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JAN 11 1996
To: Lenders and Schools Participating in the Health Education Assistance Loan (HEAL, Program
Subject: Maximum HEAL Interest
Rates for the Quarter Ending March 31, 1996
Lender Policy Memorandum L-96-4
School Policy Memorandum S-96-3
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 9 percent.
For variable rate loans executed on or after January 27, 1981 through October 21, 1985, the interest rate is 9 percent.
For fixed rate loans executed during the period January 1, 1996 through March 31, 1996, and for variable rate loans executed on or after October 22, 1985, the interest rate is 8 1/2 percent.
The average bond equivalency rate for 91-day U.S. Treasury Bills during the period October 1, 1995 through December 31, 1995 was 5.43 percent.
We have enclosed HEAL quarterly interest rates since the inception of the program for your information.
If you have any questions regarding the interest or Treasury Bill rates, please do not hesitate to contact Ms. Anna Gatling or Ms. Jennifer Lee at (301) 443-1023.
Sincerely yours,
Stephen J. Boehlert
Chief, HEAL Branch
Division of Student Assistance
HEAL Variable Interest
Rates
HEALTH EDUCATION ASSISTANCE LOAN (HEAL) PROGRAM
Division of Student Assistance
January 11, 1996
| Rates
for |
Loans
Made |
Loans
Made |
Loans
Made |
|---|---|---|---|
| December 31, 1978 |
11 1/8% |
N.A. |
N.A. |
| March 31, 1979 |
12 5/8% |
N.A. |
N.A. |
| June 30, 1979 |
13 1/4% |
N.A. |
N.A. |
| September 30, 1979 |
11% |
N.A. |
N.A. |
December
31, 1979 |
11
1/8% |
N.A. |
N.A. |
March
31, 1980 |
12
5/8% |
N.A. |
N.A. |
June
30, 1980 |
13
1/4% |
N.A. |
N.A. |
September
30, 1980 |
11% |
N.A. |
N.A. |
December
31, 1980 |
11
1/8% |
N.A. |
N.A. |
March
31, 1981 |
12
5/8% |
18%* |
N.A. |
June
30, 1981 |
13
1/4% |
18
5/8% |
N.A. |
September
30, 1981 |
11% |
19
1/4% |
N.A. |
December
31, 1981 |
11
1/8% |
19
1/2% |
N.A. |
March
31, 1982 |
12
5/8% |
16% |
N.A. |
June
30, 1982 |
13
1/4% |
17
1/8% |
N.A. |
| September
30, 1982 |
11% |
16
1/2% |
N.A. |
December
31, 1982 |
11
1/8% |
13
3/8% |
N.A. |
March
31, 1983 |
11
3/4% |
11
3/4% |
N.A. |
June
30, 1983 |
12% |
12% |
N.A. |
September
30, 1983 |
12
3/8% |
12
3/8% |
N.A. |
December
31, 1983 |
11
7/8% |
13
1/8% |
N.A. |
March
31, 1984 |
11
3/4% |
12
3/4% |
N.A. |
June
30, 1984 |
12% |
13
1/8% |
N.A. |
September
30, 1984 |
12
3/8% |
13
3/4% |
N.A. |
December
31, 1984 |
11
7/8% |
14
3/8% |
N.A. |
March
31, 1985 |
11
3/4% |
12
3/4% |
N.A. |
June
30, 1985 |
12% |
12% |
N.A. |
September
30, 1985 |
11
3/8% |
11
3/8% |
N.A. |
December
31, 1985 |
10
7/8% |
10
7/8% |
10
3/8% |
March
31, 1986 |
11% |
11% |
10
1/2% |
June
30, 1986 |
10
5/8% |
10
5/8% |
10
1/8% |
September
30, 1986 |
9
7/8% |
9
7/8% |
9
3/8% |
December
31, 1986 |
9
1/4% |
9
1/4% |
8
3/4% |
March
31, 1987 |
9
1/8% |
9
1/8% |
8
5/8% |
June
30, 1987 |
9
1/4% |
9
1/4% |
8
3/4% |
September
30, 1987 |
9
1/2% |
9
1/2% |
9% |
December
31, 1987 |
9
7/8% |
9
7/8% |
9
3/8% |
March
31, 1988 |
9
3/4% |
9
3/4% |
9
1/4% |
June
30, 1988 |
9
1/2% |
9
1/2% |
9% |
September
30, 1988 |
10% |
10% |
9
1/2% |
December
31, 1988 |
10
3/4% |
10
3/4% |
10
1/4% |
March
31, 1989 |
11
1/2% |
11
1/2% |
11% |
June
30, 1989 |
12
3/8% |
12
3/8% |
11
7/8% |
September
30, 1989 |
12
1/4% |
12
1/4% |
11
3/4% |
December
31, 1989 |
11
5/8% |
11
5/8% |
11
1/8% |
March
31, 1990 |
11
1/2% |
11
1/2% |
11% |
June
30, 1990 |
11
5/8% |
11
5/8% |
11
1/8% |
September
30, 1990 |
11
5/8% |
11
5/8% |
11
1/8% |
December
31, 1990 |
11
1/4% |
11
1/4% |
10
3/4% |
March
31, 1991 |
10
3/4% |
10
3/4% |
10
1/4% |
June
30, 1991 |
9
3/4% |
9
3/4% |
9
1/4% |
September
30, 1991 |
9
3/8% |
9
3/8% |
8
7/8% |
December
31, 1991 |
9
1/8% |
9
1/8% |
8
5/8% |
March
31, 1992 |
8
1/4% |
8
1/4% |
7 3/4% |
June
30, 1992 |
7
5/8% |
7
5/8% |
7
1/8% |
September
30, 1992 |
7
3/8% |
7
3/8% |
6 7/8% |
December
31, 1992 |
6
3/4% |
6
3/4% |
6
1/4% |
March
31, 1993 |
6
3/4% |
6
3/4% |
6
1/4% |
June
30, 1993 |
6
5/8% |
6
5/8% |
6
1/8% |
September
30, 1993 |
6
5/8% |
6
5/8% |
6 1/8% |
December
31, 1993 |
6
5/8% |
6
5/8% |
6 1/8% |
March
31, 1994 |
6
3/4% |
6
3/4% |
6
1/4% |
June
30, 1994 |
6
7/8% |
6
7/8% |
6
3/8% |
September
30, 1994 |
7
3/4% |
7
3/4% |
7
1/4% |
December
31, 1994 |
8
1/4% |
8
1/4% |
7
3/4% |
March
31, 1995 |
9% |
9% |
8
1/2% |
June
30, 1995 |
9
1/2% |
9
1/2% |
9% |
September
30, 1995 |
9
3/8% |
9
3/8% |
8
7/8% |
December
31, 1995 |
9
1/8% |
9
1/8% |
8
5/8% |
March
31, 1996 |
9% |
9% |
8
1/2% |
* Legislation Amended - 12% annual interest cap repealed - quarterly interest rate on loans made on or after 1/27/81, became a floating rate based on 91-day T-Bill rate plus 3 1/2%.
** Legislation Amended - Variable interest rate calculation amended -quarterly interest rate on loans made on or after 10/22/85 is based on loans made on a floating rate of the average 91-day T-Bill rate plus 3%.
