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June 2, 08

NEWS / FFEL and Direct Loan Interest Rates Effective July 1, 2008


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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