William D. Ford Federal Direct Loan Program, 52778-52783 [E6-14800]
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Federal Register / Vol. 71, No. 173 / Thursday, September 7, 2006 / Notices
30, 2007, is 7.94 percent (4.84 percent
plus 3.1 percent).
6. FFEL PLUS loans first disbursed on
or after July 1, 2006—the interest rate is
fixed at 8.50 percent.
rwilkins on PROD1PC63 with NOTICES
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
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,
2006, through June 30, 2007, is 7.94
percent (4.84 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, 2006, the average 91-day
Treasury bill rate was 4.828 percent
(rounded to 4.83 percent). The
maximum interest rate for the period
from July 1, 2006, through June 30,
2007, is 7.83 percent (4.83 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
VerDate Aug<31>2005
18:11 Sep 06, 2006
Jkt 208001
following site: 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: www.gpoaccess.gov/nara/
index.html.
Program Authority: 20 U.S.C. 1087 et seq.
Dated: August 31, 2006.
Theresa S. Shaw,
Chief Operating Officer, Federal Student Aid.
[FR Doc. E6–14799 Filed 9–6–06; 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, 2006
through June 30, 2007.
AGENCY:
SUMMARY: The Chief Operating Officer
for Federal Student Aid announces the
interest rates for the period July 1, 2006
through June 30, 2007 for loans made
under the William D. Ford Federal
Direct Loan (Direct Loan) Program.
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
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Fmt 4703
Sfmt 4703
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
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. Pursuant
to section 455(b) of the HEA, 20 U.S.C.
1087e(b), the interest rate for Direct
Subsidized Loans and Direct
Unsubsidized Loans that are first
disbursed on or after July 1, 2006, have
a fixed interest rate of 6.80 percent. In
addition, Direct PLUS Loans that are
first disbursed on or after July 1, 2006,
have a fixed interest rate of 7.90 percent.
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 30,
2006, which is used to calculate the
interest rates on these loans, is 4.843
percent, which is rounded to 4.84
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
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Federal Register / Vol. 71, No. 173 / Thursday, September 7, 2006 / Notices
ending on or before June 26 plus a
statutory add-on percentage.
The last calendar week ending on or
before June 26, 2006 began on June 18,
2006 and ended on June 24, 2006. On
June 26, 2006, the Board of Governors
of the Federal Reserve System published
the 1-year constant maturity Treasury
yield average as 5.24 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, 2006 through June 30, 2007, is
included on charts at the end of this
notice. These charts are organized by
loan type. In each chart, the interest
rates are arranged by the date a loan was
first disbursed or by the date that the
consolidation application was received.
For Direct Loan Program Loans first
disbursed on or after July 1, 1994, and
before July 1, 1995: The interest rate for
Direct Subsidized Loans, Direct
Unsubsidized Loans, and Direct
Subsidized and Unsubsidized
Consolidation Loans is the bond
equivalent rate of the 91-day Treasury
bills auctioned at the final auction held
before June 1 plus 3.1 percent. These
interest rates may not exceed 8.25
percent during any period. From July 1,
2006, to June 30, 2007, the interest rate
for Direct Subsidized Loans, Direct
Unsubsidized Loans, and Direct
Subsidized and Unsubsidized
Consolidation Loans that were first
disbursed on or after July 1, 1994, and
before July 1, 1995, is 7.94 percent
during all periods.
The interest rate for Direct PLUS
Loans and Direct PLUS Consolidation
Loans is 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 3.1 percent. These interest rates
may not exceed 9.0 percent during any
period. From July 1, 2006, to June 30,
2007, the interest rate for Direct PLUS
Loans and Direct PLUS Consolidation
Loans that were first disbursed on or
after July 1, 1994 and before July 1,
1995, is 8.34 percent for all periods.
For Direct Loan Program Loans first
disbursed on or after July 1, 1995, and
before July 1, 1998: The interest rate for
Direct Subsidized Loans, Direct
Unsubsidized Loans, and Direct
Subsidized and Unsubsidized
Consolidation Loans is the bond
equivalent rate of the 91-day Treasury
bills auctioned at the final auction held
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before June 1 plus 3.1 percent. However,
during in-school, grace, and deferment
periods, the interest rate formula is the
bond equivalent rate of the 91-day
Treasury bills auctioned at the final
auction held before June 1 plus 2.5
percent. These interest rates may not
exceed 8.25 percent during any period.
From July 1, 2006, to June 30, 2007, the
interest rate for Direct Subsidized
Loans, Direct Unsubsidized Loans, and
Direct Subsidized and Unsubsidized
Consolidation Loans that were first
disbursed on or after July 1, 1995, and
before July 1, 1998, is 7.34 percent
during in-school, grace, and deferment
periods and 7.94 percent during all
other periods.
The interest rate for Direct PLUS
Loans and Direct PLUS Consolidation
Loans is 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 3.1 percent. These interest rates
may not exceed 9.0 percent during any
period. From July 1, 2006, to June 30,
2007, the interest rate for Direct PLUS
Loans and Direct PLUS Consolidation
Loans that were first disbursed on or
after July 1, 1995 and before July 1,
1998, is 8.34 percent during all periods.
For Direct Loans first disbursed on or
after July 1, 1998, and before October 1,
1998: The interest rate for Direct
Subsidized Loans, Direct Unsubsidized
Loans, and Direct Subsidized and
Unsubsidized Consolidation Loans is
the bond equivalent rate of the 91-day
Treasury bills auctioned at the final
auction held before June 1 plus 2.3
percent. However, during in-school,
grace, and deferment periods, the
interest rate formula is the bond
equivalent rate of the 91-day Treasury
bills auctioned at the final auction held
before June 1 plus 1.7 percent. These
interest rates may not exceed 8.25
percent during any period. From July 1,
2006, to June 30, 2007, the interest rate
for Direct Subsidized Loans, Direct
Unsubsidized Loans, and Direct
Subsidized and Unsubsidized
Consolidation Loans that were first
disbursed on or after July 1, 1998 and
before October 1, 1998, is 6.54 percent
during in-school, grace, and deferment
periods and 7.14 percent during all
other periods.
The interest rate for Direct PLUS
Loans and Direct PLUS Consolidation
Loans is the bond equivalent rate of the
91-day Treasury bills auctioned at the
final auction held before June 1 plus 3.1
percent. These interest rates may not
exceed 9.0 percent during any period.
From July 1, 2006, to June 30, 2007, the
interest rate for Direct PLUS Loans and
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52779
Direct PLUS Consolidation Loans that
were disbursed on or after July 1, 1998,
and before October 1, 1998, is 7.94
percent during all periods.
For Direct Subsidized Loans, Direct
Unsubsidized Loans, Direct PLUS Loans
first disbursed on or after October 1,
1998, and before July 1, 2006: The
interest rate for Direct Subsidized Loans
and Direct Unsubsidized Loans is the
bond equivalent rate of the 91-day
Treasury bills auctioned at the final
auction held before June 1 plus 2.3
percent. However, during in-school,
grace, and deferment periods, the
interest rate formula is the bond
equivalent rate of the 91-day Treasury
bills plus 1.7 percent. These interest
rates may not exceed 8.25 percent
during any period. From July 1, 2006, to
June 30, 2007, the interest rate for Direct
Subsidized Loans and Direct
Unsubsidized Loans that were disbursed
after July 1, 1998, and before July 1,
2006, is 6.54 percent during in-school,
grace, and deferment periods and 7.14
percent during all other periods.
The interest rate for Direct PLUS
Loans is the bond equivalent rate of the
91-day Treasury bills auctioned at the
final auction held before June 1 plus 3.1
percent. These interest rates may not
exceed 9.0 percent during any period.
From July 1, 2006, to June 30, 2007, the
interest rate for Direct PLUS Loans that
were disbursed after July 1, 1998, and
before July 1, 2006, is 7.94 percent
during all periods.
For Direct Subsidized Loans, Direct
Unsubsidized Loans, and Direct PLUS
Loans first disbursed on or after July 1,
2006: The interest rate for Direct
Subsidized Loans and Direct
Unsubsidized Loans that were first
disbursed on or after July 1, 2006 is a
fixed interest rate of 6.80 percent during
all periods.
The interest rate for Direct PLUS
Loans that were first disbursed on or
after July 1, 2006 is a fixed interest rate
of 7.90 percent during all periods.
For Direct Consolidation Loans first
disbursed on or after October 1, 1998
and for which the application was
received before October 1, 1998: The
interest rate for Direct Subsidized and
Unsubsidized Consolidation Loans is
the bond equivalent rate of the 91-day
Treasury bills auctioned at the final
auction held before June 1 plus 2.3
percent. However, during in-school,
grace, and deferment periods, the
interest rate formula is the bond
equivalent rate of the 91-day Treasury
bills auctioned at the final auction held
before June 1 plus 1.7 percent. These
interest rates may not exceed 8.25
percent during any period. From July 1,
2006, to June 30, 2007, the interest rate
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for Direct Subsidized and Unsubsidized
Consolidation Loans that were first
disbursed on or after July 1, 1998 and
before October 1, 1998, is 6.54 percent
during in-school, grace, and deferment
periods and 7.14 percent during all
other periods.
The interest rate for Direct PLUS
Consolidation Loans is the bond
equivalent rate of the 91-day Treasury
bills auctioned at the final auction held
before June 1 plus 3.1 percent. These
interest rates may not exceed 9.0
percent during any period. From July 1,
2006, to June 30, 2007, the interest rate
for Direct PLUS Loans and Direct PLUS
Consolidation Loans that were
disbursed on or after July 1, 1998, and
before October 1, 1998, is 7.94 percent
during all periods.
For Direct Consolidation Loans for
which the application was received on
or after October 1, 1998, and before
February 1, 1999: The interest rate for
Direct Consolidation Loans for which
the application was received on or after
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October 1, 1998 and before February 1,
1999 is the bond equivalent rate of the
91-day Treasury bills auctioned at the
final auction held before June 1 plus 2.3
percent. These interest rates may not
exceed 8.25 percent during any period.
From July 1, 2006, to June 30, 2007, the
interest rate for Direct Consolidation
Loans for which the application was
received on or after October 1, 1998 and
before February 1, 1999, is 7.14 percent
during all periods.
For Direct Consolidation Loans for
which the application was received on
or after February 1, 1999: The interest
rate for Direct Consolidation Loans for
which the application was received on
or after February 1, 1999, and before
July 1, 2006, is the lesser of 8.25
percent, or the weighted average of the
loans consolidated, rounded to the
nearest higher 1⁄8 of one 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
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text or Adobe Portable Document
Format (PDF) on the Internet at the
following site: 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: www.gpoaccess.gov/nara/
index.html.
Program Authority: 20 U.S.C. 1087 et seq.
Dated: August 31, 2006.
Theresa S. Shaw,
Chief Operating Officer, Federal Student Aid.
BILLING CODE 4000–01–P
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Federal Register / Vol. 71, No. 173 / Thursday, September 7, 2006 / Notices
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52782
BILLING CODE 4000–01–C
Comments, protests, or
requests to intervene should be
addressed as follows: Office Electricity
Delivery and Energy Reliability (Mail
Code OE–20), U.S. Department of
Energy, 1000 Independence Avenue,
SW., Washington, DC 20585–0350 (FAX
202–586–5860).
ADDRESSES:
DEPARTMENT OF ENERGY
[Docket No. EA–98–J]
Application To Export Electric Energy;
Western Systems Power Pool
Office Electricity Delivery and
Energy Reliability, DOE.
ACTION: Notice of Application.
rwilkins on PROD1PC63 with NOTICES
AGENCY:
SUMMARY: The Western Systems Power
Pool (WSPP) has applied, on behalf of
certain of its members, to renew their
authority to transmit electric energy
from the United States to Canada
pursuant to section 202(e) of the Federal
Power Act.
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FOR FURTHER INFORMATION CONTACT:
Ellen Russell (Program Office) 202–586–
9624 or Michael Skinker (Program
Attorney) 202–586–2793.
Exports of
electricity from the United States to a
foreign country are regulated and
require authorization under section
202(e) of the Federal Power Act (FPA)
(16 U.S.C. 824a(e)).
SUPPLEMENTARY INFORMATION:
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On September 5, 1996, in docket EA–
98–C, the Office of Fossil Energy (FE) of
the Department of Energy (DOE)
authorized 42 members of the WSPP to
export electric energy to Canada. In
several subsequent proceedings in the
EA–98 docket, the list members
authorized to export was modified to
add, delete, or reflect corporate name
changes. The most recent order in the
docket, EA–98–I, was issued on August
6, 2002, and authorized 26 WSPP
member companies individually to
transmit electric energy to Canada. The
international transmission facilities
utilized for these exports are owned by
the Bonneville Power Administration,
also a WSPP member. The facilities
consist of two 500–kV transmission
lines and one 230–kV transmission line
that interconnect with facilities of BC
Hydro, and one 230–kV line that
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Comments, protests or requests
to intervene must be submitted on or
before September 22, 2006.
DATES:
[FR Doc. E6–14800 Filed 9–6–06; 8:45 am]
52783
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Federal Register / Vol. 71, No. 173 / Thursday, September 7, 2006 / Notices
]]>Agencies
[Federal Register Volume 71, Number 173 (Thursday, September 7, 2006)]
[Notices]
[Pages 52778-52783]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-14800]
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
William D. Ford Federal Direct Loan Program
AGENCY: 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, 2006 through June 30, 2007.
-----------------------------------------------------------------------
SUMMARY: The Chief Operating Officer for Federal Student Aid announces
the interest rates for the period July 1, 2006 through June 30, 2007
for loans made under the William D. Ford Federal Direct Loan (Direct
Loan) Program.
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 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.Pursuant to section 455(b) of the HEA, 20 U.S.C. 1087e(b), the
interest rate for Direct Subsidized Loans and Direct Unsubsidized Loans
that are first disbursed on or after July 1, 2006, have a fixed
interest rate of 6.80 percent. In addition, Direct PLUS Loans that are
first disbursed on or after July 1, 2006, have a fixed interest rate of
7.90 percent.
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 add-on 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 91-day Treasury bills auctioned on
May 30, 2006, which is used to calculate the interest rates on these
loans, is 4.843 percent, which is rounded to 4.84 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
[[Page 52779]]
ending on or before June 26 plus a statutory add-on percentage.
The last calendar week ending on or before June 26, 2006 began on
June 18, 2006 and ended on June 24, 2006. On June 26, 2006, the Board
of Governors of the Federal Reserve System published the 1-year
constant maturity Treasury yield average as 5.24 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, 2006 through June 30, 2007, is included on charts at
the end of this notice. These charts are organized by loan type. In
each chart, the interest rates are arranged by the date a loan was
first disbursed or by the date that the consolidation application was
received.
For Direct Loan Program Loans first disbursed on or after July 1,
1994, and before July 1, 1995: The interest rate for Direct Subsidized
Loans, Direct Unsubsidized Loans, and Direct Subsidized and
Unsubsidized Consolidation Loans is the bond equivalent rate of the 91-
day Treasury bills auctioned at the final auction held before June 1
plus 3.1 percent. These interest rates may not exceed 8.25 percent
during any period. From July 1, 2006, to June 30, 2007, the interest
rate for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct
Subsidized and Unsubsidized Consolidation Loans that were first
disbursed on or after July 1, 1994, and before July 1, 1995, is 7.94
percent during all periods.
The interest rate for Direct PLUS Loans and Direct PLUS
Consolidation Loans is 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 3.1 percent. These interest rates may not exceed 9.0 percent
during any period. From July 1, 2006, to June 30, 2007, the interest
rate for Direct PLUS Loans and Direct PLUS Consolidation Loans that
were first disbursed on or after July 1, 1994 and before July 1, 1995,
is 8.34 percent for all periods.
For Direct Loan Program Loans first disbursed on or after July 1,
1995, and before July 1, 1998: The interest rate for Direct Subsidized
Loans, Direct Unsubsidized Loans, and Direct Subsidized and
Unsubsidized Consolidation Loans is the bond equivalent rate of the 91-
day Treasury bills auctioned at the final auction held before June 1
plus 3.1 percent. However, during in-school, grace, and deferment
periods, the interest rate formula is the bond equivalent rate of the
91-day Treasury bills auctioned at the final auction held before June 1
plus 2.5 percent. These interest rates may not exceed 8.25 percent
during any period. From July 1, 2006, to June 30, 2007, the interest
rate for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct
Subsidized and Unsubsidized Consolidation Loans that were first
disbursed on or after July 1, 1995, and before July 1, 1998, is 7.34
percent during in-school, grace, and deferment periods and 7.94 percent
during all other periods.
The interest rate for Direct PLUS Loans and Direct PLUS
Consolidation Loans is 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 3.1 percent. These interest rates may not exceed 9.0 percent
during any period. From July 1, 2006, to June 30, 2007, the interest
rate for Direct PLUS Loans and Direct PLUS Consolidation Loans that
were first disbursed on or after July 1, 1995 and before July 1, 1998,
is 8.34 percent during all periods.
For Direct Loans first disbursed on or after July 1, 1998, and
before October 1, 1998: The interest rate for Direct Subsidized Loans,
Direct Unsubsidized Loans, and Direct Subsidized and Unsubsidized
Consolidation Loans is the bond equivalent rate of the 91-day Treasury
bills auctioned at the final auction held before June 1 plus 2.3
percent. However, during in-school, grace, and deferment periods, the
interest rate formula is the bond equivalent rate of the 91-day
Treasury bills auctioned at the final auction held before June 1 plus
1.7 percent. These interest rates may not exceed 8.25 percent during
any period. From July 1, 2006, to June 30, 2007, the interest rate for
Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct
Subsidized and Unsubsidized Consolidation Loans that were first
disbursed on or after July 1, 1998 and before October 1, 1998, is 6.54
percent during in-school, grace, and deferment periods and 7.14 percent
during all other periods.
The interest rate for Direct PLUS Loans and Direct PLUS
Consolidation Loans is the bond equivalent rate of the 91-day Treasury
bills auctioned at the final auction held before June 1 plus 3.1
percent. These interest rates may not exceed 9.0 percent during any
period. From July 1, 2006, to June 30, 2007, the interest rate for
Direct PLUS Loans and Direct PLUS Consolidation Loans that were
disbursed on or after July 1, 1998, and before October 1, 1998, is 7.94
percent during all periods.
For Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS
Loans first disbursed on or after October 1, 1998, and before July 1,
2006: The interest rate for Direct Subsidized Loans and Direct
Unsubsidized Loans is the bond equivalent rate of the 91-day Treasury
bills auctioned at the final auction held before June 1 plus 2.3
percent. However, during in-school, grace, and deferment periods, the
interest rate formula is the bond equivalent rate of the 91-day
Treasury bills plus 1.7 percent. These interest rates may not exceed
8.25 percent during any period. From July 1, 2006, to June 30, 2007,
the interest rate for Direct Subsidized Loans and Direct Unsubsidized
Loans that were disbursed after July 1, 1998, and before July 1, 2006,
is 6.54 percent during in-school, grace, and deferment periods and 7.14
percent during all other periods.
The interest rate for Direct PLUS Loans is the bond equivalent rate
of the 91-day Treasury bills auctioned at the final auction held before
June 1 plus 3.1 percent. These interest rates may not exceed 9.0
percent during any period. From July 1, 2006, to June 30, 2007, the
interest rate for Direct PLUS Loans that were disbursed after July 1,
1998, and before July 1, 2006, is 7.94 percent during all periods.
For Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct
PLUS Loans first disbursed on or after July 1, 2006: The interest rate
for Direct Subsidized Loans and Direct Unsubsidized Loans that were
first disbursed on or after July 1, 2006 is a fixed interest rate of
6.80 percent during all periods.
The interest rate for Direct PLUS Loans that were first disbursed
on or after July 1, 2006 is a fixed interest rate of 7.90 percent
during all periods.
For Direct Consolidation Loans first disbursed on or after October
1, 1998 and for which the application was received before October 1,
1998: The interest rate for Direct Subsidized and Unsubsidized
Consolidation Loans is the bond equivalent rate of the 91-day Treasury
bills auctioned at the final auction held before June 1 plus 2.3
percent. However, during in-school, grace, and deferment periods, the
interest rate formula is the bond equivalent rate of the 91-day
Treasury bills auctioned at the final auction held before June 1 plus
1.7 percent. These interest rates may not exceed 8.25 percent during
any period. From July 1, 2006, to June 30, 2007, the interest rate
[[Page 52780]]
for Direct Subsidized and Unsubsidized Consolidation Loans that were
first disbursed on or after July 1, 1998 and before October 1, 1998, is
6.54 percent during in-school, grace, and deferment periods and 7.14
percent during all other periods.
The interest rate for Direct PLUS Consolidation Loans is the bond
equivalent rate of the 91-day Treasury bills auctioned at the final
auction held before June 1 plus 3.1 percent. These interest rates may
not exceed 9.0 percent during any period. From July 1, 2006, to June
30, 2007, the interest rate for Direct PLUS Loans and Direct PLUS
Consolidation Loans that were disbursed on or after July 1, 1998, and
before October 1, 1998, is 7.94 percent during all periods.
For Direct Consolidation Loans for which the application was
received on or after October 1, 1998, and before February 1, 1999: The
interest rate for Direct Consolidation Loans for which the application
was received on or after October 1, 1998 and before February 1, 1999 is
the bond equivalent rate of the 91-day Treasury bills auctioned at the
final auction held before June 1 plus 2.3 percent. These interest rates
may not exceed 8.25 percent during any period. From July 1, 2006, to
June 30, 2007, the interest rate for Direct Consolidation Loans for
which the application was received on or after October 1, 1998 and
before February 1, 1999, is 7.14 percent during all periods.
For Direct Consolidation Loans for which the application was
received on or after February 1, 1999: The interest rate for Direct
Consolidation Loans for which the application was received on or after
February 1, 1999, and before July 1, 2006, is the lesser of 8.25
percent, or the weighted average of the loans consolidated, rounded to
the nearest higher \1/8\ of one 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: 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: www.gpoaccess.gov/nara/
index.html.
Program Authority: 20 U.S.C. 1087 et seq.
Dated: August 31, 2006.
Theresa S. Shaw,
Chief Operating Officer, Federal Student Aid.
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[FR Doc. E6-14800 Filed 9-6-06; 8:45 am]
BILLING CODE 4000-01-C
