According to the Wall Street Journal (Rabouin, Dion. July 21, 2022), interest rates are going up in the fall of 2022 due to inflation and institutional market rates. This is the highest increase since 2020 when Subsidized Direct rates were 2.8%. This fall, government-direct subsidized graduate loans will be as high as 7.54%. As a result of the increased interest rate, students will pay as much as $1,500 in interest fees over the next ten years for a $5,000 loan.
The average online master’s degree in music education is $18,000 (see compare). Using the proposed 7.54% interest rate over ten years, the student would have to pay $25,684.70 for the $18,000 loan ($7,684.70 interest). See Calculator.net
ACM offers a financial aid program that is only 3% over 15 months, saving the student thousands of dollars over the life of the loan. See Financial Options