Federal Family Education Loan Program, 67997-67999 [05-22365]
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Federal Register / Vol. 70, No. 216 / Wednesday, November 9, 2005 / Notices
collection requests prior to submission
of these requests to OMB. Each
proposed information collection,
grouped by office, contains the
following: (1) Type of review requested,
e.g. new, revision, extension, existing or
reinstatement; (2) Title; (3) Summary of
the collection; (4) Description of the
need for, and proposed use of, the
information; (5) Respondents and
frequency of collection; and (6)
Reporting and/or Recordkeeping
burden. OMB invites public comment.
The Department of Education is
especially interested in public comment
addressing the following issues: (1) Is
this collection necessary to the proper
functions of the Department; (2) will
this information be processed and used
in a timely manner; (3) is the estimate
of burden accurate; (4) how might the
Department enhance the quality, utility,
and clarity of the information to be
collected; and (5) how might the
Department minimize the burden of this
collection on the respondents, including
through the use of information
technology.
Dated: November 3, 2005.
Angela C. Arrington,
Leader, Information Management Case
Services Team, Regulatory Information
Management Services, Office of the Chief
Information Officer.
Office of Elementary and Secondary
Education
Type of Review: Extension of a
currently approved collection.
Title: Local-Flex Application (KA).
Frequency: Other: One time.
Affected Public: State, Local, or Tribal
Gov’t, SEAs or LEAs (primary).
Reporting and Recordkeeping Hour
Burden: Responses: 80.
Burden Hours: 6400.
Abstract: Application for LEAs
seeking to enter into local flexibility
demonstration agreements (‘‘Local-Flex’’
agreements). By statute, the Department
can select 80 LEAs through a
competitive process with which to enter
into Local-Flex agreements. These
agreements give LEAs the flexibility to
consolidate certain Federal education
funds and to use those funds for any
educational purpose permitted under
the ESEA in order to meet the State’s
definition of adequate yearly progress
(AYP).
Requests for copies of the proposed
information collection request may be
accessed from https://edicsweb.ed.gov,
by selecting the ‘‘Browse Pending
Collections’’ link and by clicking on
link number 02914. When you access
the information collection, click on
‘‘Download Attachments’’ to view.
Written requests for information should
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be addressed to U.S. Department of
Education, 400 Maryland Avenue, SW.,
Potomac Center, 9th Floor, Washington,
DC 20202–4700. Requests may also be
electronically mailed to the Internet
address OCIO_RIMG@ed.gov or faxed to
202–245–6621. Please specify the
complete title of the information
collection when making your request.
Comments regarding burden and/or
the collection activity requirements
should be directed to Kathy Axt at
Kathy.Axt@ed.gov. Individuals who use
a telecommunications device for the
deaf (TDD) may call the Federal
Information Relay Service (FIRS) at 1–
800–877–8339.
[FR Doc. 05–22340 Filed 11–8–05; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF EDUCATION
A National Dialogue: The Secretary of
Education’s Commission on the Future
of Higher Education
A National Dialogue: The
Secretary of Education’s Commission on
the Future of Higher Education, U.S.
Department of Education.
ACTION: Notice of meeting.
AGENCY:
SUMMARY: This notice sets forth the
schedule and proposed agenda of an
upcoming meeting of A National
Dialogue: The Secretary of Education’s
Commission on the Future of Higher
Education, (Commission). The notice
also describes the functions of the
Commission. Notice of this meeting is
required by section 10(a)(2) of the
Federal Advisory Committee Act and is
intended to notify the public of their
opportunity to attend.
DATES: Thursday, December 8, 2005,
and Friday, December 9, 2005.
Time: December 8, 2005: 1 p.m. to
5:30 p.m.; December 9, 2005: 8:30 a.m.
to 1 p.m.
ADDRESSES: The Commission will meet
in Nashville, TN, at the Hilton Nashville
Downtown, 121 Fourth Avenue South,
Nashville, TN.
FOR FURTHER INFORMATION CONTACT:
Cheryl Oldham, Executive Director, A
National Dialogue: The Secretary of
Education’s Commission on the Future
of Higher Education, 400 Maryland
Avenue, SW., Washington, DC 20202–
3510; telephone: (202) 205–8741.
SUPPLEMENTARY INFORMATION: The
Commission is established by the
Secretary of Education to begin a
national dialogue about the future of
higher education in this country. The
purpose of this Commission is to
consider how best to improve our
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system of higher education to ensure
that our graduates are well prepared to
meet our future workforce needs and are
able to participate fully in the changing
economy. The Commission shall
consider federal, state, and local and
institutional roles in higher education
and analyze whether the current goals of
higher education are appropriate and
achievable. The Commission will also
focus on the increasing tuition costs and
the perception of many families,
particularly low-income families, that
higher education is inaccessible.
The agenda for this second meeting
will include panel presentations on the
four areas of focus for the commission:
access, accountability, affordability, and
quality. A written report to the Secretary
is due by August 1, 2006.
Individuals who will need
accommodations for a disability in order
to attend the meeting (e.g., interpreting
services, assistive listening devices, or
materials in alternative format) should
notify Tracy Harris at (202) 260–3644 no
later than November 28, 2005. We will
attempt to meet requests for
accommodations after this date but
cannot guarantee their availability. The
meeting site is accessible to individuals
with disabilities.
Individuals interested in attending the
meeting must register in advance
because of limited space issues. Please
contact Tracy Harris at (202) 260–3644
or by e-mail at Tracy.Harris@ed.gov.
Opportunities for public comment are
available through the Commission’s
Web site at https://www.ed.gov/about/
bdscomm/list/hiedfuture/.
Records are kept of all Commission
proceedings and are available for public
inspection at the staff office for the
Commission’s from the hours of 9 a.m.
to 5 p.m.
Dated: November 3, 2005.
Margaret Spellings,
Secretary, U.S. Department of Education.
[FR Doc. 05–22301 Filed 11–8–05; 8:45 am]
BILLING CODE 4000–01–M
DEPARTMENT OF EDUCATION
Federal Family Education Loan
Program
Federal Student Aid,
Department of Education.
ACTION: Notice of interest rates for the
Federal Family Education Loan Program
for the period July 1, 2005, through June
30, 2006.
AGENCY:
SUMMARY: The Chief Operating Officer
for Federal Student Aid announces the
interest rates for loans made under the
Federal Family Education Loan (FFEL)
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Federal Register / Vol. 70, No. 216 / Wednesday, November 9, 2005 / Notices
Program for the period July 1, 2005
through June 30, 2006.
FOR FURTHER INFORMATION CONTACT: Don
Watson, U.S. Department of Education,
room 114I2, UCP, 400 Maryland
Avenue, SW., Washington, DC 20202–
5400. Telephone: (202) 377–4008.
If you use a telecommunications
device for the deaf (TDD), you may call
the Federal Relay Service (FRS) at 1–
800–877–8339.
Individuals with disabilities may
obtain this document in an alternative
format (e.g., Braille, large print,
audiotape, or computer diskette) on
request to the contact person listed
under FOR FURTHER INFORMATION
CONTACT.
SUPPLEMENTARY INFORMATION:
General
Under title IV, part B of the Higher
Education Act of 1965, as amended
(HEA), 20 U.S.C. section 1071, et seq.,
most loans made to student and parent
borrowers under the FFEL Program have
variable interest rates.
The formulas for determining the
interest on variable rate FFEL Program
loans are established in section 427A of
the HEA (20 U.S.C. 1077a).
The interest rates on variable-rate
loans are determined annually and
apply to the following 12-month period
beginning July 1 and ending June 30.
As described below, interest rate caps
apply to most FFEL Program loans.
FFEL interest rate formulas use the
bond equivalent rate of 91-day Treasury
bills auctioned at the final auction held
before June 1 of each year plus a
statutorily established add-on to
determine the variable interest rate for—
• FFEL fixed-rate Stafford loans first
disbursed before October 1, 1992, that
have been converted to variable-rate
loans;
• All FFEL Subsidized and
Unsubsidized Stafford Loans first
disbursed on or after October 1, 1992;
• FFEL PLUS loans first disbursed on
or after July 1, 1998; and
• FFEL Consolidation Loans for
which the Consolidation Loan
application was received by the lender
on or after November 13, 1997, and
before October 1, 1998.
The bond equivalent rate of the 91day Treasury bills auctioned on May 31,
2005, which is used to calculate the
interest rates for the one-year period
beginning on July 1, 2005, is 2.998
percent, which is rounded to 3.00
percent.
For FFEL PLUS loans first disbursed
before July 1, 1998, interest rates are
calculated based on the weekly average
of a 1-year constant maturity Treasury
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Jkt 208001
yield, as published by the Board of
Governors of the Federal Reserve
System, for the last calendar week
ending on or before June 26.
The weekly average of the 1-year
constant maturity Treasury yield for the
last calendar week ending on or before
June 27, 2005 is 3.40 percent.
Interest Rates for ‘‘Converted’’
Variable-rate FFEL Stafford Loans
1. Under section 427A(i)(7) of the
HEA (20 U.S.C. 1077a (i)(7)) loans that
were originally made with a fixed
interest rate of eight percent with an
increase to ten percent four years after
commencement of the repayment period
were converted to a variable interest rate
that may not exceed ten percent: The
interest rate for these loans for the
period from July 1, 2005, through June
30, 2006, is 6.25 percent (3.00 percent
plus 3.25 percent).
2. Loans with fixed interest rates of
seven percent, eight percent, nine
percent, or eight percent with an
increase to ten percent four years after
commencement of the repayment
period, that were subject to the
provisions of section 427A(i)(3) of the
HEA (20 U.S.C. 1077a(i)(3)) and were
converted to variable-rate loans—the
interest rate may not exceed seven
percent, eight percent, nine percent, or
ten percent, respectively: The interest
rate for the period from July 1, 2005,
through June 30, 2006, is 6.10 percent
(3.00 percent plus 3.1 percent).
Interest Rates for Variable-Rate FFEL
Stafford Loans
1. FFEL Stafford loans made to ‘‘new’’
borrowers for which the first
disbursement was made (a) on or after
October 1, 1992, but before July 1, 1994,
or (b) on or after July 1, 1994, for a
period of enrollment ending before July
1, 1994 (i.e. a late disbursement)—the
interest rate may not exceed nine
percent: The interest rate for the period
from July 1, 2005, through June 30,
2006, is 6.10 percent (3.00 percent plus
3.1 percent).
2. FFEL Stafford loans made to all
borrowers, regardless of prior
borrowing, for periods of enrollment
that include or begin on or after July 1,
1994, for which the first disbursement
was made on or after July 1, 1994, but
before July 1, 1995—the interest rate
may not exceed 8.25 percent: The
interest rate for the period from July 1,
2005, through June 30, 2006, is 6.10
percent (3.00 percent plus 3.1 percent).
3. FFEL Stafford loans made to all
borrowers, regardless of prior
borrowing, on or after July 1, 1995, but
before July 1, 1998—the interest rate
may not exceed 8.25 percent:
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(a) During the in-school, grace, or
deferment period: The interest rate for
the period from July 1, 2005, through
June 30, 2006, is 5.50 percent (3.00
percent plus 2.5 percent); and
(b) During all other periods: The
interest rate for the period from July 1,
2005, through June 30, 2006, is 6.10
percent (3.00 percent plus 3.1 percent).
4. FFEL Stafford loans, first disbursed
on or after July 1, 1998, but before July
1, 2006—the interest rate may not
exceed 8.25 percent:
(a) During the in-school, grace, and
deferment periods: The interest rate for
the period from July 1, 2005, through
June 30, 2006, is 4.70 percent (3.00
percent plus 1.7 percent); and
(b) During all other periods: The
interest rate for the period from July 1,
2005, through June 30, 2006, is 5.30
percent (3.00 percent plus 2.3 percent).
Interest Rates for FFEL PLUS and FFEL
Supplemental Loans for Students (SLS)
Loans
1. Variable-rate FFEL PLUS and FFEL
SLS loans first disbursed before October
1, 1992—the interest rate may not
exceed 12 percent: The interest rate for
the period from July 1, 2005, through
June 30, 2006, is 6.65 percent (3.40
percent plus 3.25 percent).
2. FFEL SLS loans first disbursed on
or after October 1, 1992, for a period of
enrollment beginning before July 1,
1994—the interest rate may not exceed
11 percent: The interest rate for the
period from July 1, 2005, through June
30, 2006, is 6.50 percent (3.40 percent
plus 3.10 percent).
3. FFEL PLUS loans first disbursed on
or after October 1, 1992, but before July
1, 1994—the interest rate may not
exceed ten percent: The interest rate for
the period from July 1, 2005, through
June 30, 2006, is 6.50 percent (3.40
percent plus 3.10 percent).
4. FFEL PLUS loans first disbursed on
or after July 1, 1994, but prior to July 1,
1998—the interest rate may not exceed
nine percent: The interest rate for the
period from July 1, 2005, through June
30, 2006, is 6.50 percent (3.40 percent
plus 3.10 percent).
5. FFEL PLUS loans first disbursed on
or after July 1, 1998, and before July 1,
2006—the interest rate may not exceed
nine percent: The interest rate for the
period from July 1, 2005, through June
30, 2006, is 6.10 percent (3.00 percent
plus 3.1 percent).
Interest Rates for FFEL Consolidation
Loans
1. FFEL Consolidation loans for
which the consolidation loan was made
by the lender before July 1, 1994—the
interest rate is the weighted average of
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Federal Register / Vol. 70, No. 216 / Wednesday, November 9, 2005 / Notices
the interest rates on the loans
consolidated, rounded to the nearest
whole percent, but may not be less than
nine percent.
2. FFEL Consolidation loans for
which the consolidation loan was made
by the lender on or after July 1, 1994,
and before November 13, 1997—the
interest rate is the weighted average of
the interest rates on the loans
consolidated, rounded to the nearest
whole percent.
3. FFEL Consolidation loans for
which the consolidation loan
application was received by the lender
on or after November 13, 1997, and
before October 1, 1998—the interest rate
may not exceed 8.25 percent: The
interest rate for the period from July 1,
2005, through June 30, 2006, is 6.10
percent (3.00 percent plus 3.1 percent).
4. FFEL Consolidation loans for
which the consolidation loan
application was received by the lender
on or after October 1, 1998, and before
July 1, 2006—the interest rate may not
exceed 8.25 percent: The interest rate is
the weighted average of the interest
rates on the loans consolidated, rounded
to the nearest higher 1⁄8 of one percent.
5. If a portion of a Consolidation loan
is attributable to a loan made under
subpart I of part A of title VII of the
Public Health Service Act, the
maximum interest rate for that portion
of a Consolidation loan is determined
annually, for each 12-month period
beginning on July 1 and ending on June
30. The interest rate equals the average
of the bond equivalent rates of the 91day Treasury bills auctioned for the
quarter ending prior to July 1, plus three
percent. For the quarter ending before
July 1, 2005, the average 91-day
Treasury bill rate was 2.943 percent
(rounded to 2.94 percent). The
maximum interest rate for the period
from July 1, 2005, through June 30,
2006, is 5.94 percent (2.94 percent plus
3.0 percent).
Electronic Access to This Document:
You may view this document, as well as
all other documents of this Department
published in the Federal Register, in
text or Adobe Portable Document
Format (PDF) on the Internet at the
following site: https://www.ed.gov/news/
federegister.
To use PDF you must have Adobe
Acrobat Reader, which is available free
at this site. If you have questions about
using PDF, call the U.S. Government
Printing Office (GPO), toll free at 1–888–
293–6498; or in the Washington, DC
area at (202) 512–1530.
Note: The official version of this document
is the document published in the Federal
Register. Free Internet access to the official
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Jkt 208001
edition of the Federal Register and the Code
of Federal Regulations is available on GPO
Access at: https://www.gpoaccess.gov/nara/
index.html
Program Authority: 20 U.S.C. 1087 et seq.
Dated: November 3, 2005.
Theresa S. Shaw,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 05–22365 Filed 11–8–05; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF EDUCATION
William D. Ford Federal Direct Loan
Program
Federal Student Aid,
Department of Education.
ACTION: Notice of interest rates for the
William D. Ford Federal Direct Loan
Program for the period July 1, 2005
through June 30, 2006.
AGENCY:
SUMMARY: The Chief Operating Officer
for Federal Student Aid announces the
interest rates for loans made under the
William D. Ford Federal Direct Loan
(Direct Loan) Program for the period
July 1, 2005 through June 30, 2006.
FOR FURTHER INFORMATION CONTACT: Don
Watson, U.S. Department of Education,
room 114I2, UCP, 400 Maryland
Avenue, SW., Washington, DC 20202–
5400. Telephone: (202) 377–4008.
If you use a telecommunications
device for the deaf (TDD), you may call
the Federal Relay Service (FRS) at 1–
800–877–8339.
Individuals with disabilities may
obtain this document in an alternative
format (e.g., Braille, large print,
audiotape, or computer diskette) on
request to the contact person listed
under FOR FURTHER INFORMATION
CONTACT.
SUPPLEMENTARY INFORMATION: Section
455(b) of the Higher Education Act of
1965, as amended (HEA), 20 U.S.C.
1087e(b), provides formulas for
determining the interest rates charged to
borrowers for loans made under the
Direct Loan Program including Federal
Direct Stafford Loans (Direct Subsidized
Loans), Federal Direct Unsubsidized
Stafford Loans (Direct Unsubsidized
Loans), Federal Direct PLUS Loans
(Direct PLUS Loans), and Federal Direct
Consolidation Loans (Direct
Consolidation Loans).
The Direct Loan Program includes
loans with variable interest rates and
loans with fixed interest rates. Most
loans made under the Direct Loan
Program have variable interest rates that
change each year. The variable interest
rate formula that applies to a particular
loan depends on the date of the first
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67999
disbursement of the loan. The variable
rates are determined annually and are
effective for each 12-month period
beginning July 1 of one year and ending
June 30 of the following year.
In the case of some Direct
Consolidation Loans, the interest rate is
determined by the date on which the
Direct Consolidation Loan application
was received. Direct Consolidation
Loans for which the application was
received on or after February 1, 1999
have a fixed interest rate based on the
weighted average of the loans that are
consolidated, rounded up to the nearest
higher 1/8 of one percent.
Pursuant to section 455(b) of the HEA,
20 U.S.C. § 1087e(b), the Direct Loan
interest rate formulas use the bond
equivalent rates of the 91-day Treasury
bills at the final auction held before
June 1 of each year plus a statutory addon percentage to determine the variable
interest rate for all Direct Subsidized
Loans and Direct Unsubsidized Loans;
Direct Consolidation Loans for which
the application was received on or after
July 1, 1998 and before February 1,
1999; and Direct PLUS Loans disbursed
on or after July 1, 1998.
The bond equivalent rate of the 91day Treasury bills auctioned on May 31,
2005, which is used to calculate the
interest rates on these loans, is 2.998
percent, which is rounded to 3.00
percent.
In addition, pursuant to section 455(b)
of the HEA, 20 U.S.C. 1087e(b), as
amended by Public Law 106–554, the
Consolidated Appropriations Act 2001,
the interest rate for Direct PLUS Loans
that were disbursed on or after July 1,
1994 and on or before July 1, 1998, is
calculated based on the weekly average
of a 1-year constant maturity Treasury
yield, as published by the Board of
Governors of the Federal Reserve
System, for the last calendar week
ending on or before June 26 plus a
statutory add-on percentage.
The last calendar week ending on or
before June 26, 2005 began on June 19,
2005 and ended on June 25, 2005. On
June 27, 2005, the Board of Governors
of the Federal Reserve System published
the 1-year constant maturity Treasury
yield average as 3.40 percent.
Below is specific information on the
calculation of the interest rates for the
Direct Loan Program. This information
is listed in order by the date a loan was
first disbursed or by the date that the
Consolidation Application was
received.
In addition, a summary of the interest
rates that are effective for the period
July 1, 2005 through June 30, 2006, is
included on charts at the end of this
notice. These charts are organized by
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]]>Agencies
[Federal Register Volume 70, Number 216 (Wednesday, November 9, 2005)]
[Notices]
[Pages 67997-67999]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-22365]
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
Federal Family Education Loan Program
AGENCY: Federal Student Aid, Department of Education.
ACTION: Notice of interest rates for the Federal Family Education Loan
Program for the period July 1, 2005, through June 30, 2006.
-----------------------------------------------------------------------
SUMMARY: The Chief Operating Officer for Federal Student Aid announces
the interest rates for loans made under the Federal Family Education
Loan (FFEL)
[[Page 67998]]
Program for the period July 1, 2005 through June 30, 2006.
FOR FURTHER INFORMATION CONTACT: Don Watson, U.S. Department of
Education, room 114I2, UCP, 400 Maryland Avenue, SW., Washington, DC
20202-5400. Telephone: (202) 377-4008.
If you use a telecommunications device for the deaf (TDD), you may
call the Federal Relay Service (FRS) at 1-800-877-8339.
Individuals with disabilities may obtain this document in an
alternative format (e.g., Braille, large print, audiotape, or computer
diskette) on request to the contact person listed under FOR FURTHER
INFORMATION CONTACT.
SUPPLEMENTARY INFORMATION:
General
Under title IV, part B of the Higher Education Act of 1965, as
amended (HEA), 20 U.S.C. section 1071, et seq., most loans made to
student and parent borrowers under the FFEL Program have variable
interest rates.
The formulas for determining the interest on variable rate FFEL
Program loans are established in section 427A of the HEA (20 U.S.C.
1077a).
The interest rates on variable-rate loans are determined annually
and apply to the following 12-month period beginning July 1 and ending
June 30.
As described below, interest rate caps apply to most FFEL Program
loans.
FFEL interest rate formulas use the bond equivalent rate of 91-day
Treasury bills auctioned at the final auction held before June 1 of
each year plus a statutorily established add-on to determine the
variable interest rate for--
FFEL fixed-rate Stafford loans first disbursed before
October 1, 1992, that have been converted to variable-rate loans;
All FFEL Subsidized and Unsubsidized Stafford Loans first
disbursed on or after October 1, 1992;
FFEL PLUS loans first disbursed on or after July 1, 1998;
and
FFEL Consolidation Loans for which the Consolidation Loan
application was received by the lender on or after November 13, 1997,
and before October 1, 1998.
The bond equivalent rate of the 91-day Treasury bills auctioned on
May 31, 2005, which is used to calculate the interest rates for the
one-year period beginning on July 1, 2005, is 2.998 percent, which is
rounded to 3.00 percent.
For FFEL PLUS loans first disbursed before July 1, 1998, interest
rates are calculated based on the weekly average of a 1-year constant
maturity Treasury yield, as published by the Board of Governors of the
Federal Reserve System, for the last calendar week ending on or before
June 26.
The weekly average of the 1-year constant maturity Treasury yield
for the last calendar week ending on or before June 27, 2005 is 3.40
percent.
Interest Rates for ``Converted'' Variable-rate FFEL Stafford Loans
1. Under section 427A(i)(7) of the HEA (20 U.S.C. 1077a (i)(7))
loans that were originally made with a fixed interest rate of eight
percent with an increase to ten percent four years after commencement
of the repayment period were converted to a variable interest rate that
may not exceed ten percent: The interest rate for these loans for the
period from July 1, 2005, through June 30, 2006, is 6.25 percent (3.00
percent plus 3.25 percent).
2. Loans with fixed interest rates of seven percent, eight percent,
nine percent, or eight percent with an increase to ten percent four
years after commencement of the repayment period, that were subject to
the provisions of section 427A(i)(3) of the HEA (20 U.S.C. 1077a(i)(3))
and were converted to variable-rate loans--the interest rate may not
exceed seven percent, eight percent, nine percent, or ten percent,
respectively: The interest rate for the period from July 1, 2005,
through June 30, 2006, is 6.10 percent (3.00 percent plus 3.1 percent).
Interest Rates for Variable-Rate FFEL Stafford Loans
1. FFEL Stafford loans made to ``new'' borrowers for which the
first disbursement was made (a) on or after October 1, 1992, but before
July 1, 1994, or (b) on or after July 1, 1994, for a period of
enrollment ending before July 1, 1994 (i.e. a late disbursement)--the
interest rate may not exceed nine percent: The interest rate for the
period from July 1, 2005, through June 30, 2006, is 6.10 percent (3.00
percent plus 3.1 percent).
2. FFEL Stafford loans made to all borrowers, regardless of prior
borrowing, for periods of enrollment that include or begin on or after
July 1, 1994, for which the first disbursement was made on or after
July 1, 1994, but before July 1, 1995--the interest rate may not exceed
8.25 percent: The interest rate for the period from July 1, 2005,
through June 30, 2006, is 6.10 percent (3.00 percent plus 3.1 percent).
3. FFEL Stafford loans made to all borrowers, regardless of prior
borrowing, on or after July 1, 1995, but before July 1, 1998--the
interest rate may not exceed 8.25 percent:
(a) During the in-school, grace, or deferment period: The interest
rate for the period from July 1, 2005, through June 30, 2006, is 5.50
percent (3.00 percent plus 2.5 percent); and
(b) During all other periods: The interest rate for the period from
July 1, 2005, through June 30, 2006, is 6.10 percent (3.00 percent plus
3.1 percent).
4. FFEL Stafford loans, first disbursed on or after July 1, 1998,
but before July 1, 2006--the interest rate may not exceed 8.25 percent:
(a) During the in-school, grace, and deferment periods: The
interest rate for the period from July 1, 2005, through June 30, 2006,
is 4.70 percent (3.00 percent plus 1.7 percent); and
(b) During all other periods: The interest rate for the period from
July 1, 2005, through June 30, 2006, is 5.30 percent (3.00 percent plus
2.3 percent).
Interest Rates for FFEL PLUS and FFEL Supplemental Loans for Students
(SLS) Loans
1. Variable-rate FFEL PLUS and FFEL SLS loans first disbursed
before October 1, 1992--the interest rate may not exceed 12 percent:
The interest rate for the period from July 1, 2005, through June 30,
2006, is 6.65 percent (3.40 percent plus 3.25 percent).
2. FFEL SLS loans first disbursed on or after October 1, 1992, for
a period of enrollment beginning before July 1, 1994--the interest rate
may not exceed 11 percent: The interest rate for the period from July
1, 2005, through June 30, 2006, is 6.50 percent (3.40 percent plus 3.10
percent).
3. FFEL PLUS loans first disbursed on or after October 1, 1992, but
before July 1, 1994--the interest rate may not exceed ten percent: The
interest rate for the period from July 1, 2005, through June 30, 2006,
is 6.50 percent (3.40 percent plus 3.10 percent).
4. FFEL PLUS loans first disbursed on or after July 1, 1994, but
prior to July 1, 1998--the interest rate may not exceed nine percent:
The interest rate for the period from July 1, 2005, through June 30,
2006, is 6.50 percent (3.40 percent plus 3.10 percent).
5. FFEL PLUS loans first disbursed on or after July 1, 1998, and
before July 1, 2006--the interest rate may not exceed nine percent: The
interest rate for the period from July 1, 2005, through June 30, 2006,
is 6.10 percent (3.00 percent plus 3.1 percent).
Interest Rates for FFEL Consolidation Loans
1. FFEL Consolidation loans for which the consolidation loan was
made by the lender before July 1, 1994--the interest rate is the
weighted average of
[[Page 67999]]
the interest rates on the loans consolidated, rounded to the nearest
whole percent, but may not be less than nine percent.
2. FFEL Consolidation loans for which the consolidation loan was
made by the lender on or after July 1, 1994, and before November 13,
1997--the interest rate is the weighted average of the interest rates
on the loans consolidated, rounded to the nearest whole percent.
3. FFEL Consolidation loans for which the consolidation loan
application was received by the lender on or after November 13, 1997,
and before October 1, 1998--the interest rate may not exceed 8.25
percent: The interest rate for the period from July 1, 2005, through
June 30, 2006, is 6.10 percent (3.00 percent plus 3.1 percent).
4. FFEL Consolidation loans for which the consolidation loan
application was received by the lender on or after October 1, 1998, and
before July 1, 2006--the interest rate may not exceed 8.25 percent: The
interest rate is the weighted average of the interest rates on the
loans consolidated, rounded to the nearest higher \1/8\ of one percent.
5. If a portion of a Consolidation loan is attributable to a loan
made under subpart I of part A of title VII of the Public Health
Service Act, the maximum interest rate for that portion of a
Consolidation loan is determined annually, for each 12-month period
beginning on July 1 and ending on June 30. The interest rate equals the
average of the bond equivalent rates of the 91-day Treasury bills
auctioned for the quarter ending prior to July 1, plus three percent.
For the quarter ending before July 1, 2005, the average 91-day Treasury
bill rate was 2.943 percent (rounded to 2.94 percent). The maximum
interest rate for the period from July 1, 2005, through June 30, 2006,
is 5.94 percent (2.94 percent plus 3.0 percent).
Electronic Access to This Document: You may view this document, as
well as all other documents of this Department published in the Federal
Register, in text or Adobe Portable Document Format (PDF) on the
Internet at the following site: https://www.ed.gov/news/federegister.
To use PDF you must have Adobe Acrobat Reader, which is available
free at this site. If you have questions about using PDF, call the U.S.
Government Printing Office (GPO), toll free at 1-888-293-6498; or in
the Washington, DC area at (202) 512-1530.
Note: The official version of this document is the document
published in the Federal Register. Free Internet access to the
official edition of the Federal Register and the Code of Federal
Regulations is available on GPO Access at: https://www.gpoaccess.gov/
nara/
Program Authority: 20 U.S.C. 1087 et seq.
Dated: November 3, 2005.
Theresa S. Shaw,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 05-22365 Filed 11-8-05; 8:45 am]
BILLING CODE 4000-01-P
