Annual Notice of Interest Rates of Federal Student Loans Made Under the William D. Ford Federal Direct Loan Program on or After July 1, 2013, 38159-38160 [2016-13937]

Download as PDF srobinson on DSK5SPTVN1PROD with NOTICES Federal Register / Vol. 81, No. 113 / Monday, June 13, 2016 / Notices version of your GAN. We may notify you informally, also. If your application is not evaluated or not selected for funding, we notify you. 2. Administrative and National Policy Requirements: We identify administrative and national policy requirements in the application package and reference these and other requirements in the Applicable Regulations section of this notice. We reference the regulations outlining the terms and conditions of an award in the Applicable Regulations section of this notice and include these and other specific conditions in the GAN. The GAN also incorporates your approved application as part of your binding commitments under the grant. 3. Reporting: (a) If you apply for a grant under this competition, you must ensure that you have in place the necessary processes and systems to comply with the reporting requirements in 2 CFR part 170 should you receive funding under the competition. This does not apply if you have an exception under 2 CFR 170.110(b). (b) At the end of your project period, you must submit a final performance report, including financial information, as specified by the Secretary. If you receive a multiyear award, you must submit an annual performance report that provides the most current performance and financial expenditure information as directed by the Secretary under 34 CFR 75.118. Grantees are required to use the online data and reporting system, the International Resource Information System (IRIS), to complete their interim and final reports. The Secretary may also require more frequent performance reports under 34 CFR 75.720(c). For specific requirements on reporting, please go to www.ed.gov/fund/grant/apply/ appforms/appforms.html. (c) Under 34 CFR 75.250(b), the Secretary may provide a grantee with additional funding for data collection analysis and reporting. In this case, the Secretary establishes a data collection period. 4. Performance Measures: Under the Government Performance and Results Act of 1993, as updated by the GPRA Modernization Act of 2010 on January 4, 2011, the Department will use the following performance measures to evaluate the success of the UISFL Program: percentage of UISFL projects that added or enhanced courses in international studies in critical world areas and priority foreign languages; and percentage of UISFL consortium projects that established certificate and/ or undergraduate degree programs in VerDate Sep<11>2014 20:48 Jun 10, 2016 Jkt 238001 international or foreign language studies. If funded, you will be required to collect and report data in IRIS on those measures and steps taken toward improving performance on those outcomes. Consequently, applicants are advised to include these outcomes in conceptualizing the design, implementation, and evaluation of their proposed projects. Their measurement should be a part of the proposed project evaluation plan, along with measures of progress and on the goals and objectives specific to your project. The information provided by grantees in their performance reports submitted via IRIS will be the source of data for these performance measures. 5. Continuation Awards: In making a continuation award under 34 CFR 75.253, the Secretary considers, among other things: whether a grantee has made substantial progress toward meeting the goals and objectives of the project; whether the grantee has expended funds in a manner that is consistent with its approved application and budget; and, if the Secretary has established performance measurement requirements, the performance targets in the grantee’s approved application. In making a continuation grant, the Secretary also considers whether the grantee is operating in compliance with the assurances in its approved application, including those applicable to Federal civil rights laws that prohibit discrimination in programs or activities receiving Federal financial assistance from the Department (34 CFR 100.4, 104.5, 106.4, 108.8, and 110.23). VII. Agency Contact For Further Information Contact: Tanyelle Richardson, U.S. Department of Education, 400 Maryland Ave, SW., room 3E211, Washington, DC 20202– 4260. Telephone: (202) 453–6391 or by email: tanyelle.richardson@ed.gov. If you use a TDD or a TTY, call the FRS, toll-free, at 1–800–877–8339. VIII. Other Information Accessible Format: Individuals with disabilities can obtain this document and a copy of the application package in an accessible format (e.g., braille, large print, audiotape, or computer disc) on request to the program contact person listed under FOR FURTHER INFORMATION CONTACT in section VII of this notice. 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 PO 00000 Frm 00033 Fmt 4703 Sfmt 4703 38159 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 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 function at www.federalregister.gov. Specifically, through the advanced search feature at this site, you can limit your search to documents published by the Department. Dated: June 8, 2016. Lynn B. Mahaffie, Deputy Assistant Secretary for Policy, Planning and Innovation, Delegated the Duties of Assistant Secretary for Postsecondary Education. [FR Doc. 2016–13933 Filed 6–10–16; 8:45 am] BILLING CODE 4000–01–P DEPARTMENT OF EDUCATION Annual Notice of Interest Rates of Federal Student Loans Made Under the William D. Ford Federal Direct Loan Program on or After July 1, 2013 Federal Student Aid, Department of Education. ACTION: Notice. AGENCY: Catalog of Federal Domestic Assistance (CFDA) Number: 84.268. DATES: This notice is effective June 13, 2016. The Chief Operating Officer for Federal Student Aid announces the interest rates for loans made under the William D. Ford Federal Direct Loan (Direct Loan) Program on or after July 1, 2016, but before July 1, 2017. FOR FURTHER INFORMATION CONTACT: Rene Tiongquico, U.S. Department of Education, 830 First Street NE., 11th Floor, Washington, DC 20202. Telephone: (202) 377–4270 or by email: Rene.Tiongquico@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 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 SUMMARY: E:\FR\FM\13JNN1.SGM 13JNN1 38160 Federal Register / Vol. 81, No. 113 / Monday, June 13, 2016 / Notices Direct Loan Program including: Federal Direct Subsidized 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). Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans (collectively, Direct Loans) first disbursed on or after July 1, 2013, have a fixed interest rate that is calculated based on the high yield of the 10-year Treasury notes auctioned at the final auction held before June 1 of each year, plus a statutory add-on percentage (a ‘‘margin’’). Therefore, while the interest rate determination for new loans will be different from year to year, each of these loans will have a fixed interest rate for the life of the loan. In each case the calculated rate is capped by a maximum interest rate. On Wednesday, May 11, 2016, the United States Treasury Department held a 10-year Treasury note auction that resulted in a high yield of 1.710%. The following chart contains specific information on the calculation of the interest rates for Direct Loans first disbursed on or after July 1, 2016, but before July 1, 2017. We publish a separate notice containing the interest rates for Direct Loans that were made in prior years. FIXED-RATE DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, AND DIRECT PLUS LOANS FIRST DISBURSED ON OR AFTER 7/1/2016 BUT BEFORE 7/1/2017 Cohort Loan type Student grade level Subsidized ........ Unsubsidized .... Unsubsidized .... Undergraduates ........ Undergraduates ........ Graduate and Professional Students. Parents of Dependent Undergraduates. Graduate and Professional Students. PLUS ................ srobinson on DSK5SPTVN1PROD with NOTICES PLUS ................ First disbursed on/ after 20:48 Jun 10, 2016 Jkt 238001 Margin (%) Fixed rate (%) Max. rate (%) 7/1/2017 7/1/2017 7/1/2017 1.710 1.710 1.710 2.05 2.05 3.60 3.76 3.76 5.31 8.25 8.25 9.50 7/1/2017 1.710 4.60 6.31 10.50 7/1/2016 Dated: June 8, 2016. James W. Runcie, Chief Operating Officer, Federal Student Aid. VerDate Sep<11>2014 10-Year treasury note (%) 7/1/2016 Program Authority: 20 U.S.C. 1087, et seq. BILLING CODE 4000–01–P First disbursed before 7/1/2016 7/1/2016 7/1/2016 If an application for a Direct Consolidation Loan is received by the Department on or after July 1, 2013, the interest rate on that loan is the weighted average of the consolidated loans, rounded up to the nearest higher 1⁄8 of 1 percent. These Direct Consolidation Loans do not have an interest rate cap. 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. [FR Doc. 2016–13937 Filed 6–10–16; 8:45 am] Index rate 7/1/2017 1.710 4.60 6.31 10.50 DEPARTMENT OF EDUCATION [Docket No.: ED–2016–ICCD–0067] information or comments submitted by postal mail or delivery should be addressed to the Director of the Information Collection Clearance Division, U.S. Department of Education, 400 Maryland Avenue SW., LBJ, Room 2E–103, Washington, DC 20202–4537. Agency Information Collection Activities; Comment Request; Fund for the Improvement of Postsecondary Education (FIPSE) Annual Performance Report FOR FURTHER INFORMATION CONTACT: Department of Education (ED), Office of Postsecondary Education (OPE). ACTION: Notice. SUPPLEMENTARY INFORMATION: AGENCY: In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 3501 et seq.), ED is proposing a revision of an existing information collection. DATES: Interested persons are invited to submit comments on or before August 12, 2016. ADDRESSES: To access and review all the documents related to the information collection listed in this notice, please use https://www.regulations.gov by searching the Docket ID number ED– 2016–ICCD–0067. Comments submitted in response to this notice should be submitted electronically through the Federal eRulemaking Portal at https:// www.regulations.gov by selecting the Docket ID number or via postal mail, commercial delivery, or hand delivery. Please note that comments submitted by fax or email and those submitted after the comment period will not be accepted. Written requests for SUMMARY: PO 00000 Frm 00034 Fmt 4703 Sfmt 4703 For specific questions related to collection activities, please contact Stacey Slijepcevic, 202–453–6150. The Department of Education (ED), in accordance with the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3506(c)(2)(A)), provides the general public and Federal agencies with an opportunity to comment on proposed, revised, and continuing collections of information. This helps the Department assess the impact of its information collection requirements and minimize the public’s reporting burden. It also helps the public understand the Department’s information collection requirements and provide the requested data in the desired format. ED is soliciting comments on the proposed information collection request (ICR) that is described below. The Department of Education is especially interested in public comment addressing the following issues: (1) Is this collection necessary to the proper functions of the Department; (2) will this information be processed and used in a timely manner; (3) is the estimate of burden accurate; E:\FR\FM\13JNN1.SGM 13JNN1

Agencies

[Federal Register Volume 81, Number 113 (Monday, June 13, 2016)]
[Notices]
[Pages 38159-38160]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-13937]


-----------------------------------------------------------------------

DEPARTMENT OF EDUCATION


Annual Notice of Interest Rates of Federal Student Loans Made 
Under the William D. Ford Federal Direct Loan Program on or After July 
1, 2013

AGENCY: Federal Student Aid, Department of Education.

ACTION: Notice.

-----------------------------------------------------------------------

Catalog of Federal Domestic Assistance (CFDA) Number: 84.268.

DATES: This notice is effective June 13, 2016.
SUMMARY: The Chief Operating Officer for Federal Student Aid announces 
the interest rates for loans made under the William D. Ford Federal 
Direct Loan (Direct Loan) Program on or after July 1, 2016, but before 
July 1, 2017.

FOR FURTHER INFORMATION CONTACT: Rene Tiongquico, U.S. Department of 
Education, 830 First Street NE., 11th Floor, Washington, DC 20202. 
Telephone: (202) 377-4270 or by email: Rene.Tiongquico@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 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

[[Page 38160]]

Direct Loan Program including: Federal Direct Subsidized 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).
    Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS 
Loans (collectively, Direct Loans) first disbursed on or after July 1, 
2013, have a fixed interest rate that is calculated based on the high 
yield of the 10-year Treasury notes auctioned at the final auction held 
before June 1 of each year, plus a statutory add-on percentage (a 
``margin''). Therefore, while the interest rate determination for new 
loans will be different from year to year, each of these loans will 
have a fixed interest rate for the life of the loan. In each case the 
calculated rate is capped by a maximum interest rate. On Wednesday, May 
11, 2016, the United States Treasury Department held a 10-year Treasury 
note auction that resulted in a high yield of 1.710%.
    The following chart contains specific information on the 
calculation of the interest rates for Direct Loans first disbursed on 
or after July 1, 2016, but before July 1, 2017. We publish a separate 
notice containing the interest rates for Direct Loans that were made in 
prior years.

      Fixed-Rate Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First Disbursed on or After 7/1/2016 but before 7/1/2017
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                      Cohort                Index rate
                                                         ------------------------------------------------
           Loan type               Student grade level         First           First          10-Year       Margin (%)    Fixed rate (%)   Max. rate (%)
                                                           disbursed on/     disbursed     treasury note
                                                               after          before            (%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Subsidized....................  Undergraduates..........        7/1/2016        7/1/2017           1.710            2.05            3.76            8.25
Unsubsidized..................  Undergraduates..........        7/1/2016        7/1/2017           1.710            2.05            3.76            8.25
Unsubsidized..................  Graduate and                    7/1/2016        7/1/2017           1.710            3.60            5.31            9.50
                                 Professional Students.
PLUS..........................  Parents of Dependent            7/1/2016        7/1/2017           1.710            4.60            6.31           10.50
                                 Undergraduates.
PLUS..........................  Graduate and                    7/1/2016        7/1/2017           1.710            4.60            6.31           10.50
                                 Professional Students.
--------------------------------------------------------------------------------------------------------------------------------------------------------

    If an application for a Direct Consolidation Loan is received by 
the Department on or after July 1, 2013, the interest rate on that loan 
is the weighted average of the consolidated loans, rounded up to the 
nearest higher \1/8\ of 1 percent. These Direct Consolidation Loans do 
not have an interest rate cap.
    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. 1087, et seq.

    Dated: June 8, 2016.
James W. Runcie,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2016-13937 Filed 6-10-16; 8:45 am]
 BILLING CODE 4000-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.