May 17, and NASFAA encourages members to submit their own comments.


Register now for NASFAA U’s Fundamentals of Student Financial Aid course, starting on July 9. This four-week interactive online course will focus on the fundamentals of financial aid including applying, financial aid concepts, categories and types of financial aid, the Title IV aid programs, other federal sources of student assistance, and comparing financial aid offers. This course is the perfect learning tool for new financial aid professionals, and individuals who assist students through the financial aid cycle such as admissions or enrollment representatives, and high school counselors.

Recently, the Department of Education provided new guidance that state and local elections offices can now hire college students that are eligible for Federal Work-Study benefits free of charge. This opportunity is available to elections offices nationwide to help ease workforce limitations and budget constraints. An upcoming webinar, hosted by the Center for Tech and Civic Life (CTCL) on Thursday, May 16th 12:00 p.m. ET, will provide local election officials with the basics on how to take advantage of this opportunity and the first steps to take if you wish to hire Federal Work-Study students. Sign up to reserve your seat.





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