Undergraduate federal student loan interest rates could fall below 3% for the first time in more than 15 years this July, based on the most recent 10-year Treasury note auction.

At the same time, parents with 529 college savings plans may have seen their account balances tumble during the coronavirus pandemic.

Should those savers now consider taking out loans for college instead?

"If you can get a loan at 3%," says Melissa Ellis, a certified financial planner and founder of Sapphire Wealth Planning in Overland Park, Kansas, "why wouldn't you?"

While that low rate looks good, here's how to tell...