The current interest rate on federal student loans is temporarily set to 0%, which, at the time of publishing, is expected to last through May 1, 2022. The U.S. Department of Education extended the emergency relief for student loans in December 2021. The relief for eligible student loans includes:A suspension of loan paymentsA 0% interest rateStopped collections on defaulted loansHowever, following this deadline, the interest rate for undergraduate student loans is expected to return to 3.73%, up from 2.75% in 2021.