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Graphic 1: Total number of dollars (in billions) entering default, 2009-2018, data source: CRS Graphic 2: This graph portrays the changes in the interest rate for direct subsidized loans, 2004-2019 Default and delinquency are increasingly common and are a large risk the government bears when giving out low-interest rate loans.
For example, Direct Unsubsidized loans had a fixed interest rate of 4.99 percent for undergraduate students during the 2022-23 academic year. Now, they have a fixed interest of 5.50 percent .
When you take out federal student loans to pay for school, you may be considering subsidized versus unsubsidized loans. Subsidized vs. Unsubsidized Loans: Which Is Better for College Borrowing ...
Aid for these students is primarily loans. The William D. Ford Federal Direct Loan (Direct Loan) Program: Eligible students may borrow up to $20,500 per school year. These loans are unsubsidized; Congress has determined that subsidized loans (no interest while enrolled) are only available to undergraduates.
Unsubsidized loans are also guaranteed, but interest accrues during study. [76] Nearly all students are eligible for these loans regardless of financial need. [77] Those who borrow $10,000 during college owe $10,000 plus interest upon graduation. Accrued interest is added to the loan amount, and the borrower makes payments on the total.
As of 2022, over half of all college students have taken on student loans to pay their tuition. Future students will likely need loans as well and should understand their options.