Annual Notice of Interest Rates of Federal Student Loans Made Under the Federal Family Education Loan Program Prior to July 1, 2010, 53433-53436 [2013-21142]
Download as PDF
<![CDATA[
53433
Federal Register / Vol. 78, No. 168 / Thursday, August 29, 2013 / Notices
CHART 3—VARIABLE-RATE DIRECT SUBSIDIZED AND DIRECT UNSUBSIDIZED CONSOLIDATION LOANS
Cohort
Index rate
(percent)
First disbursed
before
First disbursed on or after
7/1/1994 ...............................................
7/1/1995 ...............................................
7/1/1998 ...............................................
10/1/1998 .............................................
10/1/1998* ............................................
Max. rate
(percent)
7/1/1995
7/1/1998
10/1/1998
* 10/1/1998
* 2/1/1999
Margin
(percent)
91-day T-bill
rate
(percent)
8.25
8.25
8.25
8.25
8.25
In-school,
grace,
deferment
0.05
0.05
0.05
0.05
0.05
Total rate
(percent)
All other
periods
3.10
2.50
1.70
1.70
2.30
3.10
3.10
2.30
2.30
2.30
In-school,
grace,
deferment
3.15
2.55
1.75
1.75
2.35
All other
periods
3.15
3.15
2.35
2.35
2.35
CHART 4—VARIABLE-RATE DIRECT PLUS CONSOLIDATION LOANS
Cohort
Index rate
(percent)
First disbursed on or
after
First disbursed
before
7/1/1994 ...................
7/1/1998 ...................
10/1/1998 .................
10/1/1998* ................
Max. rate
(percent)
7/1/1998
10/1/1998
* 10/1/1998
* 2/1/1999
Margin
(percent)
91-day T-bill
rate
........................
0.05
0.05
0.05
9.00
9.00
9.00
8.25
1-Year
constant
treasury
maturity
0.13
........................
........................
........................
In-school,
grace,
deferment
Total rate
(percent)
All other
periods
3.10
3.10
3.10
2.30
3.10
3.10
3.10
2.30
In-school,
grace,
deferment
3.23
3.15
3.15
2.35
All other
periods
3.23
3.15
3.15
2.35
CHART 5—FIXED-RATE DIRECT SUBSIDIZED, DIRECT UNSUBSIDIZED, DIRECT PLUS LOANS, AND DIRECT CONSOLIDATION
LOANS
Loan type
Student grade level
Subsidized ......................................
Subsidized ......................................
Subsidized ......................................
Subsidized ......................................
Subsidized ......................................
Subsidized ......................................
Unsubsidized ..................................
PLUS ..............................................
Undergraduates .............................
Undergraduates .............................
Undergraduates .............................
Undergraduates .............................
Undergraduates .............................
Graduate/Professional Students ....
All ...................................................
Parents
and
Graduate/Professionals.
All ...................................................
sroberts on DSK5SPTVN1PROD with NOTICES
Consolidation ..................................
Electronic Access to This Document:
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 via the Federal Digital System
at: www.gpo.gov/fdsys. At this site you
can 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). To use PDF you must
have Adobe Acrobat Reader, which is
available free at the site.
You may also access documents of the
Department published in the Federal
Register by using the article search
feature at: www.federalregister.gov.
Specifically, through the advanced
search feature at this site, you can limit
VerDate Mar<15>2010
18:34 Aug 28, 2013
Jkt 229001
First disbursed
on or after
First disbursed
before
7/1/2006
7/1/2008
7/1/2009
7/1/2010
7/1/2011
7/1/2006
7/1/2006
7/1/2006
7/1/2008
7/1/2009
7/1/2010
7/1/2011
7/1/2013
7/1/2012
7/1/2013
7/1/2013
6.80
6.00
5.60
4.50
3.40
6.80
6.80
7.90
2/1/1999
7/1/2013
Weighted average of rates on the
loans included in the consolidation, rounded to 1⁄8 of 1 percent,
up to 8.25 percent.
your search to documents published by
the Department.
Program Authority: 20 U.S.C. 1087 et seq.
Dated: August 26, 2013.
James F. Manning,
Chief of Staff of Federal Student Aid,
delegated the authority to perform the
functions and duties of the Chief Operating
Officer of Federal Student Aid.
[FR Doc. 2013–21144 Filed 8–28–13; 8:45 am]
BILLING CODE 4000–01–P
PO 00000
Rate
(percent)
DEPARTMENT OF EDUCATION
[Catalog of Federal Domestic Assistance
(CFDA) Number: 84.032]
Annual Notice of Interest Rates of
Federal Student Loans Made Under the
Federal Family Education Loan
Program Prior to July 1, 2010
Federal Student Aid,
Department of Education.
ACTION: Notice.
AGENCY:
In accordance with section
427A of the Higher Education Act of
1965, as amended, the Chief Operating
Officer for Federal Student Aid
announces the interest rates for the
period July 1, 2013, through June 30,
2014, for certain loans made under the
Federal Family Education Loan (FFEL)
SUMMARY:
Frm 00012
Fmt 4703
Sfmt 4703
E:\FR\FM\29AUN1.SGM
29AUN1
53434
Federal Register / Vol. 78, No. 168 / Thursday, August 29, 2013 / Notices
Program prior to July 1, 2010. The Chief
Operating Officer takes this action to
give notice of FFEL Program loan
interest rates to the public.
DATES: This notice is effective August
29, 2013.
FOR FURTHER INFORMATION CONTACT: Ian
Foss, U.S. Department of Education, 830
First Street NE., Room 114I1,
Washington, DC 20202. Telephone:
(202) 377–3681 or by email: ian.foss@
ed.gov.
If you use a telecommunications
device for the deaf (TDD) or a text
telephone (TTY), call the Federal Relay
Service (FRS), toll free, at 1–800–877–
8339.
Individuals with disabilities can
obtain this document in an accessible
format (e.g., braille, large print,
audiotape, or compact disc) on request
to the contact person listed under FOR
FURTHER INFORMATION CONTACT.
SUPPLEMENTARY INFORMATION: Section
427A of the Higher Education Act of
1965, as amended (HEA) (20 U.S.C.
1077a), provides formulas for
determining the interest rates charged to
borrowers on loans made under the
Federal Family Education Loan (FFEL)
Program, including Federal Subsidized
and Unsubsidized Stafford Loans,
Federal PLUS Loans, and Federal
Consolidation Loans.
The FFEL Program includes loans
with variable interest rates and loans
with fixed interest rates. Most loans
made under the FFEL Program before
July 1, 2006, have variable interest rates
that change each year. In most cases, the
variable interest rate formula that
applies to a particular loan usually
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.
Under section 427A(k) of the HEA,
FFEL Program loans first disbursed on
or after July 1, 2006, have a fixed
interest rate.
In the case of some Federal
Consolidation Loans, the interest rate is
determined by the date on which the
Federal Consolidation Loan application
was received. Federal Consolidation
Loans for which the application was
received on or after October 1, 1998,
have a fixed interest rate. This fixed rate
is based on the weighted average of the
loans that are consolidated, rounded up
to the nearest higher 1/8 of one percent
up to a maximum rate of 8.25 percent.
FFEL variable interest rates are based
on formulas that use the bond
equivalent rate of the 91-day Treasury
bills auctioned at the final auction held
before June 1 of each year plus a
statutorily established add-on. These
formulas apply to: All Federal
Subsidized and Unsubsidized Stafford
Loans first disbursed before October 1,
1992, that have been converted to
variable rate loans; all Federal
Subsidized and Unsubsidized Stafford
Loans first disbursed on or after October
1, 1992, and before July 1, 2006; Federal
PLUS Loans first disbursed on or after
July 1, 1998, and before July 1, 2006;
and Federal Consolidation Loans for
which the Federal Consolidation Loan
application was received on or after
November 13, 1997, and before October
1, 1998. In each case, the calculated rate
is capped by a maximum interest rate.
The bond equivalent rate of the 91-day
Treasury bills auctioned on May 28,
2013, which is used to calculate the
interest rates on these loans, is 0.046
percent, which is rounded to 0.05
percent.
For Federal PLUS loans first
disbursed before July 1, 1998, the
interest rate is based on the weekly
average of the one-year constant
maturity Treasury yield, as published by
the Board of Governors of the Federal
Reserve System on the last day of the
calendar week ending on or before June
26 of each year, plus a statutory add-on
percentage. The calculated rate is
capped by a maximum interest rate. The
weekly average of the one-year constant
maturity Treasury yield published on
June 21, 2013, which is used to
calculate the interest rate on these loans,
is 0.13 percent.
This notice includes five charts
containing specific information on the
calculation of interest rates for loans
made under the FFEL Program:
Chart 1 contains information on the
interest rates for Federal Subsidized and
Unsubsidized Stafford Loans that were
made as fixed-rate loans, but were
subsequently converted to variable-rate
loans.
Chart 2 contains information on the
interest rates for variable-rate Federal
Subsidized and Unsubsidized Stafford
Loans.
Chart 3 contains information on the
interest rates for variable-rate Federal
PLUS Loans.
Chart 4 contains information on the
interest rates for fixed-rate Federal
Consolidation Loans.
Chart 5 contains information on the
interest rates for fixed-rate Federal
Subsidized and Unsubsidized Stafford
and PLUS Loans.
CHART 1—‘‘CONVERTED’’ VARIABLE-RATE FEDERAL SUBSIDIZED AND UNSUBSIDIZED STAFFORD LOANS
Cohort
First disbursed
before
First disbursed on or after
7/1/1988 .............................................
7/23/1992
7/23/1992 ...........................................
10/1/1992
7/23/1992
7/23/1992
7/23/1992
7/23/1992
sroberts on DSK5SPTVN1PROD with NOTICES
Original fixed
interest rate
(percent)
...........................................
...........................................
...........................................
...........................................
7/1/1994
7/1/1994
7/1/1994
7/1/1994
Note: The FFEL Program loans represented
by the second row of the chart were only
made to ‘‘new borrowers’’ on or after July 23,
1992. Whether the FFEL Program loans
VerDate Mar<15>2010
18:34 Aug 28, 2013
Jkt 229001
Max. rate
(percent)
8.00,
increasing to
10.00
8.00,
increasing to
10.00
7.00
8.00
9.00
8.00,
increasing to
10.00
Frm 00013
Fmt 4703
Sfmt 4703
Margin
(percent)
Total rate
(percent)
10.00
0.05
3.25
3.30
10.00
0.05
3.25
3.30
7.00
8.00
9.00
10.00
0.05
0.05
0.05
0.05
3.10
3.10
3.10
3.10
3.15
3.15
3.15
3.15
represented by the third through sixth rows
of the chart were made to a specific borrower
depends on the interest rate on a borrower’s
existing loans at the time that the borrower
PO 00000
91-Day T-Bill
rate
(percent)
received the loans between July 23, 1992 and
prior to July 1, 1994.
E:\FR\FM\29AUN1.SGM
29AUN1
53435
Federal Register / Vol. 78, No. 168 / Thursday, August 29, 2013 / Notices
In Charts 2 and 3, a dagger following
a date in a cohort field indicates that the
trigger for the rate to apply is a period
of enrollment for which the loan was
intended either ‘‘ending before’’ or
‘‘beginning on or after’’ the date in the
cohort field.
CHART 2—VARIABLE-RATE FEDERAL SUBSIDIZED AND UNSUBSIDIZED STAFFORD LOANS
Cohort
First
disbursed
before
First disbursed on or after
10/1/1992 .........................................
7/1/1994 ...........................................
7/1/1994 ...........................................
7/1/1995 ...........................................
7/1/1998 ...........................................
Max. rate
(percent)
91-Day TBill rate
(percent)
9.00
9.00
8.25
8.25
8.25
0.05
0.05
0.05
0.05
0.05
7/1/1994
† 7/1/1994
7/1/1995
7/1/1998
7/1/2006
Note: The FFEL Program loans represented
in the first row in Chart 2 were only made
to ‘‘new borrowers’’ on or after October 1,
1992. The FFEL Program loans represented in
the second row in Chart 2 were only made
to ‘‘new borrowers’’ on or after July 1, 1994.
The FFEL Program loans represented in the
third row in Chart 2 must—in addition to
having been first disbursed on or after July
Margin
(percent)
In-school,
grace,
deferment
Total Rate
(percent)
In-school,
grace,
deferment
All other
periods
3.10
3.10
3.10
2.50
1.70
1, 1994, and before July 1, 1995—have been
made for a period of enrollment that began
on or included July 1, 1994.
In Charts 3 and 4, an asterisk
following a date in a cohort field
indicates that the relevant trigger is an
application for a Federal Consolidation
Loan being received either ‘‘on or after’’
3.10
3.10
3.10
3.10
2.30
All other
periods
3.15
3.15
3.15
2.55
1.75
3.15
3.15
3.15
3.15
2.35
or ‘‘before’’ the date in the cohort field.
For example, the sixth row in Chart 3
describes the interest rate for a Federal
Consolidation Loan for which the
application was received on or after
November 13, 1997, but before October
1, 1998.
CHART 3—VARIABLE-RATE FEDERAL PLUS, SLS, AND CONSOLIDATION LOANS
Cohort
Loan type
Index rate
(percent)
First disbursed
on or after
........................
10/1/1992
10/1/1992
7/1/1994
7/1/1998
* 11/13/1997
........................
PLUS and SLS .............................................
SLS ..............................................................
PLUS ............................................................
PLUS ............................................................
PLUS ............................................................
Consolidation ...............................................
HHS Portion of Consolidation ......................
The last row in Chart 3 refers to
portions of Federal Consolidation Loans
attributable to loans made by the U.S.
First disbursed
before
10/1/1992
† 7/1/1994
7/1/1994
7/1/1998
7/1/2006
* 10/1/1998
........................
Max. rate
(percent)
12.00
11.00
10.00
9.00
9.00
8.25
................
Margin
(percent)
91-Day TBill rate
1-Year
constant
treasury
maturity
................
................
................
................
0.05
0.05
0.05
Total rate
(percent)
3.25
3.10
3.10
3.10
3.10
3.10
3.00
3.38
3.23
3.23
3.23
3.15
3.15
3.05
0.13
0.13
0.13
0.13
........................
........................
........................
Department of Health and Human
Services under subpart I of part A of
title VII of the Public Health Service
Act.
CHART 4—FIXED-RATE CONSOLIDATION LOANS
First disbursed on or
after
First disbursed
before
Max. rate
(percent)
Rate
Weighted average of rates on the loans included in the consolidation, rounded to
nearest whole percent, but not less than 9.00%.
Weighted average of rates on the loans included in the consolidation, rounded upward to nearest whole percent.
Weighted average of rates on the loans included in the consolidation, rounded to
the nearest higher 1/8 of 1 percent.
7/1/1994
........................
7/1/1994 .........................
* 11/13/1997
........................
10/1/1998 .......................
sroberts on DSK5SPTVN1PROD with NOTICES
........................................
7/1/2010
8.25
CHART 5—FIXED-RATE FEDERAL SUBSIDIZED AND UNSUBSIDIZED STAFFORD AND PLUS LOANS
Loan type
Subsidized
Subsidized
Subsidized
Subsidized
.......................................................
.......................................................
.......................................................
.......................................................
VerDate Mar<15>2010
18:34 Aug 28, 2013
First disbursed
on or after
Student grade level
Jkt 229001
Undergraduate Students ................................
Undergraduate Students ................................
Undergraduate Students ................................
Graduate/Professional Students ....................
PO 00000
Frm 00014
Fmt 4703
Sfmt 4703
First disbursed
before
7/1/2006
7/1/2008
7/1/2009
7/1/2006
7/1/2008
7/1/2009
7/1/2010
7/1/2010
E:\FR\FM\29AUN1.SGM
29AUN1
Rate
(percent)
6.80
6.00
5.60
6.80
53436
Federal Register / Vol. 78, No. 168 / Thursday, August 29, 2013 / Notices
CHART 5—FIXED-RATE FEDERAL SUBSIDIZED AND UNSUBSIDIZED STAFFORD AND PLUS LOANS—Continued
First disbursed
on or after
Loan type
Student grade level
Unsubsidized ...................................................
PLUS ...............................................................
All Students ....................................................
Parents and Graduate/Professional Students
Note: No new loans have been made under
the FFEL Program since June 30, 2010.
Electronic Access to This Document:
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 via the Federal Digital System
at: www.gpo.gov/fdsys. At this site you
can 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). To use PDF you must
have Adobe Acrobat Reader, which is
available free at the site.
You may also access documents of the
Department published in the Federal
Register by using the article search
feature at: www.federalregister.gov.
Specifically, through the advanced
search feature at this site, you can limit
your search to documents published by
the Department.
Program Authority: 20 U.S.C. 1071 et seq.
Dated: August 26, 2013.
James F. Manning,
Chief of Staff of Federal Student Aid,
delegated the authority to perform the
functions and duties of the Chief Operating
Officer of Federal Student Aid.
[FR Doc. 2013–21142 Filed 8–28–13; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF ENERGY
Agency Information Collection
Extension
U.S. Department of Energy.
Submission for Office of
Management and Budget (OMB) review;
comment request.
AGENCY:
ACTION:
The Department of Energy
(DOE) has submitted an information
collection request to the OMB for
extension under the provisions of the
Paperwork Reduction Act of 1995. The
information collection requests a threeyear extension of its Financial
Assistance Information Collection, OMB
Control Number 1910–0400. This
information collection request covers
information necessary to administer and
manage DOE’s financial assistance
programs.
sroberts on DSK5SPTVN1PROD with NOTICES
SUMMARY:
VerDate Mar<15>2010
18:34 Aug 28, 2013
Jkt 229001
Comments regarding this
collection must be received on or before
September 30, 2013. If you anticipate
difficulty in submitting comments
within that period or if you want access
to the collection of information, without
charge, contact the person listed below
as soon as possible.
DATES:
Written comments should
be sent to the following: DOE Desk
Officer, Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Room 10102,
735 17th Street NW., Washington, DC
20503.
ADDRESSES:
First disbursed
before
7/1/2006
7/1/2006
Rate
(percent)
7/1/2010
7/1/2010
6.80
8.50
DEPARTMENT OF ENERGY
Improving Performance of Federal
Permitting and Review of
Infrastructure Projects
Office of Electricity Delivery
and Energy Reliability, Department of
Energy.
ACTION: Request for Information (RFI).
AGENCY:
The Department of Energy’s
Office of Electricity Delivery and Energy
Reliability, in collaboration with the
Member Agencies of the Steering
Committee (Member Agencies) created
under Executive Order 13604 of March
22, 2012, and pursuant to the June 7,
2013 Transmission Presidential
FOR FURTHER INFORMATION CONTACT:
Memorandum, is seeking information
Richard Bonnell by email at
on a draft Integrated, Interagency Prerichard.bonnell@hq.doe.gov. Please put
Application (IIP) Process for significant
‘‘2013 DOE Agency Information
onshore electric transmission projects
Collection Extension’’ in the subject line requiring Federal Authorization(s).
when sending an email.
DATES: Comments must be received on
or before September 30, 2013.
SUPPLEMENTARY INFORMATION: This
ADDRESSES: Comments should be
information collection request contains:
addressed to: Julie A. Smith or
(1) OMB No.: 1910–0400 (Renewal); (2)
Christopher Lawrence, Office of
Information Collection Request Title:
Electricity Delivery and Energy
DOE Financial Assistance Information
Reliability, Mail Code: OE–20, U.S.
Clearance; (3) Type of Request: Renewal; Department of Energy, 1000
(4) Purpose: This package contains
Independence Avenue SW.,
information collections necessary to
Washington, DC 20585. Because of
annually plan, solicit, negotiate, award,
delays in handling conventional mail, it
administer, and closeout grants and
is recommended that documents be
cooperative agreements under the
transmitted by electronic mail to
Department’s financial assistance
juliea.smith@hq.doe.gov or
programs; (5) Estimated Number of
christopher.lawrence@hq.doe.gov, or by
Respondents 41,340; (6) Estimated Total facsimile to 202–586–7031.
Burden Hours: 573,732; and (7) Number FOR FURTHER INFORMATION CONTACT: Julie
of Collections: The information
A. Smith (Program Office) at 202–586–
collection request contains 16
7668, or by email to juliea.smith@
hq.doe.gov; or Christopher Lawrence
information and/or recordkeeping
(Program Office) at 202–586–7680, or by
requirements; (8) Annual Estimated
email to christopher.lawrence@
Reporting and Recordkeeping Cost
hq.doe.gov.
Burden: $0.
SUPPLEMENTARY INFORMATION:
Statutory Authority: Federal Grant and
Modernizing our Nation’s electric
Cooperative Agreement Act, 31 U.S.C. 6301–
6308. Section 3506(c)(2)(A) of the Paperwork transmission grid requires
improvements in how transmission
Reduction Act of 1995 (Pub. L. 104–13).
lines are sited, permitted, and reviewed.
Issued in Washington, DC, on August 21,
As part of its efforts to improve the
2013.
performance of Federal siting,
David Boyd,
permitting, and review processes for
Deputy Director, Office of Acquisition and
infrastructure development, the
Project Management.
Administration created a Rapid
[FR Doc. 2013–21117 Filed 8–28–13; 8:45 am]
Response Team for Transmission
(RRTT), a collaborative effort involving
BILLING CODE 6450–01–P
nine executive departments and
PO 00000
Frm 00015
Fmt 4703
Sfmt 4703
SUMMARY:
E:\FR\FM\29AUN1.SGM
29AUN1
]]>Agencies
[Federal Register Volume 78, Number 168 (Thursday, August 29, 2013)]
[Notices]
[Pages 53433-53436]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-21142]
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
[Catalog of Federal Domestic Assistance (CFDA) Number: 84.032]
Annual Notice of Interest Rates of Federal Student Loans Made
Under the Federal Family Education Loan Program Prior to July 1, 2010
AGENCY: Federal Student Aid, Department of Education.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: In accordance with section 427A of the Higher Education Act of
1965, as amended, the Chief Operating Officer for Federal Student Aid
announces the interest rates for the period July 1, 2013, through June
30, 2014, for certain loans made under the Federal Family Education
Loan (FFEL)
[[Page 53434]]
Program prior to July 1, 2010. The Chief Operating Officer takes this
action to give notice of FFEL Program loan interest rates to the
public.
DATES: This notice is effective August 29, 2013.
FOR FURTHER INFORMATION CONTACT: Ian Foss, U.S. Department of
Education, 830 First Street NE., Room 114I1, Washington, DC 20202.
Telephone: (202) 377-3681 or by email: ian.foss@ed.gov.
If you use a telecommunications device for the deaf (TDD) or a text
telephone (TTY), call the Federal Relay Service (FRS), toll free, at 1-
800-877-8339.
Individuals with disabilities can obtain this document in an
accessible format (e.g., braille, large print, audiotape, or compact
disc) on request to the contact person listed under FOR FURTHER
INFORMATION CONTACT.
SUPPLEMENTARY INFORMATION: Section 427A of the Higher Education Act of
1965, as amended (HEA) (20 U.S.C. 1077a), provides formulas for
determining the interest rates charged to borrowers on loans made under
the Federal Family Education Loan (FFEL) Program, including Federal
Subsidized and Unsubsidized Stafford Loans, Federal PLUS Loans, and
Federal Consolidation Loans.
The FFEL Program includes loans with variable interest rates and
loans with fixed interest rates. Most loans made under the FFEL Program
before July 1, 2006, have variable interest rates that change each
year. In most cases, the variable interest rate formula that applies to
a particular loan usually 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.
Under section 427A(k) of the HEA, FFEL Program loans first
disbursed on or after July 1, 2006, have a fixed interest rate.
In the case of some Federal Consolidation Loans, the interest rate
is determined by the date on which the Federal Consolidation Loan
application was received. Federal Consolidation Loans for which the
application was received on or after October 1, 1998, have a fixed
interest rate. This fixed rate is based on the weighted average of the
loans that are consolidated, rounded up to the nearest higher 1/8 of
one percent up to a maximum rate of 8.25 percent.
FFEL variable interest rates are based on formulas that use the
bond equivalent rate of the 91-day Treasury bills auctioned at the
final auction held before June 1 of each year plus a statutorily
established add-on. These formulas apply to: All Federal Subsidized and
Unsubsidized Stafford Loans first disbursed before October 1, 1992,
that have been converted to variable rate loans; all Federal Subsidized
and Unsubsidized Stafford Loans first disbursed on or after October 1,
1992, and before July 1, 2006; Federal PLUS Loans first disbursed on or
after July 1, 1998, and before July 1, 2006; and Federal Consolidation
Loans for which the Federal Consolidation Loan application was received
on or after November 13, 1997, and before October 1, 1998. In each
case, the calculated rate is capped by a maximum interest rate. The
bond equivalent rate of the 91-day Treasury bills auctioned on May 28,
2013, which is used to calculate the interest rates on these loans, is
0.046 percent, which is rounded to 0.05 percent.
For Federal PLUS loans first disbursed before July 1, 1998, the
interest rate is based on the weekly average of the one-year constant
maturity Treasury yield, as published by the Board of Governors of the
Federal Reserve System on the last day of the calendar week ending on
or before June 26 of each year, plus a statutory add-on percentage. The
calculated rate is capped by a maximum interest rate. The weekly
average of the one-year constant maturity Treasury yield published on
June 21, 2013, which is used to calculate the interest rate on these
loans, is 0.13 percent.
This notice includes five charts containing specific information on
the calculation of interest rates for loans made under the FFEL
Program:
Chart 1 contains information on the interest rates for Federal
Subsidized and Unsubsidized Stafford Loans that were made as fixed-rate
loans, but were subsequently converted to variable-rate loans.
Chart 2 contains information on the interest rates for variable-
rate Federal Subsidized and Unsubsidized Stafford Loans.
Chart 3 contains information on the interest rates for variable-
rate Federal PLUS Loans.
Chart 4 contains information on the interest rates for fixed-rate
Federal Consolidation Loans.
Chart 5 contains information on the interest rates for fixed-rate
Federal Subsidized and Unsubsidized Stafford and PLUS Loans.
Chart 1--``Converted'' Variable-Rate Federal Subsidized and Unsubsidized Stafford Loans
--------------------------------------------------------------------------------------------------------------------------------------------------------
Cohort
------------------------------------------------------------------------- Original fixed Max. rate 91-Day T-Bill Margin Total rate
First disbursed interest rate (percent) rate (percent) (percent) (percent)
First disbursed on or after before (percent)
--------------------------------------------------------------------------------------------------------------------------------------------------------
7/1/1988............................................. 7/23/1992 8.00, 10.00 0.05 3.25 3.30
increasing to
10.00
7/23/1992............................................ 10/1/1992 8.00, 10.00 0.05 3.25 3.30
increasing to
10.00
7/23/1992............................................ 7/1/1994 7.00 7.00 0.05 3.10 3.15
7/23/1992............................................ 7/1/1994 8.00 8.00 0.05 3.10 3.15
7/23/1992............................................ 7/1/1994 9.00 9.00 0.05 3.10 3.15
7/23/1992............................................ 7/1/1994 8.00, 10.00 0.05 3.10 3.15
increasing to
10.00
--------------------------------------------------------------------------------------------------------------------------------------------------------
Note: The FFEL Program loans represented by the second row of
the chart were only made to ``new borrowers'' on or after July 23,
1992. Whether the FFEL Program loans represented by the third
through sixth rows of the chart were made to a specific borrower
depends on the interest rate on a borrower's existing loans at the
time that the borrower received the loans between July 23, 1992 and
prior to July 1, 1994.
[[Page 53435]]
In Charts 2 and 3, a dagger following a date in a cohort field
indicates that the trigger for the rate to apply is a period of
enrollment for which the loan was intended either ``ending before'' or
``beginning on or after'' the date in the cohort field.
Chart 2--Variable-Rate Federal Subsidized and Unsubsidized Stafford Loans
--------------------------------------------------------------------------------------------------------------------------------------------------------
Cohort Margin (percent) Total Rate (percent)
------------------------------------------------------------------- 91-Day T- ---------------------------------------------------------------
First Max. rate Bill rate In-school, In-school,
First disbursed on or after disbursed (percent) (percent) grace, All other grace, All other
before deferment periods deferment periods
--------------------------------------------------------------------------------------------------------------------------------------------------------
10/1/1992............................................ 7/1/1994 9.00 0.05 3.10 3.10 3.15 3.15
7/1/1994............................................. [dagger] 7/ 9.00 0.05 3.10 3.10 3.15 3.15
1/1994
7/1/1994............................................. 7/1/1995 8.25 0.05 3.10 3.10 3.15 3.15
7/1/1995............................................. 7/1/1998 8.25 0.05 2.50 3.10 2.55 3.15
7/1/1998............................................. 7/1/2006 8.25 0.05 1.70 2.30 1.75 2.35
--------------------------------------------------------------------------------------------------------------------------------------------------------
Note: The FFEL Program loans represented in the first row in
Chart 2 were only made to ``new borrowers'' on or after October 1,
1992. The FFEL Program loans represented in the second row in Chart
2 were only made to ``new borrowers'' on or after July 1, 1994. The
FFEL Program loans represented in the third row in Chart 2 must--in
addition to having been first disbursed on or after July 1, 1994,
and before July 1, 1995--have been made for a period of enrollment
that began on or included July 1, 1994.
In Charts 3 and 4, an asterisk following a date in a cohort field
indicates that the relevant trigger is an application for a Federal
Consolidation Loan being received either ``on or after'' or ``before''
the date in the cohort field. For example, the sixth row in Chart 3
describes the interest rate for a Federal Consolidation Loan for which
the application was received on or after November 13, 1997, but before
October 1, 1998.
Chart 3--Variable-Rate Federal PLUS, SLS, and Consolidation Loans
--------------------------------------------------------------------------------------------------------------------------------------------------------
Cohort Index rate (percent)
-------------------------------- ---------------------------
Max. rate 1-Year Margin Total
Loan type First First (percent) 91-Day T- constant (percent) rate
disbursed on disbursed Bill rate treasury (percent)
or after before maturity
--------------------------------------------------------------------------------------------------------------------------------------------------------
PLUS and SLS................................................ .............. 10/1/1992 12.00 ......... 0.13 3.25 3.38
SLS......................................................... 10/1/1992 [dagger] 7/1/ 11.00 ......... 0.13 3.10 3.23
1994
PLUS........................................................ 10/1/1992 7/1/1994 10.00 ......... 0.13 3.10 3.23
PLUS........................................................ 7/1/1994 7/1/1998 9.00 ......... 0.13 3.10 3.23
PLUS........................................................ 7/1/1998 7/1/2006 9.00 0.05 .............. 3.10 3.15
Consolidation............................................... \*\ 11/13/1997 \*\ 10/1/1998 8.25 0.05 .............. 3.10 3.15
HHS Portion of Consolidation................................ .............. .............. ......... 0.05 .............. 3.00 3.05
--------------------------------------------------------------------------------------------------------------------------------------------------------
The last row in Chart 3 refers to portions of Federal Consolidation
Loans attributable to loans made by the U.S. Department of Health and
Human Services under subpart I of part A of title VII of the Public
Health Service Act.
Chart 4--Fixed-Rate Consolidation Loans
----------------------------------------------------------------------------------------------------------------
First
First disbursed on or after disbursed Max. rate Rate
before (percent)
----------------------------------------------------------------------------------------------------------------
7/1/1994 .............. Weighted average of rates on the
loans included in the
consolidation, rounded to nearest
whole percent, but not less than
9.00%.
7/1/1994................................... \*\ 11/13/1997 .............. Weighted average of rates on the
loans included in the
consolidation, rounded upward to
nearest whole percent.
10/1/1998.................................. 7/1/2010 8.25 Weighted average of rates on the
loans included in the
consolidation, rounded to the
nearest higher 1/8 of 1 percent.
----------------------------------------------------------------------------------------------------------------
Chart 5--Fixed-Rate Federal Subsidized and Unsubsidized Stafford and PLUS Loans
----------------------------------------------------------------------------------------------------------------
First First
Loan type Student grade level disbursed on disbursed Rate
or after before (percent)
----------------------------------------------------------------------------------------------------------------
Subsidized............................ Undergraduate Students.. 7/1/2006 7/1/2008 6.80
Subsidized............................ Undergraduate Students.. 7/1/2008 7/1/2009 6.00
Subsidized............................ Undergraduate Students.. 7/1/2009 7/1/2010 5.60
Subsidized............................ Graduate/Professional 7/1/2006 7/1/2010 6.80
Students.
[[Page 53436]]
Unsubsidized.......................... All Students............ 7/1/2006 7/1/2010 6.80
PLUS.................................. Parents and Graduate/ 7/1/2006 7/1/2010 8.50
Professional Students.
----------------------------------------------------------------------------------------------------------------
Note: No new loans have been made under the FFEL Program since
June 30, 2010.
Electronic Access to This Document: 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 via the Federal Digital System
at: www.gpo.gov/fdsys. At this site you can 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). To use PDF
you must have Adobe Acrobat Reader, which is available free at the
site.
You may also access documents of the Department published in the
Federal Register by using the article search feature at:
www.federalregister.gov. Specifically, through the advanced search
feature at this site, you can limit your search to documents published
by the Department.
Program Authority: 20 U.S.C. 1071 et seq.
Dated: August 26, 2013.
James F. Manning,
Chief of Staff of Federal Student Aid, delegated the authority to
perform the functions and duties of the Chief Operating Officer of
Federal Student Aid.
[FR Doc. 2013-21142 Filed 8-28-13; 8:45 am]
BILLING CODE 4000-01-P
