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It’s about to get more expensive to take out a student loan

The cost to take out a federal student loan will go up this year.

The interest rate for undergraduate student loans will rise to 5.045% for the 2018-2019 academic year, up from 4.45% last year. For federal Stafford loans for graduate students—which have a limit of $20,500 per year for most graduate students— the interest rate will rise to 6.595%, up from 6% last year. The interest rates on PLUS loans, which allow parents and graduate students to borrow up to the cost of attendance of a program, will jump to 7.595%, up from 7% last year.

The interest rate hikes will only affect borrowers taking out new loans for the coming year, which they can begin doing on July 1.

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