Interest Rates for Federal Student Loans
Interest rates are subject to change on July 1st of each year. All federal student loans first disbursed on or after July 1, 2006 have a fixed interest rate for the life of the loan. Below are charts detailing the changes in the FFEL and Direct Loan interest rates beginning July 1, 2006.
FFEL Loans (NOTE: Loans are no longer made under the FFEL Program effective June 30, 2010)
| |
Fixed interest rates for loan disbursed on or after: |
| Loan Type |
07/01/06
-
06/30/07 |
07/01/07
-
06/30/08 |
07/01/08
-
06/30/09 |
07/01/09
-
06/30/10 |
07/01/10
-
06/30/11 |
07/01/11
-
06/30/12 |
| Subsidized Stafford Loan for undergraduates |
6.8% |
6.8% |
6.0% |
5.6% |
- |
- |
| Unsubsidized Stafford Loan for undergraduates |
6.8% |
6.8% |
6.8% |
6.8% |
- |
- |
| Subsidized and unsubsidized Stafford Loan for graduate and professional students |
6.8% |
6.8% |
6.8% |
6.8% |
- |
- |
| Parent PLUS Loans |
8.5% |
8.5% |
8.5% |
8.5% |
- |
- |
| Graduate PLUS Loans |
8.5% |
8.5% |
8.5% |
8.5% |
- |
- |
Direct Loans
| |
Fixed interest rates for loan disbursed on or after: |
| Loan Type |
07/01/06
-
06/30/07 |
07/01/07
-
06/30/08 |
07/01/08
-
06/30/09 |
07/01/09
-
06/30/10 |
07/01/10
-
06/30/11 |
07/01/11
-
06/30/12 |
| Subsidized Stafford Loan for undergraduates |
6.8% |
6.8% |
6.0% |
5.6% |
4.5% |
3.4% |
| Unsubsidized Stafford Loan for undergraduates |
6.8% |
6.8% |
6.8% |
6.8% |
6.8% |
6.8% |
| Subsidized and unsubsidized Stafford Loan for graduate and professional students |
6.8% |
6.8% |
6.8% |
6.8% |
6.8% |
6.8% |
| Parent PLUS Loans |
7.9% |
7.9% |
7.9% |
7.9% |
7.9% |
7.9% |
| Graduate PLUS Loans |
7.9% |
7.9% |
7.9% |
7.9% |
7.9% |
7.9% |
Interest rates on federal student loans that were first disbursed on or after July 1, 1998, and before July 1, 2006, are variable and adjusted annually on July 1, according to a formula set by Congress that is based on the results of the last Treasury Bill (T-Bill) auction in May. The interest rates listed in the table below apply to the above mentioned student and parent loans.
For the period July 1, 2011, through June 30, 2012,
| Loan Type |
During |
91-day
T-Bill Rate |
Additional
Sum |
Maximum
Rate |
Effective
Rate |
Federal Stafford Loan
(Subsidized and Unsubsidized) |
In-school, grace and deferment periods |
0.06% |
1.7% |
8.25% |
1.76% |
Federal Stafford Loan
(Subsidized and Unsubsidized) |
All other periods |
0.06% |
2.3% |
8.25% |
2.36% |
Federal Parent
PLUS Loan |
All periods |
0.06% |
3.1% |
9% |
3.16% |