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Interest Rates

Variable Interest Rates: Effective July 1, 2008 - June 30, 2009

Federal Stafford Loans Calculation Interest Rate
Subsidized loans for undergraduate students (including future interest rate changes)
1st disbursed on or after 7/1/12 Fixed rate 6.8%
1st disbursed 7/1/11 to 6/30/12 Fixed rate 3.4%
1st disbursed 7/1/10 to 6/30/11 Fixed rate 4.5%
1st disbursed 7/1/09 to 6/30/10 Fixed rate 5.6%
1st disbursed 7/1/08 to 6/30/09 Fixed rate 6.0%
1st disbursed 7/1/06 to 6/30/08 Fixed rate 6.8%
Subsidized loans for graduate students, and unsubidized loans
1st disbursed on or after 7/1/06 Fixed rate 6.8%
Subsidized and unsubsidized loans (variable interest rates)
First disbursed on or after 7/1/98 through 6/30/06 (cap 8.25%)
In-school, grace, deferment period 1.91 + 1.70 = 3.61 3.61%
Repayment & forbearance 1.91 + 2.30 = 4.21 4.21%
First disbursed on or after 7/1/95 through 6/30/98 (cap 8.25%)
In-school, grace, deferment period 1.91 + 2.50 = 4.41 4.41%
Repayment, forbearance period 1.91 + 3.10 = 5.01 5.01%
1st disbursed 7/1/94 to 6/30/95 (cap 8.25%) 1.91 + 3.10 = 5.01 5.01%
1st disbursed 10/1/92 to 6/30/94 (cap 9%) 1.91 + 3.10 = 5.01 5.01%
Loans subject to 1992 Windfall provisions*:
7% loans 1.91 + 3.10 = 5.01 5.01%
8% loans 1.91 + 3.10 = 5.01 5.01%
9% loans 1.91 + 3.10 = 5.01 5.01%
8/10% loans (first 4 years of repayment) 1.91 + 3.10 = 5.01 5.01%
(Remainder of repayment) 1.91 + 3.10 = 5.01 5.01%
Loans subject to 1986 Windfall provisions**: 1.91 + 3.25 = 5.16 5.16%


Federal PLUS/SLS Loans Calculation  Interest Rate
 1st disbursed on or after 7/1/06  Fixed rate 8.50%
 1st disbursed on or after 7/1/98 to 6/30/06 (cap 9%) 1.91 + 3.10 = 5.01 5.01%
 1st disbursed on or after 7/1/94 to 6/30/98 (cap 9%) 2.57 + 3.10 = 5.67 5.67%
 1st disbursed on or after 10/1/92 to 6/30/94 (cap 10%, SLS cap 11%) 2.57 + 3.10 = 5.67 5.67%
 1st disbursed prior to 10/1/92 (cap 12%) 2.57 + 3.25 = 5.82 5.82%


Federal Consolidation Loans Calculation  Interest Rate
Consolidation applications received by the lender on or after 11/13/97 and through 9/30/98 (cap 8.25%)  1.91 + 3.10 = 5.01 5.01%
Consolidation applications received by the lender on or after 10/1/98 (cap 8.25%) The interest rate is the weighted average of the interest rates on the loans being consolidated, rounded to the nearest higher 1/8th of one percent. The interest rate may not exceed the maximum rate or cap. 8.25% (cap) or lower as applicable.

 

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*Loans subject to 1992 Windfall Provisions include fixed rate 7%, 8%, and 9% Federal Stafford Loans whose first disbursement was made on or after 7/23/92 and 8/10% adjustable rate Federal Stafford Loans whose first disbursement was made on or after 7/23/92 to a prior borrower. These loans were to be converted to a variable interest rate by 1/1/95. The fixed rate 7%, 8%, and 9% Federal Stafford Loans maintain their original fixed rate as their variable rate cap. The 8/10% adjustable rate Federal Stafford Loans have a variable rate cap of 8% during the first 4 years of repayment and a variable rate cap of 10% during the remainder of their repayment period.

**Loans subject to 1986 Windfall Provisions include 8/10% adjustable rate Federal Stafford Loans whose first disbursement was made prior to 7/23/92 and 8/10% adjustable rate Federal Stafford Loans whose first disbursement was made between 7/23/92 and 9/30/92 to a new borrower. These loans are to be converted to a variable rate of interest when the interest rate increases from 8% to 10% with a variable interest rate cap of 10%.

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