Direct Loan and FFEL Variable Interest Rates from July 1, 2008 to June 30, 2009.
All Direct Subsidized, Direct Unsubsidized, and Direct PLUS loans first disbursed before July 1, 2006 have a variable interest rate. The interest rate on these variable rate loans is changed on July 1st of each year.
- The interest rate on Direct Subsidized and Direct Unsubsidized Loans is determined using the 91-day Treasury bill rate that was auctioned before June 1st and adding a certain fixed percentage to it.
- The interest rate on Direct PLUS Loans is determined by using either the weekly average of the 1-year constant maturity yield published by the Federal Reserve on or before June 26 or the 91-day Treasury bill rate that was auctioned before June 1st.
- Direct PLUS Loans that were disbursed before July 1, 1998 use the weekly average of the 1-year constant maturity yield.
- Direct PLUS Loans that were disbursed on or after July 1, 1998 use the 91-day Treasury bill rate
Interest rates for Direct Loans for the period July 1, 2008 through June 30, 2009 will be (click on the type of loan below):
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- Direct Subsidized Loans and Direct Unsubsidized Loans
- Direct PLUS Loans
- Direct Subsidized Consolidation Loans and Direct Unsubsidized Consolidation Loans
- Direct PLUS Consolidation Loans
Interest rates for variable rate Federal Family Education Loan (FFEL) Program loans for the period July 1, 2008 through June 30, 2009 will be (click on the type of loan below):
- FFEL Converted Variable-rate Stafford Loans
- FFEL Regular Variable-rate Stafford Loans
- FFEL Variable-rate PLUS and SLS Loans
- FFEL Variable-rate and Fixed-rate Consolidation Loans