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GB_RN

(3,537 posts)

11. It's Not Biden...

Reply to Biophilic (Reply #1)

Tue May 14, 2024, 06:17 PM

May 2024

Rates are set by statute. From a relevant USA Today article:

Congress sets federal student loan interest rates annually. These rates are determined using the 10-year Treasury note auction yield and other factors, and they apply to new federal loans disbursed from July 1 of the current year to July 1 of the following year.

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Highlight:

Education Dept. announces highest federal student loan interest rate in more than a decade [View all] BumRushDaShow May 2024 OP

I don't get it. Biden tries to help stuidents who already have loans, but Biophilic May 2024 #1

I have the same questions... nt Nittersing May 2024 #2

Ditto ananda May 2024 #4

I think it's more the banks' fault. Elessar Zappa May 2024 #5

No, The money for federal student loans come from the government.(Bonds & taxpayers) Jacson6 May 2024 #7

Banks Beowulf42 May 2024 #8

Not true. former9thward May 2024 #10

It's Not Biden... GB_RN May 2024 #11

Thanks. Still confusing. elleng May 2024 #12

Don't Know What "Other Factors" Are... GB_RN May 2024 #14

Right. Thanks. elleng May 2024 #15

Ugh... GB_RN May 2024 #16

Was much more clear, easier, simple (and FRIENDLY!) than I'd thought it would be. elleng May 2024 #18

Dept. of Ed. do not control the banks. Traurigkeit May 2024 #3

The banks got out of the federal student loan business in 2010. former9thward May 2024 #9

I strongly support a maximum 1% interest rate on federal student loans Jacson6 May 2024 #6

The answer to "why can't President Biden stop this" is that he can't ignore legislation brooklynite May 2024 #13

The auction may be the major confusion, elleng May 2024 #17

What a sad situation for US students when other wealthy nations send their kids to college for free. Lonestarblue May 2024 #19