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Get ready for higher interest rates on federal student loans for the upcoming academic year, and not just because rates are currently zero due to an extended pause as a result of the coronavirus pandemic. Interest rates on federal student loans will rise because long-term interest rates are rising.
Federal student loan rates are based on a formula linked to the highest yield on the 10-year Treasury note auction in May. That auction this year is tentatively set for May 12.
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Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine.
Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
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