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Interest Rates on Federal Loans

The William D. Ford Federal Direct Loan Program has either a fixed or variable interest rate, depending on when the loan was first distributed.

Current Interest Rates

The interest rate for new subsidized and unsubsidized loans first disbursed on or after July 1, 2006, is a fixed 6.80%, with the exceptions for subsidized undergraduate loans noted in the table below. The interest rate for PLUS loans first disbursed on or after July 1, 2006, is a fixed 7.90%.

Date of First Disbursement Interest Rate for Subsidized Undergraduate Loan
7/1/09 – 6/30/10 5.60%
7/1/10 – 6/30/11 4.50%
7/1/11 – 6/30/12 3.40%
On or after 7/1/12 3.4%

For subsidized and unsubsidized loans first disbursed between July 1, 1998, and June 30, 2006, the interest rate for the period July 1, 2011, through June 30, 2012, is 2.36% for loans in repayment and 1.76% during in-school, grace, and deferment periods. Similarly, for PLUS loans disbursed between July 1, 1998, and June 30, 2006, the interest rate is now 3.16%.

Federal Student Loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide.

Federal Direct Loans are available to students regardless of income.