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]
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53858
Federal Register / Vol. 83, No. 207 / Thursday, October 25, 2018 / Notices
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suspected or confirmed breach or (2)
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Records are retrieved by individual’s
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System records are destroyed/deleted
1 year after the JAMRS survey contact
list has been created.
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Requester Service Center, Office of
Freedom of Information, 1155 Defense
Pentagon, Washington, DC 20301–1155.
Signed, written requests should
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verify, or state) under penalty of perjury
that the foregoing is true and correct.
Executed on (date). (Signature).’’
CONTESTING RECORD PROCEDURES:
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contesting contents, and for appealing
initial agency determinations are
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Instruction 81; 32 CFR part 311, or may
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address inquiries to the Joint
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Officer, 4800 Mark Center Drive, Suite
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Signed, written requests must include
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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
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foregoing is true and correct. Executed
on (date). (Signature).’’
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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:
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Federal Register / Vol. 83, No. 207 / Thursday, October 25, 2018 / Notices
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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
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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.
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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.
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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
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You may also access documents of the
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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
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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
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]]>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]
=======================================================================
-----------------------------------------------------------------------
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
