William D. Ford Federal Direct Loan Program, 62637-62639 [E7-21807]
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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
VerDate Aug<31>2005
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.
PO 00000
Frm 00015
Fmt 4703
Sfmt 4703
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:
E:\FR\FM\06NON1.SGM
06NON1
62638
Federal Register / Vol. 72, No. 214 / Tuesday, November 6, 2007 / Notices
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 weekly average of 1-year constant
maturity Treasury yield for the last
week ending on or before June 26, 2007
is 4.95 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.
mstockstill on PROD1PC66 with NOTICES
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,
2007, to June 30, 2008, 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 8.02 percent (4.92
percent plus 3.1 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, 2007, to June 30,
2008, 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 8.05 (4.95 percent plus 3.1
percent) 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
VerDate Aug<31>2005
16:55 Nov 05, 2007
Jkt 214001
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, 2007, to June 30, 2008, 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 7.42 percent (4.92
percent plus 2.5 percent) during inschool, grace, and deferment periods
and 8.02 percent (4.92 percent plus 3.1
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, 2007, to June 30,
2008, 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 8.05 percent (4.95 percent plus
3.1 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, 2007, to June 30, 2008, 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 6.62 percent
(4.92 percent plus 1.7 percent) during
in-school, grace, and deferment periods
and 7.22 percent (4.92 percent plus 2.3
percent) during all other periods.
The interest rate for Direct PLUS
Loans and Direct PLUS Consolidation
Loans is the bond equivalent rate of the
PO 00000
Frm 00016
Fmt 4703
Sfmt 4703
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, 2007, to June 30, 2008, 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 8.02
percent (4.92 percent plus 3.1 percent)
during all periods.
For Direct Subsidized Loans, Direct
Unsubsidized Loans, and 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, 2007, to
June 30, 2008, the interest rate for Direct
Subsidized Loans and Direct
Unsubsidized Loans that were disbursed
after July 1, 1998, and before July 1,
2006, is 6.62 percent (4.92 percent plus
1.7 percent) during in-school, grace, and
deferment periods and 7.22 percent
(4.92 percent plus 2.3 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, 2007, to June 30, 2008, the
interest rate for Direct PLUS Loans that
were disbursed after July 1, 1998, and
before July 1, 2006, is 8.02 percent (4.92
percent plus 3.1 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.
E:\FR\FM\06NON1.SGM
06NON1
Federal Register / Vol. 72, No. 214 / Tuesday, November 6, 2007 / Notices
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,
2007, to June 30, 2008, the interest rate
for Direct Subsidized and Unsubsidized
Consolidation Loans that were first
disbursed on or after October 1, 1998
and for which the application was
received before October 1, 1998, is 6.62
percent (4.92 percent plus 1.7 percent)
during in-school, grace, and deferment
periods and 7.22 percent (4.92 percent
plus 2.3 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,
2007, to June 30, 2008, the interest rate
for Direct PLUS Loans and Direct PLUS
Consolidation Loans that were first
disbursed on or after October 1, 1998
and for which the application was
received before October 1, 1998, is 8.02
percent (4.92 percent plus 3.1 percent)
during all periods.
mstockstill on PROD1PC66 with NOTICES
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, 2007, to June 30, 2008, 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 7.22 percent
(4.92 percent plus 2.3 percent) during
all periods.
VerDate Aug<31>2005
16:55 Nov 05, 2007
Jkt 214001
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, 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: 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. 1087 et seq..
Dated: October 31, 2007.
Lawrence A. Warder,
Acting Chief Operating Officer, Federal
Student Aid.
[FR Doc. E7–21807 Filed 11–5–07; 8:45 am]
BILLING CODE 4000–01–P
ELECTION ASSISTANCE COMMISSION
Proposed Guidance on Voluntary
Voting System Guidelines
United States Election
Assistance Commission.
ACTION: Notice of TGDC draft
recommendations of Voluntary Voting
System Guidelines and request for
comments.
AGENCY:
SUMMARY: The Help America Vote Act of
2002 (HAVA) (Pub. L. 107–252, October
29, 2002) established the U.S. Election
Assistance Commission (EAC). Section
202 of HAVA directs the EAC to adopt
voluntary voting system guidelines
(VVSG) and to provide for the testing,
certification, decertification, and
recertification of voting system
hardware and software. The VVSG
provides specifications and standards
against which voting systems can be
tested to determine if they provide basic
functionality, accessibility, and security
capabilities. Section 221 of HAVA
PO 00000
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Fmt 4703
Sfmt 4703
62639
mandates the creation of the Technical
Guidelines Development Committee
(TGDC) to assist the EAC in developing
its voluntary voting system guidance.
The TGDC has recommended standards
to the EAC. These recommended
standards were submitted by the TGDC
to the EAC’s Executive Director
pursuant to section 221 of HAVA.
As part of its development process the
EAC is seeking public comment on the
TGDC’s recommended standards. The
EAC encourages the public to offer
specific and detailed comments on all
aspects and sections of the
requirements. The EAC is particularly
interested in receiving comments on
three distinct issues:
(1) The concept of Software
Independence and the corresponding
requirements for Independent Voter
Verifiable Records and the Innovation
class;
(2) Open Ended Vulnerability Testing;
and
(3) the usability and accessibility
benchmarks developed for this iteration
of the VVSG.
All three of these concepts are new to
the VVSG and could have a substantial
impact on the cost of implementation
and on the security and accessibility of
voting systems.
DATES: Comments must be received on
or before 4 p.m. on March 5, 2008.
Submission of Comments: The EAC
provides two means of submission of
comments: (1) On-line electronic
comment form at https://www.eac.gov,
and (2) by mail to Voluntary Voting
System Guidelines Comments, U.S.
Election Assistance Commission, 1225
New York Ave., NW., Suite 1100,
Washington, DC 20005. Commenters are
encouraged to submit comments
electronically to ensure timely receipt
and consideration.
In order to allow efficient and
effective review of comments the EAC
requests that:
(1) Comments should refer to the
specific section that is the subject of the
comment.
(2) Comments regarding a term that is
included or that should be added to the
‘‘Appendix A: Definitions of Words
with Special Meanings’’ should
reference the term, part, and section
number to which the comment refers.
(3) General comments regarding the
entire document or comments that refer
to more than one section should be
made as specifically as possible so that
EAC can clearly understand to which
portion(s) of the documents the
comment refers.
(4) To the extent that a comment
suggests a change in the wording of a
E:\FR\FM\06NON1.SGM
06NON1
]]>Agencies
[Federal Register Volume 72, Number 214 (Tuesday, November 6, 2007)]
[Notices]
[Pages 62637-62639]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-21807]
-----------------------------------------------------------------------
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, 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 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.
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. 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 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
[[Page 62638]]
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 weekly average of 1-year constant maturity Treasury yield for
the last week ending on or before June 26, 2007 is 4.95 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.
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, 2007, to
June 30, 2008, 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 8.02 percent (4.92 percent plus 3.1
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, 2007, to June 30, 2008, 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 8.05 (4.95 percent plus 3.1 percent) 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, 2007, to
June 30, 2008, 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 7.42 percent (4.92 percent plus 2.5
percent) during in-school, grace, and deferment periods and 8.02
percent (4.92 percent plus 3.1 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, 2007, to June 30, 2008, 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 8.05 percent (4.95 percent plus 3.1 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, 2007, to
June 30, 2008, 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 6.62 percent (4.92 percent plus 1.7
percent) during in-school, grace, and deferment periods and 7.22
percent (4.92 percent plus 2.3 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, 2007, to June 30, 2008, 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 8.02
percent (4.92 percent plus 3.1 percent) during all periods.
For Direct Subsidized Loans, Direct Unsubsidized Loans, and 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, 2007, to June 30, 2008,
the interest rate for Direct Subsidized Loans and Direct Unsubsidized
Loans that were disbursed after July 1, 1998, and before July 1, 2006,
is 6.62 percent (4.92 percent plus 1.7 percent) during in-school,
grace, and deferment periods and 7.22 percent (4.92 percent plus 2.3
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, 2007, to June 30, 2008, the
interest rate for Direct PLUS Loans that were disbursed after July 1,
1998, and before July 1, 2006, is 8.02 percent (4.92 percent plus 3.1
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.
[[Page 62639]]
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, 2007, to June 30, 2008, the interest rate for
Direct Subsidized and Unsubsidized Consolidation Loans that were first
disbursed on or after October 1, 1998 and for which the application was
received before October 1, 1998, is 6.62 percent (4.92 percent plus 1.7
percent) during in-school, grace, and deferment periods and 7.22
percent (4.92 percent plus 2.3 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, 2007, to June
30, 2008, the interest rate for Direct PLUS Loans and Direct PLUS
Consolidation Loans that were first disbursed on or after October 1,
1998 and for which the application was received before October 1, 1998,
is 8.02 percent (4.92 percent plus 3.1 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, 2007, to June 30, 2008, 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 7.22 percent
(4.92 percent plus 2.3 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, 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: 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: October 31, 2007.
Lawrence A. Warder,
Acting Chief Operating Officer, Federal Student Aid.
[FR Doc. E7-21807 Filed 11-5-07; 8:45 am]
BILLING CODE 4000-01-P
