College students and their families can expect to pay more as they borrow for the fall semester.

Starting Saturday, interest rates will rise on new federal loans for 2017-2018.

Rates were set based on the Treasury Department's May 10 auction of 10-year notes. For new loans disbursed from July 1, 2017, to June 30, 2018, undergraduates will pay 4.45 percent. That's an increase from this year's rate of 3.76 percent.

Graduate students can also expect to pay higher financing costs after Saturday.

They will pay 6 percent for a direct unsubsidized loan — which begins accruing interest as soon as the borrower takes out the loan — an increase from 5.31 percent this year.

Finally, rates on direct PLUS loans, which both graduate students and parents of undergrads can use, will rise to 7 percent from the current 6.31 percent.

The increases don't apply to private student loans.