Student Loan Rates Are Up HOW MUCH!?

Today we’re talking about student loans. New student loan rates are in for the ‘22-’23 school year, and like everything else these days, they’re going up.

On the federal side,  the Direct Subsidized and Unsubsidized Student Loan, often called the “Stafford Loan,” is going up from last year’s 3.73% to this year’s 4.99%. The Direct Plus Loan, often called the “Parent Plus Loan,” is going up from last year’s 6.28% to next year’s 7.54%. 

Both of those loans are on a payment holiday right now with 0% interest until August 31, but it’s likely to get extended again until after the November election so politicians don’t have to hear our wrath in the voting booth. 

On the state side, Solution Prep is in New Jersey so I’ll discuss the NJCLASS loan. There’s a 10-year, 15-year, and 20-year loan option. But those student loan rates are going up from last year’s 2.99%, 3.5%, and 4.75% to this year’s 3.75%, 5.3%, and 6.75%, respectively. 

At the end of the day, the best plan is to pay what you can afford, borrow what you need, and make smart decisions. If you have more questions, don’t hesitate to reach out to us at 732-556-8220. We are here to help.

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