Student loan interest rates rise: How affordable is college now?

Student loan interest rates will be at a decade-high as the Department of Education released its rates for 2024 to 2025, raising it 6.53%. To talk about the financial impact this will have on students seeking to attend college, Scholly By Sallie Founder Christopher Gray and Student Loan Expert Mark Kantrowitz join Wealth! Kantrowitz says overall it's "not a huge increase," while Gray touches upon the importance of scholarships and free money qualifications for prospective college students. Technical difficulties in revised FAFSA (Free Application for Federal Student Aid) forms have left many wondering if they can even afford college at this time. Both Gray and Kantrowitz — the latter being the authors of How to Appeal for More College Financial Aid — discuss the challenges many loan borrowers face while struggling to keep up with loan rates and acquire the necessary skills in school to find equitable employment. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Luke Carberry Mogan.