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6/30/1997
To: Lenders and Schools Participating in the Health Education Assistance Loan (HEAL) Program
Subject: Maximum HEAL
Interest Rates for the Quarter Ending September 30, 1997.
Lender Policy Memorandum L- 1997-6
School Policy Memorandum S-1 997-9
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 8 3/4 percent
For variable rate loans executed on or before January 27, 1981 through October 21, 1985, the interest rate is 8 3/4 percent
For fixed rate loans executed during the period July 1, 1997 through September 30, 1997, and for variable rate loans executed on or after October 22, 1985, the interest rate is 8 1/4 percent.
The average bond equivalency rate for 91-day U. S. Treasury Bills during the period April 1, 1997 through June 30, 1997 was 5.21 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 interest or Treasury Bill rates, please do not hesitate to contact Ms. Sarah Moore at (301) 443-0603 or Mrs. Anna E. Gatling at (301) 443-1023.
Stephen J. Boehlert
Associate Director, HEAL
Division of Student Assistance
HEAL Variable
Interest Rates
HEALTH EDUCATION ASSISTANCE LOAN (HEAL) PROGRAM
Division of Student Assistance
| Rates
for |
Loans
Made |
Loans
Made |
Loans
Made |
|---|---|---|---|
| September 30,1997 |
8 3/4% |
8 3/4% |
8 1/4% |
| June 30, 1997 |
8 3/4% |
8 3/4% |
8 1/4% |
| March 31, 1996 |
8 5/8% |
8 5/8% |
8 1/8% |
| December 31, 1996 |
8 7/8% |
8 7/8% |
8 3/8% |
* Legislation Amended -- 12% annual interest cap repealed -quarterly interest rate on loans made on or after 1/27/81, became a floating rate based on 91-day T-Bill rate plus 3 1/2%.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%.
