Federal student loan interest rates hit their lowest level in over a decade in the fall of 2020

In 2013, Congress created the current formula for setting federal student loan interest rates under the Bipartisan Student Loan Certainty Act. The Department of Education is using the yield from the 10-year Treasury bill auction in May to set the interest rates at which millions of students will borrow.

With this arcane formula, we now know that student loan interest rates for the 2020-2021 school year will be at their lowest level in more than 10 years.

Student interest rates are actually …

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