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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%
7/1/12 – 6/30/13 3.40%

Effective for Direct Loans disbursed between July 1, 2013 – June 30, 2014 interest rates will be tied to the 10–year Treasury Note Index. For the 2013/2014 award year the rates are fixed as follows:

Undergraduate Direct Subsidized and Unsubsidized Loans 3.86%
Graduate Direct Unsubsidized Loans 5.41%
Direct PLUS loan/Grad PLUS Loans 6.41%

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.