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June 30, 2008 TO: Holders and Servicers Participating in the Health Education Assistance Loan (HEAL) Program FROM: Associate Administrator SUBJECT: Maximum
HEAL Interest Rates for the Quarter Ending September 30, 2008 Section 60.13 (a)(4) of the HEAL Regulations requires the Secretary of HeaIth and Human Services to announce the maximum quarterly interest rate in effect for HEAL loans.
The average bond equivalency rate for a 91-day U.S. Treasury Bills during the period April I, 2008 through June 30, 2008 was 1.713 percent. We have attached the 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 Ms. Carolyn Robinson at (301) 443-3760. Marcia K. Brand, PhD. HEAL Variable Interest
Rates
Legislation Amended - 12 percent annual interest cap repealed - quarterly interest rate on loans made on or after 01/27/1981, became a floating rate based on 91-day T-Bill rate plus 3 1/2 percent.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. | |||||||||||||||||||||||||||||||||||||||
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