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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.

Effective for undergraduate subsidized loans disbursed on or after July 1, 2008 the interest rate will drop from 6.8% to 6.0% (fixed). The interest rate for all graduate Stafford loans (subsidized or unsubsidized) and undergraduate unsubsidized Stafford loans will remain at 6.8% (fixed). PLUS loans, including Grad PLUS will remain fixed at 7.9%.

Interest Rates for Loans First Disbursed on or After July 1, 2006

Federal Direct Subsidized and Direct Unsubsidized will have a fixed rate of 6.8% for the life of the loan.

Federal Direct PLUS loans will have a fixed interest rate of 7.9% for the life of the loan.

Interest Rates for Loans First Disbursed Between July 1, 1998 and June 30, 2006

The following variable Direct Loan interest rates are effective July 1, 2006 thru June 30, 2007.

Variable Rates for Federal Direct Subsidized Loans and Federal Direct Unsubsidized Loans (capped at 8.25%)

6.54% In school, grace period, or deferment
7.14% Repayment or forbearance

Variable Rate for Federal Direct PLUS Loans (capped at 9.00%)

7.94% Any status (in school, grace period, or deferment)