05.29.08

Interest Rates change July 1, 2008 for Federal student loans

Posted in Uncategorized at 12:02 pm by moniqueleonard

According to US Dept. of Education, here are the interest rates for loans disbursed on or after July 1, 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