Student loans could be cheaper because of the coronavirus outbreak - Business Insider

Following the economic fallout from the coronavirus pandemic, the Federal Reserve slashed interest rates to 0.25%.

That cut, while not beneficial for those looking to maximize gains on savings, could push interest rates on student loans to record lows, saving money for people taking out student loans in the future. The rate cut could even help people with existing student loans if they're able to refinance them at a lower rate, though refinancing comes with some drawbacks. Interest rates on federal student loans could fall to record lows because of the coronavirus pandemic as soon as the upcoming academic year.

Kantrowitz said he would expect the rates for the upcoming academic year, which will be announced this spring, to fall to 1.9% for undergraduates, and to 3.5% and 4.5% for graduate students and PLUS loans, respectively. "until further notice" because of the coronavirus, but the lower rates in the future could provide an extra boost to students as the economy seeks to recover from the coronavirus.

The dip in interest rates would mostly impact those taking out new student loans, but people with existing student loans could also stand to benefit byPeople currently paying off federal student loans could take advantage of lower interest rates from private borrowers by refinancing, dependent on having good credit and a few other factors. Kantrowitz estimated that fixed rates on private loans could fall to 2.8% for those with excellent credit.

They need to wipe out the loans of all medical student (Dr•nurses•techs•etc) related debt as gratitude for what they’re doing for humanity coronavirus CoronaVirusUpdate CoronavirusOutbreak

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