_federal-student-loan-interest-rates-hit-12-year-high-as-undergraduates-face-more-than-6-5-interest.jpg "Federal Student Loan Interest Rates Hit 12-Year High as Undergraduates Face More Than 6.5% Interest from nyu 2019 academic calendar Video Screenshot Preview")
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✓ Published: 16-May-2024
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✓ Published: 16-May-2024
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The interest rate on new federal student loans for undergraduates during the upcoming academic year will be more than 6.5%, the highest in 12 years. Graduate students will see more than 8% interest rate increases, and PLUS loans will have an interest rate above 9%. The higher rates are based on the 10-year Treasury note auction held every May and are expected given the Federal Reserve's high benchmark interest rate. Biden is working on new proposals to cancel up to $20,000 in debt for borrowers whose balances grew due to unpaid interest.
The interest rate on new federal student loans for undergraduates during the upcoming academic year will be more than 6.5%, the highest in 12 years. Graduate students will see more than 8% interest rate increases, and PLUS loans will have an interest rate above 9%. The higher rates are based on the 10-year Treasury note auction held every May and are expected given the Federal Reserve's high benchmark interest rate. Biden is working on new proposals to cancel up to $20,000 in debt for borrowers whose balances grew due to unpaid interest.
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![Ant and Dec surprised pupils and staff at a primary school - in recognition of leading the charge in teaching financial education. <br/><br/>The TV duo began their day at St Michael's Primary School in Southfields, south London, by delivering breakfast baskets to the staff room. <br/><br/>The surprises continued as they popped into a year five classroom during a financial education lesson, sparking excitement among the students. <br/><br/>Ant and Dec, who are Santander ambassadors, engaged the class with lively questions and even started a humorous debate about who the better saver was. <br/><br/>The visit culminated in an energetic interruption of the school assembly, attended by over 400 pupils and staff members. <br/><br/>Alongside Ant and Dec, Mike Regnier, Santander UK's CEO, commended the school's commitment to financial literacy, emphasising its importance. <br/><br/>The day ended on a high note with the presenting pair capturing a memorable selfie with the entire school.<br/><br/>And the event marked the one-year anniversary of the Financial Education Recognition Scheme [www.twinkl.co.uk/recognition] launched by the bank in partnership with educational publisher, Twinkl. <br/><br/>St Michael’s was one of the first schools to sign up to the scheme, which calls on schools to commit to teaching pupils a minimum of six hours of financial education each academic year - to help them grow into financially confident adults and ease anxiety about money. <br/><br/>Over 200 schools and educators have already signed up to the scheme. <br/><br/>Ant said: “Today was a lot of fun. 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Seeing the kids so engaged in their financial education lessons really brought home how important this learning is. <br/><br/>“The enthusiasm and smart questions from the pupils made our day.” <br/><br/>The Financial Education Recognition Scheme complements the work being done through 'The Numbers Game', by Santander and Twinkl, which provides free learning materials designed to improve numeracy and financial knowledge among primary and secondary school students.<br/><br/>Dec said: “Engaging with the kids and teachers at St Michael’s, answering their curious questions, and seeing the impact of an early financial education was all so rewarding.” <br/><br/>St Michael’s is one of the most active schools in the UK when it comes to teaching financial education. <br/><br/>Mike Regnier said: “It’s inspiring to see St Michael’s Primary School leading by example in the essential area of financial education, and that the children are having fun in the process. <br/><br/>“We know from our own research that there is strong evidence of the need for better financial education. <br/><br/>“Nearly 70 per cent of adults believe it would have helped them manage their money better during the recent increases in the cost of living, while over two thirds of parents think teaching children about money should start young and be on the primary school curriculum. <br/><br/>“By gaining financial literacy at a young age, the next generation will have the skills to make informed financial decisions and to create the future they want.” <br/><br/>The Numbers Game has been used by more than 100,000 teachers within 8,300 schools since 2022, and benefited over 2.5 million children and young people across the UK. <br/><br/>Headteacher of St Michael’s Primary School, Angela Harris, added: “I’m absolutely delighted to see the joy and engagement from our students during today's visit from Ant and Dec. <br/><br/>“It’s initiatives like the Financial Education Recognition Scheme that help us enrich our curriculum in ways that truly matter. <br/><br/>“Our partnership has not only brought essential financial concepts to the classroom but has also sparked a curiosity in our pupils about their future financial wellbeing. <br/><br/>“It's a proud moment for us to be acknowledged as a leader in the vital area of financial education.”")
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