Annual Notice of Interest Rates for Variable-Rate Federal Student Loans Made Under the William D. Ford Federal Direct Loan Program, 53858-53860 [2018-23370]

Download as PDF daltland on DSKBBV9HB2PROD with NOTICES 53858 Federal Register / Vol. 83, No. 207 / Thursday, October 25, 2018 / Notices b. To contractors, grantees, experts, consultants, students, and others performing or working on a contract, service, grant, cooperative agreement, or other assignment for the Federal Government when necessary to accomplish an agency function related to this system of records. c. To the appropriate Federal, State, local, territorial, tribal, foreign, or international law enforcement authority or other appropriate entity where a record, either alone or in conjunction with other information, indicates a violation or potential violation of law, whether criminal, civil, or regulatory in nature. d. To any component of the Department of Justice for the purpose of representing the DoD, or its components, officers, employees, or members in pending or potential litigation to which the record is pertinent. e. 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To another Federal agency or Federal entity, when the DoD determines that information from this system of records is reasonably necessary to assist the recipient agency or entity in (1) responding to a VerDate Sep<11>2014 18:10 Oct 24, 2018 Jkt 247001 suspected or confirmed breach or (2) preventing, minimizing, or remedying the risk of harm to individuals, the recipient agency or entity (including its information systems, programs and operations), the Federal Government, or national security, resulting from a suspected or confirmed breach. POLICIES AND PRACTICES FOR STORAGE OF RECORDS: Records are maintained in electronic storage media. POLICIES AND PRACTICES FOR RETRIEVAL OF RECORDS: Records are retrieved by individual’s full name, address, and date of birth. POLICIES AND PRACTICES FOR RETENTION AND DISPOSAL OF RECORDS: System records are destroyed/deleted 1 year after the JAMRS survey contact list has been created. 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(Signature).’’ CONTESTING RECORD PROCEDURES: The Office of the Secretary of Defense (OSD) rules for accessing records, for contesting contents, and for appealing initial agency determinations are contained in OSD Administrative Instruction 81; 32 CFR part 311, or may be obtained from the system manager. NOTIFICATION PROCEDURES: Individuals seeking to determine whether information about themselves is contained in this system should address inquiries to the Joint Advertising, Market Research & Studies (JAMRS), Direct Marketing Program Officer, 4800 Mark Center Drive, Suite 06J25, Alexandria, VA 22350–4000. Signed, written requests must include the name and number of this SORN as well as the requester’s name and current address. In addition, the requester must provide either a notarized statement or an unsworn declaration made in accordance with 28 U.S.C. 1746, in the following format: If executed outside the United States: ‘‘I declare (or certify, verify, or state) under penalty of perjury under the laws of the United States of America that the foregoing is true and correct. Executed on (date). (Signature).’’ If executed within the United States, its territories, possessions, or commonwealths: ‘‘I declare (or certify, verify, or state) under penalty of perjury that the foregoing is true and correct. Executed on (date). (Signature).’’ EXEMPTIONS PROMULGATED FOR THE SYSTEM: None. HISTORY: December 22, 2011, 76 FR 795661. [FR Doc. 2018–23309 Filed 10–24–18; 8:45 am] BILLING CODE 5001–06–P DEPARTMENT OF EDUCATION Annual Notice of Interest Rates for Variable-Rate Federal Student Loans Made Under the William D. Ford Federal Direct Loan Program Federal Student Aid, Department of Education. ACTION: Notice. AGENCY: The Acting Chief Operating Officer for Federal Student Aid announces the interest rates for Federal Direct Stafford/Ford Loans (Direct Subsidized Loans), Federal Direct Unsubsidized Stafford/Ford Loans (Direct Unsubsidized Loans), and SUMMARY: E:\FR\FM\25OCN1.SGM 25OCN1 Federal Register / Vol. 83, No. 207 / Thursday, October 25, 2018 / Notices daltland on DSKBBV9HB2PROD with NOTICES Federal Direct PLUS Loans (Direct PLUS Loan) with first disbursement dates before July 1, 2006, and for Federal Direct Consolidation Loans (Direct Consolidation Loans) for which the application was received before February 1, 1999. The rates announced in this notice are in effect for the period July 1, 2018, through June 30, 2019. FOR FURTHER INFORMATION CONTACT: Jon Utz, U.S. Department of Education, 830 First Street NE, 11th Floor, Washington, DC 20202. Telephone: (202) 377–4040 or by email: Jon.Utz@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: Catalog of Federal Domestic Assistance (CFDA) Number: 84.268. Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans (collectively referred to as ‘‘Direct Loans’’) may have either fixed or variable interest rates, depending on when the loan was first disbursed or, in the case of a Direct Consolidation Loan, when the application for the loan was received. Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed before July 1, 2006, and Direct Consolidation Loans for which the application was received before February 1, 1999, have variable interest rates. For these loans, a new rate is determined annually and is in effect during the period from July 1 of one year through June 30 of the following year. Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2006, and Direct Consolidation Loans for which the application was received on or after February 1, 1999, have fixed interest rates that apply for the life of the loan. VerDate Sep<11>2014 18:10 Oct 24, 2018 Jkt 247001 This notice announces the interest rates for variable-rate Direct Loans that will apply during the period from July 1, 2018, through June 30, 2019. Interest rate information for fixed-rate Direct Loans is announced in a separate notice published in the Federal Register. Interest rates for variable-rate Direct Loans are determined in accordance with formulas specified in section 455(b) of the Higher Education Act of 1965, as amended (HEA) (20 U.S.C. 1087e(b)). The formulas vary depending on loan type and when the loan was first disbursed or, for certain Direct Consolidation Loans, when the application for the loan was received. The HEA specifies a maximum interest rate for these loan types. If the interest rate formula results in a rate that exceeds the statutory maximum rate, the rate is the statutory maximum rate. Variable-Rate Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans For Direct Subsidized Loans and Direct Unsubsidized Loans with first disbursement dates before July 1, 2006, and for Direct PLUS Loans with first disbursement dates on or after July 1, 1998, and before July 1, 2006, the interest rate is equal to the lesser of— (1) The bond equivalent rate of 91-day Treasury bills auctioned at the final auction held before the June 1 immediately preceding the 12-month period to which the interest rate applies, plus a statutory add-on percentage; or (2) 8.25 percent (for Direct Subsidized Loans and Direct Unsubsidized Loans) or 9.00 percent (for Direct PLUS Loans). For Direct Subsidized Loans and Direct Unsubsidized Loans with first disbursement dates on or after July 1, 1995, and before July 1, 2006, the statutory add-on percentage varies depending on whether the loan is in an in-school, grace, or deferment status, or in any other status. For all other loans, the statutory add-on percentage is the same during any status. The bond equivalent rate of 91-day Treasury bills auctioned on May 29, 2018, is 1.931 percent, rounded to 1.93 percent. PO 00000 Frm 00013 Fmt 4703 Sfmt 4703 53859 For Direct PLUS Loans with first disbursement dates before July 1, 1998, the interest rate is equal to the lesser of— (1) The weekly average 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 the June 26 preceding the 12-month period to which the interest rate applies, plus a statutory add-on percentage; or (2) 9.00 percent. The weekly average of the one-year constant maturity Treasury yield published on June 26, 2018, is 2.34 percent. Variable-Rate Direct Consolidation Loans A Direct Consolidation Loan may have up to three components, depending on the types of loans that were repaid by the consolidation loan and when the application for the consolidation loan was received. The three components are called Direct Subsidized Consolidation Loans, Direct Unsubsidized Consolidation Loans, and (only for Direct Consolidation Loans made based on applications received before July 1, 2006) Direct PLUS Consolidation Loans. In most cases the interest rates for variable-rate Direct Subsidized Consolidation Loans, Direct Unsubsidized Consolidation Loans, and Direct PLUS Consolidation Loans are determined in accordance with the same formulas that apply to Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans, respectively. Interest Rate Charts Charts 1 and 2 show the interest rate formulas used to determine the interest rates for all variable-rate Direct Loans and the rates that are in effect during the 12-month period from July 1, 2018, through June 30, 2019. Chart 1 shows the interest rates for loans with rates based on the 91-day Treasury bill rate. Chart 2 shows the interest rates for loans with rates based on the weekly average of the one-year constant maturity Treasury yield. E:\FR\FM\25OCN1.SGM 25OCN1 53860 Federal Register / Vol. 83, No. 207 / Thursday, October 25, 2018 / Notices CHART 1—DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, DIRECT SUBSIDIZED CONSOLIDATION LOANS, DIRECT UNSUBSIDIZED CONSOLIDATION LOANS, DIRECT PLUS LOANS, AND DIRECT PLUS CONSOLIDATION LOANS [Interest rates based on 91-day Treasury bill] Loan type Cohort Subsidized .................................. Unsubsidized First disbursed on/ after 07/01/98 and before 07/01/06. First disbursed on/ after 07/01/98 and before 10/01/98; or Application received before 10/01/98 and first disbursed on/ after 10/01/98 1.93 PLUS .......................................... First disbursed on/ after 07/01/98 and before 07/01/06. 1.93 PLUS Consolidation ................... First disbursed on/ after 07/01/1998 and before 10/01/ 1998; or Application received before 10/01/98 and first disbursed on/ after 10/01/98. Subsidized .................................. Unsubsidized Subsidized Consolidation Unsubsidized Consolidation First disbursed on/ after 07/01/95 and before 07/01/98. 1.93 Subsidized .................................. Unsubsidized Subsidized Consolidation Unsubsidized Consolidation First disbursed before 07/01/95. 1.93 3.10 8.25 5.03 Subsidized Consolidation ........... Unsubsidized Consolidation PLUS Consolidation Application received on/after 10/01/98 and before 02/01/99. 1.93 2.30 8.25 4.23 Subsidized Consolidation ........... Unsubsidized Consolidation 91-day T-bill rate 05/29/18 (%) Add-on (%) 1.70 (in-school, grace, deferment). Maximum rate (%) 2.30 (any other status). 8.25 3.10 2.50 (in-school, grace, deferment). Interest rate 07/01/18 through 06/ 30/19 (%) 3.63 (in-school, grace, deferment). 9.00 3.10 (any other status). 4.23 (any other status). 5.03 8.25 4.43 (in-school, grace, deferment). 5.03 (any other status). CHART 2—DIRECT PLUS LOANS AND DIRECT PLUS CONSOLIDATION LOANS daltland on DSKBBV9HB2PROD with NOTICES [Interest rates based on weekly average of one-year constant maturity treasury yield] Weekly average of 1-year constant maturity treasury yield for last calendar week ending on or before 06/26/18 (%) Loan type Cohort PLUS .............................................. PLUS Consolidation First disbursed before 07/01/98 .... Electronic Access to This Document: The official version of this document is the document published in the Federal Register. You may access the official edition of the Federal Register and the Code of Federal Regulations via the Federal Digital Syste Federal Register, in text or 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 VerDate Sep<11>2014 18:10 Oct 24, 2018 Jkt 247001 2.34 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: October 22, 2018. James F. Manning, Acting Chief Operating Officer, Federal Student Aid. [FR Doc. 2018–23370 Filed 10–24–18; 8:45 am] BILLING CODE 4000–01–P PO 00000 Frm 00014 Fmt 4703 Add-on (%) Sfmt 4703 3.10 Maximum rate (%) Interest rate 07/01/18 through 06/30/19 (%) 9.00 5.44 DEPARTMENT OF EDUCATION [Docket No. ED–2017–ICCD–0149] Agency Information Collection Activities; Submission to the Office of Management and Budget for Review and Approval; Comment Request; Survey on the Use of Funds Under Title II, Part A: Supporting Effective Instruction Grants—Subgrants to LEAs Office of Elementary and Secondary Education (OESE), Department of Education (ED). AGENCY: E:\FR\FM\25OCN1.SGM 25OCN1

Agencies

[Federal Register Volume 83, Number 207 (Thursday, October 25, 2018)]
[Notices]
[Pages 53858-53860]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23370]


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DEPARTMENT OF EDUCATION


Annual Notice of Interest Rates for Variable-Rate Federal Student 
Loans Made Under the William D. Ford Federal Direct Loan Program

AGENCY: Federal Student Aid, Department of Education.

ACTION: Notice.

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

SUMMARY: The Acting Chief Operating Officer for Federal Student Aid 
announces the interest rates for Federal Direct Stafford/Ford Loans 
(Direct Subsidized Loans), Federal Direct Unsubsidized Stafford/Ford 
Loans (Direct Unsubsidized Loans), and

[[Page 53859]]

Federal Direct PLUS Loans (Direct PLUS Loan) with first disbursement 
dates before July 1, 2006, and for Federal Direct Consolidation Loans 
(Direct Consolidation Loans) for which the application was received 
before February 1, 1999. The rates announced in this notice are in 
effect for the period July 1, 2018, through June 30, 2019.

FOR FURTHER INFORMATION CONTACT: Jon Utz, U.S. Department of Education, 
830 First Street NE, 11th Floor, Washington, DC 20202. Telephone: (202) 
377-4040 or by email: [email protected].
    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: Catalog of Federal Domestic Assistance 
(CFDA) Number: 84.268.
    Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS 
Loans, and Direct Consolidation Loans (collectively referred to as 
``Direct Loans'') may have either fixed or variable interest rates, 
depending on when the loan was first disbursed or, in the case of a 
Direct Consolidation Loan, when the application for the loan was 
received. Direct Subsidized Loans, Direct Unsubsidized Loans, and 
Direct PLUS Loans first disbursed before July 1, 2006, and Direct 
Consolidation Loans for which the application was received before 
February 1, 1999, have variable interest rates. For these loans, a new 
rate is determined annually and is in effect during the period from 
July 1 of one year through June 30 of the following year.
    Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS 
Loans first disbursed on or after July 1, 2006, and Direct 
Consolidation Loans for which the application was received on or after 
February 1, 1999, have fixed interest rates that apply for the life of 
the loan.
    This notice announces the interest rates for variable-rate Direct 
Loans that will apply during the period from July 1, 2018, through June 
30, 2019. Interest rate information for fixed-rate Direct Loans is 
announced in a separate notice published in the Federal Register.
    Interest rates for variable-rate Direct Loans are determined in 
accordance with formulas specified in section 455(b) of the Higher 
Education Act of 1965, as amended (HEA) (20 U.S.C. 1087e(b)). The 
formulas vary depending on loan type and when the loan was first 
disbursed or, for certain Direct Consolidation Loans, when the 
application for the loan was received. The HEA specifies a maximum 
interest rate for these loan types. If the interest rate formula 
results in a rate that exceeds the statutory maximum rate, the rate is 
the statutory maximum rate.

Variable-Rate Direct Subsidized Loans, Direct Unsubsidized Loans, and 
Direct PLUS Loans

    For Direct Subsidized Loans and Direct Unsubsidized Loans with 
first disbursement dates before July 1, 2006, and for Direct PLUS Loans 
with first disbursement dates on or after July 1, 1998, and before July 
1, 2006, the interest rate is equal to the lesser of--
    (1) The bond equivalent rate of 91-day Treasury bills auctioned at 
the final auction held before the June 1 immediately preceding the 12-
month period to which the interest rate applies, plus a statutory add-
on percentage; or
    (2) 8.25 percent (for Direct Subsidized Loans and Direct 
Unsubsidized Loans) or 9.00 percent (for Direct PLUS Loans).
    For Direct Subsidized Loans and Direct Unsubsidized Loans with 
first disbursement dates on or after July 1, 1995, and before July 1, 
2006, the statutory add-on percentage varies depending on whether the 
loan is in an in-school, grace, or deferment status, or in any other 
status. For all other loans, the statutory add-on percentage is the 
same during any status.
    The bond equivalent rate of 91-day Treasury bills auctioned on May 
29, 2018, is 1.931 percent, rounded to 1.93 percent.
    For Direct PLUS Loans with first disbursement dates before July 1, 
1998, the interest rate is equal to the lesser of--
    (1) The weekly average 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 the June 26 preceding the 
12-month period to which the interest rate applies, plus a statutory 
add-on percentage; or
    (2) 9.00 percent.
    The weekly average of the one-year constant maturity Treasury yield 
published on June 26, 2018, is 2.34 percent.

Variable-Rate Direct Consolidation Loans

    A Direct Consolidation Loan may have up to three components, 
depending on the types of loans that were repaid by the consolidation 
loan and when the application for the consolidation loan was received. 
The three components are called Direct Subsidized Consolidation Loans, 
Direct Unsubsidized Consolidation Loans, and (only for Direct 
Consolidation Loans made based on applications received before July 1, 
2006) Direct PLUS Consolidation Loans. In most cases the interest rates 
for variable-rate Direct Subsidized Consolidation Loans, Direct 
Unsubsidized Consolidation Loans, and Direct PLUS Consolidation Loans 
are determined in accordance with the same formulas that apply to 
Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS 
Loans, respectively.

Interest Rate Charts

    Charts 1 and 2 show the interest rate formulas used to determine 
the interest rates for all variable-rate Direct Loans and the rates 
that are in effect during the 12-month period from July 1, 2018, 
through June 30, 2019.
    Chart 1 shows the interest rates for loans with rates based on the 
91-day Treasury bill rate. Chart 2 shows the interest rates for loans 
with rates based on the weekly average of the one-year constant 
maturity Treasury yield.

[[Page 53860]]



Chart 1--Direct Subsidized Loans, Direct Unsubsidized Loans, Direct Subsidized Consolidation Loans, Direct Unsubsidized Consolidation Loans, Direct Plus
                                                       Loans, and Direct Plus Consolidation Loans
                                                     [Interest rates based on 91-day Treasury bill]
 
 
--------------------------------------------------------------------------------------------------------------------------------------------------------
Loan type                       Cohort..........   91-day T-bill              Add-on (%)                Maximum rate  Interest rate 07/01/18 through 06/
                                                   rate 05/29/18                                                 (%)               30/19 (%)
                                                             (%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Subsidized....................  First disbursed             1.93  1.70 (in-school,  2.30 (any other             8.25  3.63 (in-school,  4.23 (any other
Unsubsidized..................   on/after 07/01/                   grace,            status).                          grace,            status).
                                 98 and before                     deferment).                                         deferment).
                                 07/01/06.
Subsidized Consolidation......  First disbursed
Unsubsidized Consolidation....   on/after 07/01/
                                 98 and before
                                 10/01/98; or
                                Application
                                 received before
                                 10/01/98 and
                                 first disbursed
                                 on/after 10/01/
                                 98
--------------------------------------------------------------------------------------------------------------------------------------------------------
PLUS..........................  First disbursed             1.93                 3.10                           9.00                 5.03
                                 on/after 07/01/
                                 98 and before
                                 07/01/06.
--------------------------------------------------------------------------------------------------------------------------------------------------------
PLUS Consolidation............  First disbursed
                                 on/after 07/01/
                                 1998 and before
                                 10/01/1998; or
                                Application
                                 received before
                                 10/01/98 and
                                 first disbursed
                                 on/after 10/01/
                                 98.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Subsidized....................  First disbursed             1.93  2.50 (in-school,  3.10 (any other             8.25  4.43 (in-school,  5.03 (any other
Unsubsidized..................   on/after 07/01/                   grace,            status).                          grace,            status).
Subsidized Consolidation......   95 and before                     deferment).                                         deferment).
Unsubsidized Consolidation....   07/01/98.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Subsidized....................  First disbursed             1.93                 3.10                           8.25                 5.03
Unsubsidized..................   before 07/01/95.
Subsidized Consolidation......
Unsubsidized Consolidation....
--------------------------------------------------------------------------------------------------------------------------------------------------------
Subsidized Consolidation......  Application                 1.93                 2.30                           8.25                 4.23
Unsubsidized Consolidation....   received on/
PLUS Consolidation............   after 10/01/98
                                 and before 02/
                                 01/99.
--------------------------------------------------------------------------------------------------------------------------------------------------------


                         Chart 2--Direct Plus Loans and Direct Plus Consolidation Loans
              [Interest rates based on weekly average of one-year constant maturity treasury yield]
----------------------------------------------------------------------------------------------------------------
                                               Weekly average of
                                                1-year constant
                                               maturity treasury                                   Interest rate
                                                 yield for last                    Maximum rate      07/01/18
          Loan type                Cohort        calendar week      Add-on (%)          (%)       through 06/30/
                                                  ending on or                                        19 (%)
                                                before 06/26/18
                                                      (%)
----------------------------------------------------------------------------------------------------------------
PLUS........................  First disbursed               2.34            3.10            9.00            5.44
PLUS Consolidation..........   before 07/01/
                               98.
----------------------------------------------------------------------------------------------------------------

    Electronic Access to This Document: The official version of this 
document is the document published in the Federal Register. You may 
access the official edition of the Federal Register and the Code of 
Federal Regulations via the Federal Digital Syste Federal Register, in 
text or 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: October 22, 2018.
James F. Manning,
Acting Chief Operating Officer, Federal Student Aid.
[FR Doc. 2018-23370 Filed 10-24-18; 8:45 am]
 BILLING CODE 4000-01-P