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Interest rates on federal student loans for the 2021-2022 academic year will be nearly a full percentage point higher than they are for the current academic year.

Based on the results of the latest 10-year Treasury auction, which is the basis for the calculation of federal student loan rates, the new rate for undergraduate federal student loans will be 3.734% — up from 2.75%, a record low, but still the fourth lowest rate in the last 10 years, according to Mark Kantrowitz, an expert on student loans and financial aid.

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