What is the current interest rate for student loans?

The current interest rate for student loans in Virginia depends on the type of loan you have. Direct Subsidized Loans, where the government pays the interest while you are in school, have an interest rate of 4.529% for the 2020-2021 school year. Direct Unsubsidized Loans, where the student is responsible for the interest, have a rate of 4.529%. Direct PLUS Loans, which are typically used for graduate school and professional students, have an interest rate of 5.30%. When it comes to private student loans, the interest rate depends on several factors, including your credit score and the type of loan. In general, private lenders tend to offer lower interest rates than Direct PLUS loans, but the interest rate range is generally higher than the rates for Direct Loans. It is important to note that the interest rate for student loans is variable, and can change over time. Some lenders may give you an interest rate that is lower than the actual rate, as the rate depends on your individual creditworthiness. It is important to research different options to get the best rates possible.

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