Student loans: rates, plans and forgiveness
Federal vs private loans, the 2026–27 fixed rates, the July 2026 changes to repayment plans and limits, FAFSA basics, refinancing and PSLF.
Figures from official sources · Checked 30 September 2026👋 Start here
🔢 Key numbers
| Item | Figure | Source |
|---|---|---|
| Direct undergraduate loan rate | 6.52% | studentaid.gov, loans first disbursed 7/1/2026–6/30/2027 |
| Direct graduate/professional loan rate | 8.07% | studentaid.gov, 2026–27 |
| Direct PLUS loan rate | 9.07% | studentaid.gov, 2026–27 |
| New graduate loan limit (annual / aggregate) | $20,500 / $100,000 | U.S. Dept. of Education, from July 2026 |
| New professional loan limit (annual / aggregate) | $50,000 / $200,000 | U.S. Dept. of Education, from July 2026 |
| Repayment Assistance Plan payment | 1% – 10% of income | U.S. Dept. of Education |
| PSLF qualifying payments | 120 | studentaid.gov |
Each figure links to the guide that explains it and lists the official source. Rates and limits change — always confirm with the source or provider.
All student loans guides
🧮 Calculators
❓ Frequently asked questions
Are federal student loan rates fixed?
Yes. The rate on each federal Direct loan is fixed for the life of that loan, and a new rate is set each academic year for new loans.
What changed for federal loans in July 2026?
The Repayment Assistance Plan and a tiered standard plan became available, new borrowing limits apply to graduate and professional students, Grad PLUS ended for new borrowers and Parent PLUS is capped. Check studentaid.gov for what applies to you.
Should I refinance federal loans into a private loan?
Refinancing can lower your rate but you lose federal repayment options and forgiveness programs such as PSLF. Compare carefully before you refinance.
Where should I start?
Fill out the FAFSA at studentaid.gov — it is free — then accept grants and scholarships before borrowing.
General information, not financial, tax or legal advice. See our editorial policy and disclaimer.