Federal Family Education Loan Program, 62635-62637 [E7-21806]
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Federal Register / Vol. 72, No. 214 / Tuesday, November 6, 2007 / Notices
public notice requesting comment on
the DEIS and the applicant’s proposed
action. Due to the complexity of this
project, the comment period was
originally set at three months and
subsequently extended an additional 2
weeks. A public hearing was held on
December 14, 2006. The DEIS contained
no designation of an agency preferred
alternative.
Since release of the DEIS, the Corps
has reviewed comments and further
discussed economic practicability with
the applicant. As a result of this
evaluation the Corps finds it necessary
to evaluate an additional alternative,
Alternative ‘‘L.’’ PCS, on its own
initiative, has developed a second
additional alternative, Alternative ‘‘M,’’
and has requested it be evaluated as
well. Both these alternatives are
contained within the project area
established in the DEIS.
In order to provide the information
necessary to objectively evaluate both
alternatives ‘‘L’’ and ‘‘M’’ and to
compare these alternatives to the
alternatives introduced in the DEIS the
Corps is releasing this Supplement to
the DEIS (SDEIS). The decision whether
to issue a Department of the Army Clean
Water Act Section 404 permit will be
made after completing the required
404(b)(1) analysis and public interest
review including full consideration of
all comments.
Dated: October 30, 2007.
John E. Pulliam, Jr.,
Colonel, U.S. Army, District Commander.
[FR Doc. 07–5523 Filed 11–5–07; 8:45 am]
BILLING CODE 3710–GN–M
DEPARTMENT OF EDUCATION
The Historically Black Colleges and
Universities Capital Financing
Advisory Board
Department of Education.
Notice of an open meeting.
AGENCY:
mstockstill on PROD1PC66 with NOTICES
ACTION:
SUMMARY: This notice sets forth the
schedule and proposed agenda of an
upcoming open meeting of the
Historically Black Colleges and
Universities Capital Financing Advisory
Board. The notice also describes the
functions of the Board. 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: Friday, November 30, 2007.
Time: 10 a.m.–2 p.m.
ADDRESSES: Clark Atlanta University,
Board Room, Thomas W. Cole Science
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16:55 Nov 05, 2007
Jkt 214001
Research Center, 223 J.P. Brawley Drive,
SW., Atlanta, Georgia 30314.
FOR FURTHER INFORMATION CONTACT: Don
E. Watson, Executive Director,
Historically Black College and
University Capital Financing Program,
1990 K Street, NW., Room 6130,
Washington, DC 20006; telephone: (202)
219–7037; fax: (202) 502–7852; e-mail:
donald.watson@ed.gov.
Individuals who use a
telecommunications device for the deaf
(TDD) may call the Federal Information
Relay Service (FRS) at 1–800–877–8339,
Monday through Friday between the
hours of 8 a.m. and 8 p.m., Eastern
Standard Time.
SUPPLEMENTARY INFORMATION: The
Historically Black College and
University Capital Financing Advisory
Board (Board) is authorized by Title III,
Part D, section 347 of the Higher
Education Act of 1965, as amended in
1998 (20 U.S.C. 1066f). The Board is
established within the Department of
Education to provide advice and
counsel to the Secretary and the
designated bonding authority as to the
most effective and efficient means of
implementing construction financing on
historically black college and university
campuses and to advise Congress
regarding the progress made in
implementing the program. Specifically,
the Board will provide advice as to the
capital needs of Historically Black
Colleges and Universities, how those
needs can be met through the program,
and what additional steps might be
taken to improve the operation and
implementation of the construction
financing program.
The purpose of this meeting is to
review current program activities,
provide guidance for 2008 activities, to
make recommendations to the Secretary
on the current capital needs of
Historically Black Colleges and
Universities, and to share additional
steps in which the HBCU Capital
Financing Program might improve its
operation.
Individuals who will need
accommodations for a disability in order
to attend the meeting (e.g., interpreting
services, assistance listening devices, or
materials in alternative format) should
notify Don Watson at 202 219–7037, no
later than November 15, 2007. 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.
An opportunity for public comment is
available on Friday, November 30, 2007
between 12:15 p.m.–12:45 p.m. Those
members of the public interested in
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62635
submitting written comments may do so
by submitting them to the attention of
Don E. Watson, 1990 K Street, NW.,
Washington DC, by Friday, November
23, 2007.
Records are kept of all Board
proceedings and are available for public
inspection at the Office of The
Historically Black College and
University Capital Financing Advisory
Board (Board), 1990 K Street, NW.,
Washington, DC 20006, from the hours
of 9 a.m. to 5 p.m., Eastern Standard
Time Monday through Friday (EST).
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/
index.html.
Thomas C. Dawson III,
Deputy Assistant Secretary for Higher
Education Programs.
[FR Doc. E7–21803 Filed 11–5–07; 8:45 am]
BILLING CODE 4000–01–P
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, 2007 through June
30, 2008.
AGENCY:
SUMMARY: The Acting Chief Operating
Officer for Federal Student Aid
announces the interest rates for the
period July 1, 2007 through June 30,
2008 for loans made under the Federal
Family Education Loan (FFEL) 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) 219–7037.
If you use a telecommunications
device for the deaf (TDD), you may call
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62636
Federal Register / Vol. 72, No. 214 / Tuesday, November 6, 2007 / Notices
Interest Rates for ‘‘Converted’’
Variable-Rate FFEL Stafford Loans
mstockstill on PROD1PC66 with NOTICES
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
and before July 1, 2006;
• FFEL PLUS loans first disbursed on
or after July 1, 1998 and before July 1,
2006; 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 29,
2007, which is used to calculate the
interest rates for the one-year period
beginning on July 1, 2007, is 4.919
percent, which is rounded to 4.92
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 26, 2007 is 4.95 percent.
VerDate Aug<31>2005
16:55 Nov 05, 2007
Jkt 214001
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, 2007, through June
30, 2008, is 8.17 percent (4.92 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
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 with maximum
interest rates of seven percent, eight
percent, nine percent, or ten percent,
respectively. For loans with fixed
interest rates of seven percent that were
converted to variable-rate loans, the
interest rate for the period from July 1,
2007, through June 30, 2008, is the
maximum interest rate of 7.00 percent.
Note that because 4.92 percent plus 3.1
percent equals 8.02 percent, which
exceeds the maximum interest rate
allowed, we use the maximum interest
rate. For loans with fixed interest rates
of eight percent, nine percent, or eight
percent with an increase to ten percent
that were converted to variable-rate
loans, the interest rate for the period
from July 1, 2007, through June 30,
2008, is the maximum interest rate of
8.00 percent. Note that because 4.92
percent plus 3.1 percent equals 8.02
percent, which exceeds the maximum
interest rate allowed, we use the
maximum interest rate.
Interest Rates for Variable-Rate FFEL
Stafford Loans
1. For 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), with
a maximum interest rate of nine percent.
The interest rate for the period from July
1, 2007, through June 30, 2008, is 8.02
percent (4.92 percent plus 3.1 percent).
2. For 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
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not exceed 8.25 percent. The interest
rate for the period from July 1, 2007,
through June 30, 2008, is 8.02 percent
(4.92 percent plus 3.1 percent).
3. For 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, 2007, through
June 30, 2008, is 7.42 percent (4.92
percent plus 2.5 percent); and
(b) During all other periods, the
interest rate for the period from July 1,
2007, through June 30, 2008, is 8.02
percent (4.92 percent plus 3.1 percent).
4. For 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, 2007, through
June 30, 2008, is 6.62 percent (4.92
percent plus 1.7 percent); and
(b) During all other periods, the
interest rate for the period from July 1,
2007, through June 30, 2008, is 7.22
percent (4.92 percent plus 2.3 percent).
Interest Rates for Fixed-Rate FFEL
Stafford Loans
1. For FFEL Stafford loans for which
the first disbursement was made on or
after July 1, 2006, the interest rate is
fixed at 6.80 percent.
Interest Rates for FFEL PLUS and FFEL
Supplemental Loans for Students (SLS)
Loans
1. For 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, 2007, through
June 30, 2008, is 8.20 percent (4.95
percent plus 3.25 percent).
2. For 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, 2007, through June
30, 2008, is 8.05 percent (4.95 percent
plus 3.10 percent).
3. For 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, 2007,
through June 30, 2008, is 8.05 percent
(4.95 percent plus 3.10 percent).
4. For 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,
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Federal Register / Vol. 72, No. 214 / Tuesday, November 6, 2007 / Notices
2007, through June 30, 2008, is 8.05
percent (4.95 percent plus 3.10 percent).
5. For 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, 2007,
through June 30, 2008, is 8.02 percent
(4.92 percent plus 3.1 percent).
6. FFEL PLUS loans first disbursed on
or after July 1, 2006, have an interest
rate that is fixed at 8.50 percent.
mstockstill on PROD1PC66 with NOTICES
Interest Rates for FFEL Consolidation
Loans
1. For 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. For 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 upward to the
nearest whole percent.
3. With respect to 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,
2007, through June 30, 2008, is 8.02
percent (4.92 percent plus 3.1 percent).
4. With respect to FFEL Consolidation
loans for which the consolidation loan
application was received by the lender
on or after October 1, 1998, 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. With respect to consolidation loans,
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, 2007, the average 91-day
Treasury bill rate was 4.895 percent
(rounded to 4.90 percent). The
maximum interest rate for the period
from July 1, 2007, through June 30,
2008, is 7.90 percent (4.90 percent plus
3.0 percent). 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 the Consolidation loan is
determined annually, for each 12-month
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16:55 Nov 05, 2007
Jkt 214001
period beginning on July 1 and ending
on June 30.
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/
index.html.
Program Authority: 20 U.S.C. 1077a et seq.
Dated: October 31, 2007.
Lawrence A. Warder,
Acting Chief Operating Officer, Federal
Student Aid.
[FR Doc. E7–21806 Filed 11–5–07; 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, 2007
through June 30, 2008.
AGENCY:
SUMMARY: The Acting Chief Operating
Officer for Federal Student Aid
announces the interest rates for the
period July 1, 2007 through June 30,
2008 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) 219–7037.
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.
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62637
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.
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 29,
2007, which is used to calculate the
interest rates on these loans, is 4.919
percent, which is rounded to 4.92
percent.
In addition, pursuant to section 455(b)
of the HEA, 20 U.S.C. 1087e(b), as
SUPPLEMENTARY INFORMATION:
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]]>Agencies
[Federal Register Volume 72, Number 214 (Tuesday, November 6, 2007)]
[Notices]
[Pages 62635-62637]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-21806]
-----------------------------------------------------------------------
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, 2007 through June 30, 2008.
-----------------------------------------------------------------------
SUMMARY: The Acting Chief Operating Officer for Federal Student Aid
announces the interest rates for the period July 1, 2007 through June
30, 2008 for loans made under the Federal Family Education Loan (FFEL)
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) 219-7037.
If you use a telecommunications device for the deaf (TDD), you may
call
[[Page 62636]]
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 and before July 1, 2006;
FFEL PLUS loans first disbursed on or after July 1, 1998
and before July 1, 2006; 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 29, 2007, which is used to calculate the interest rates for the
one-year period beginning on July 1, 2007, is 4.919 percent, which is
rounded to 4.92 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 26, 2007 is 4.95
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, 2007, through June 30, 2008, is 8.17 percent (4.92
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 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 with maximum interest rates of
seven percent, eight percent, nine percent, or ten percent,
respectively. For loans with fixed interest rates of seven percent that
were converted to variable-rate loans, the interest rate for the period
from July 1, 2007, through June 30, 2008, is the maximum interest rate
of 7.00 percent. Note that because 4.92 percent plus 3.1 percent equals
8.02 percent, which exceeds the maximum interest rate allowed, we use
the maximum interest rate. For loans with fixed interest rates of eight
percent, nine percent, or eight percent with an increase to ten percent
that were converted to variable-rate loans, the interest rate for the
period from July 1, 2007, through June 30, 2008, is the maximum
interest rate of 8.00 percent. Note that because 4.92 percent plus 3.1
percent equals 8.02 percent, which exceeds the maximum interest rate
allowed, we use the maximum interest rate.
Interest Rates for Variable-Rate FFEL Stafford Loans
1. For 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), with
a maximum interest rate of nine percent. The interest rate for the
period from July 1, 2007, through June 30, 2008, is 8.02 percent (4.92
percent plus 3.1 percent).
2. For 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,
2007, through June 30, 2008, is 8.02 percent (4.92 percent plus 3.1
percent).
3. For 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, 2007, through June 30, 2008, is 7.42
percent (4.92 percent plus 2.5 percent); and
(b) During all other periods, the interest rate for the period from
July 1, 2007, through June 30, 2008, is 8.02 percent (4.92 percent plus
3.1 percent).
4. For 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, 2007, through June 30, 2008,
is 6.62 percent (4.92 percent plus 1.7 percent); and
(b) During all other periods, the interest rate for the period from
July 1, 2007, through June 30, 2008, is 7.22 percent (4.92 percent plus
2.3 percent).
Interest Rates for Fixed-Rate FFEL Stafford Loans
1. For FFEL Stafford loans for which the first disbursement was
made on or after July 1, 2006, the interest rate is fixed at 6.80
percent.
Interest Rates for FFEL PLUS and FFEL Supplemental Loans for Students
(SLS) Loans
1. For 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, 2007, through June 30,
2008, is 8.20 percent (4.95 percent plus 3.25 percent).
2. For 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, 2007, through June 30, 2008, is 8.05 percent (4.95 percent plus
3.10 percent).
3. For 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, 2007, through June 30,
2008, is 8.05 percent (4.95 percent plus 3.10 percent).
4. For 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,
[[Page 62637]]
2007, through June 30, 2008, is 8.05 percent (4.95 percent plus 3.10
percent).
5. For 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, 2007, through June 30,
2008, is 8.02 percent (4.92 percent plus 3.1 percent).
6. FFEL PLUS loans first disbursed on or after July 1, 2006, have
an interest rate that is fixed at 8.50 percent.
Interest Rates for FFEL Consolidation Loans
1. For 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. For 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 upward to the nearest whole
percent.
3. With respect to 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,
2007, through June 30, 2008, is 8.02 percent (4.92 percent plus 3.1
percent).
4. With respect to FFEL Consolidation loans for which the
consolidation loan application was received by the lender on or after
October 1, 1998, 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. With respect to consolidation loans, 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, 2007, the average 91-day Treasury
bill rate was 4.895 percent (rounded to 4.90 percent). The maximum
interest rate for the period from July 1, 2007, through June 30, 2008,
is 7.90 percent (4.90 percent plus 3.0 percent). 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 the Consolidation loan is determined
annually, for each 12-month period beginning on July 1 and ending on
June 30.
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. 1077a et seq.
Dated: October 31, 2007.
Lawrence A. Warder,
Acting Chief Operating Officer, Federal Student Aid.
[FR Doc. E7-21806 Filed 11-5-07; 8:45 am]
BILLING CODE 4000-01-P
