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Publication Date: May 27, 2008
Author: Chief Operating Officer, Federal Student Aid
Summary: FFEL and Direct Loan Interest Rates Effective July 1, 2008
Posted on 05-27-2008
Fixed Rates for Loans First Disbursed on or After July 1, 2006
| Loan Type |
Grade Level |
Program |
| Direct Loans |
FFEL |
7/1/2006 to
6/30/2008 |
7/1/2008 to
6/30/2009 |
7/1/2006 to
6/30/2008 |
7/1/2008 to
6/30/2009 |
| Subsidized Loans |
Undergraduate |
6.80 |
6.00 |
6.80 |
6.00 |
| Graduate |
6.80 |
6.80 |
6.80 |
6.80 |
Unsubsidized
Loans |
Undergraduate |
6.80 |
6.80 |
6.80 |
6.80 |
| Graduate |
6.80 |
6.80 |
6.80 |
6.80 |
| PLUS Loans |
All |
7.90 |
7.90 |
8.50 |
8.50 |
Variable Rates for Loans First Disbursed Between July 1, 1998 and June 30, 2006
These rates were calculated based upon statutory formulas and equal the bond equivalent rate of the 91-day Treasury bills auctioned on May 27, 2008, plus certain statutory percentage add-ons. The 91-day Treasury bills were auctioned at 1.905 percent, rounded to 1.91 percent.
| Loan Type |
Status |
Program |
| Direct Loans |
FFEL |
7/1/2007 to
6/30/2008 |
7/1/2008 to
6/30/2009 |
7/1/2007 to
6/30/2008 |
7/1/2008 to
6/30/2009 |
| Subsidized Loans |
Repayment or
Forbearance |
7.22 |
4.21 |
7.22 |
4.21 |
In-school, Grace,
or Deferment |
6.62 |
3.61 |
6.62 |
3.61 |
Unsubsidized
Loans |
Repayment or
Forbearance |
7.22 |
4.21 |
7.22 |
4.21 |
In-school, Grace,
or Deferment |
6.62 |
3.61 |
6.62 |
3.61 |
| PLUS Loans |
All |
8.02 |
5.01 |
8.02 |
5.01 |
Notes:
Interest rates on Stafford and PLUS loans disbursed before July 1, 1998, are calculated using different statutory formulas, percentage add-ons, or both.
Generally, interest rates on Consolidation Loans are fixed rates calculated based on the weighted average of the loans being consolidated rounded up to the next higher 1/8 percent, not to exceed 8.25%.
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