Beware, New Student Loan Borrowers: Interest rates are about to Jump

Federal student loan rates change every May, based on the U.S. Treasury Department's auction of 10-year notes, which is set for 1:00 pm ET on Wednesday, May 11. While we don't know exactly how much they'll rise, we can make some educated guesses by applying some basic math, spelled out in federal law, to the current 10-year Treasury rate, 3.06% at the time of writing. For example, undergrads' current 3.73% interest rate would jump to 5.1%.