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To:
Lenders and Schools Participating in the Health Education Assistance
Loan (HEAL) Program
Subject: Maximum
HEAL Interest Rates for the Quarter Ending June 30, 2002.
Lender Policy Memorandum L-2002-4
Section
60.13 (a) (4) of the HEAL Regulations requires the Secretary of Health
and Human Services to announce the maximum quarterly interest rate in
effect for HEAL loans.
For loans made
before January 27, 1981, the variable interest rate is 5 3/8 percent.
For variable rate
loans executed on or after January 27, 1981 through October 21, 1985,
the interest rate is 5 3/8 percent.
For
fixed rate loans executed during the period April 1, 2002 through June
30, 2002, and for variable rate loans executed on or after October 22,
1985, the interest rate is 4 7/8 percent.
The
average bond equivalency rate for 91-day U.S. Treasury Bills during the
period January 1, 2002 through March 31, 2002 was 1.76 percent.
We
have enclosed HEAL quarterly interest rates for the last four quarters.
Interest rates since the inception of the program are available upon request.
If
you have any questions regarding the HEAL interest or Treasury Bill rates,
please do not hesitate to contact Mr. Richard Rind at (301) 443-3872.
Peter Martineau
Acting Chief, HEAL Branch
Division of Health Careers Diversity and Development
HEAL
Variable Interest Rates
HEALTH EDUCATION ASSISTANCE LOAN (HEAL) PROGRAM
Division of Health Careers Diversity and Development
Rates
for
Quarter Ending |
Loans
Made
Prior to
01/27/1981 |
Loans
Made
On or After
01/27/1981* |
Loans
Made
On or After
10/22/1985** |
June 30, 2002 |
5 3/8 % |
5 3/8 % |
4 7/8 % |
March 31, 2002 |
5 1/2 % |
5 1/2 % |
5 % |
December 31, 2001 |
6 7/8 % |
6 7/8 % |
6 3/8 % |
September 30, 2001 |
7 3/8 % |
7 3/8 % |
6 7/8 % |
*Legislation Amended – 12 percent annual
interest cap repealed – quarterly interest rate on loans made on
or after 01/27/1981, became a floating rate based on 91-day T-Bill rate
plus 3 ½ percent.
**Legislation Amended – Variable interest
rate calculation amended – quarterly interest rate on loans made
on or after 10/22/1985 is based on loans made on a floating rate of the
average 91-day T-Bill rate plus 3 percent.
|