What does it mean when the Fed raises interest rates? Here's our explanation on the impact, from inflation to student loans to mortgages.
The Fed cut its forecast for GDP growth this year from 4% to 2.8%, but left forecasts for GDP growth in 2023 and 2024 at 1.8%. The unemployment rate is expected to drop to 3.5% this year and next year, while the Fed projected a slight rise to 3.6% in 2024.
“If you have a federal loan, this doesn’t affect you. Your rate is fixed,” said student loan expert Anna Helhoski. The rate hike adds an additional 0.25% to your student loan interest, she said. A private student loan lender determines interest rates based on credit history, the school you attend, and your course of study, according to theYour lender must tell you your rates. If you already have a loan, log in to your student loan account on your lender’s website or call your servicer to find interest rate information.
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