"… Another great thing about federal student loans is that they take out the guesswork of figuring out your interest rate, since all applicants get the exact same pre-established rate for that particular year on that particular loan they applied for.
Interest rates for federal student loans are set every year using the results from the 10-year Treasury note auction each May. Those rates affect all federal student loans disbursed between July 1and June 30 of the upcoming year.
As a result of the economic fallout caused by the coronavirus pandemic, interest rates have fallen to record lows, which means that federal student loans for the upcoming 2020-2021 academic year will have the lowest rates in over a decade.
Here’s a breakdown of both the current and upcoming interest rates:" …