Annual Notice of Interest Rates for Fixed-Rate Federal Student Loans Made Under the William D. Ford Federal Direct Loan Program, 53864-53866 [2018-23372]
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53864
Federal Register / Vol. 83, No. 207 / Thursday, October 25, 2018 / Notices
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Program Authority: 20 U.S.C. 1071 et seq.
Dated: October 22, 2018.
James F. Manning,
Acting Chief Operating Officer, Federal
Student Aid.
[FR Doc. 2018–23371 Filed 10–24–18; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF EDUCATION
[Docket No.: ED–2018–ICCD–0111]
Agency Information Collection
Activities; Comment Request; Student
Assistance General Provisions—NonTitle IV Revenue Requirements (90/10)
Federal Student Aid (FSA),
Department of Education (ED).
ACTION: Notice.
AGENCY:
In accordance with the
Paperwork Reduction Act of 1995, ED is
proposing an extension of an existing
information collection.
DATES: Interested persons are invited to
submit comments on or before
December 24, 2018.
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–
2018–ICCD–0111. 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
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,
550 12th Street SW, PCP, Room 9086,
Washington, DC 20202–0023.
daltland on DSKBBV9HB2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
18:10 Oct 24, 2018
Jkt 247001
For
specific questions related to collection
activities, please contact Beth
Grebeldinger, 202–377–4018.
SUPPLEMENTARY INFORMATION: 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;
(4) how might the Department enhance
the quality, utility, and clarity of the
information to be collected; and (5) how
might the Department minimize the
burden of this collection on the
respondents, including through the use
of information technology. Please note
that written comments received in
response to this notice will be
considered public records.
Title of Collection: Student Assistance
General Provisions—Non-Title IV
Revenue Requirements (90/10).
OMB Control Number: 1845–0096.
Type of Review: An extension of an
existing information collection.
Respondents/Affected Public: Private
Sector.
Total Estimated Number of Annual
Responses: 1,872.
Total Estimated Number of Annual
Burden Hours: 2,808.
Abstract: As enacted by the Higher
Education Opportunity Act (Pub. L.
110–315), the regulations in 34 CFR
668.28 provide that a proprietary
institution must derive at least 10% of
its annual revenue from sources other
than Title IV, HEA funds, sanctions for
failing to meet this requirement, and
otherwise implement the statute by (1)
specifying a Net Present Value (NPV)
formula used to establish the revenue
for institutional loans, (2) providing an
administratively easier alternative to the
NPV calculation, and (3) describing
more fully the non-Title IV eligible
programs from which revenue may be
FOR FURTHER INFORMATION CONTACT:
PO 00000
Frm 00018
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counted for 90/10 purposes. The
regulations require an institution to
disclose in a footnote to its audited
financial statements the amounts of
Federal and non-Federal revenues, by
category, that it used in calculating its
90/10 ratio (see section 487(d) of the
HEA). This is a request to extend the
information collection that identifies the
reporting burden for this regulation.
Dated: October 22, 2018.
Kate Mullan,
Acting Director, Information Collection
Clearance Division, Office of the Chief Privacy
Officer, Office of Management.
[FR Doc. 2018–23364 Filed 10–24–18; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF EDUCATION
Annual Notice of Interest Rates for
Fixed-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
Federal Direct PLUS Loans (Direct PLUS
Loans) made under the William D. Ford
Federal Direct Loan (Direct Loan)
Program with first disbursement dates
on or after July 1, 2018, and before July
1, 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.
SUMMARY:
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 on or after
SUPPLEMENTARY INFORMATION:
E:\FR\FM\25OCN1.SGM
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53865
Federal Register / Vol. 83, No. 207 / Thursday, October 25, 2018 / Notices
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. 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 that are
determined annually and are in effect
during the period from July 1 of one
year through June 30 of the following
year.
This notice announces the fixed
interest rates for Direct Subsidized
Loans, Direct Unsubsidized Loans, and
Direct PLUS Loans with first
disbursement dates on or after July 1,
2018, and before July 1, 2019, and
provides interest rate information for
other fixed-rate Direct Loans. Interest
rate information for variable-rate Direct
Loans is announced in a separate
Federal Register Notice.
Fixed-Rate Direct Subsidized Loans,
Direct Unsubsidized Loans, and Direct
PLUS Loans First Disbursed on or After
July 1, 2013
Section 455(b) of the Higher
Education Act of 1965, as amended
(HEA) (20 U.S.C. 1087e(b)) includes
formulas for determining the interest
rates for all Direct Subsidized Loans,
Direct Unsubsidized Loans, and Direct
PLUS Loans first disbursed on or after
July 1, 2013. The interest rate for these
loans is a fixed rate that is determined
annually for all loans first disbursed
during any 12-month period beginning
on July 1 and ending on June 30. The
rate is equal to the high yield of the 10year Treasury notes auctioned at the
final auction held before June 1 of that
12-month period, plus a statutory addon percentage that varies depending on
the loan type and, for Direct
Unsubsidized Loans, whether the loan
was made to an undergraduate or
graduate student. The calculated
interest rate may not exceed a maximum
rate specified in the HEA. If the interest
rate formula results in a rate that
exceeds the statutory maximum rate, the
rate is the statutory maximum rate.
Loans first disbursed during different
12-month periods that begin on July 1
and end on June 30 may have different
interest rates, but the rate determined
for any loan is a fixed interest rate for
the life of the loan.
On May 9, 2018, the United States
Treasury Department held a 10-year
Treasury note auction that resulted in a
high yield of 2.995 percent.
Chart 1 shows the fixed interest rates
for Direct Subsidized Loans, Direct
Unsubsidized Loans, and Direct PLUS
Loans first disbursed on or after July 1,
2018, and before July 1, 2019.
CHART 1—DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, AND DIRECT PLUS LOANS FIRST DISBURSED ON OR
AFTER 07/01/2018 AND BEFORE 07/01/2019
Loan type
Direct
Direct
Direct
Direct
10-year
treasury note
high yield 05/
09/2018
(%)
Borrower type
Subsidized Loans ...................
Unsubsidized Loans
Unsubsidized Loans 1 .............
PLUS Loans ...........................
Add-on
(%)
Maximum rate
(%)
Fixed interest
rate
(%)
Undergraduate students ...................
2.995
2.05
8.25
5.05
Graduate and professional students
Parents
of
dependent
undergraduate students.
Graduate and professional students.
2.995
2.995
3.60
4.60
9.50
10.50
6.60
7.60
For reference, Chart 2 compares the
fixed interest rates for Direct Subsidized
Loans, Direct Unsubsidized Loans, and
Direct PLUS Loans first disbursed
during the period July 1, 2018, through
June 30, 2019, with the fixed interest
rates for loans first disbursed during
each previous 12-month period from
July 1, 2013, through June 30, 2018.
CHART 2—DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, AND DIRECT PLUS LOANS FIRST DISBURSED ON OR
AFTER 07/01/2013 AND BEFORE 07/01/2019
First disbursed
daltland on DSKBBV9HB2PROD with NOTICES
On/after
07/01/2018
07/01/2017
07/01/2016
07/01/2015
07/01/2014
07/01/2013
Fixed interest rates
(%)
Before
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
Direct
subsidized
loans Direct
unsubsidized
loans
(undergraduate
students)
07/01/2019
07/01/2018
07/01/2017
07/01/2016
07/01/2015
07/01/2014
Direct
unsubsidized
loans
(graduate or
professional
students)
5.05
4.45
3.76
4.29
4.66
3.86
Federal Register Notice
Direct PLUS
loans
6.60
6.00
5.31
5.84
6.21
5.41
7.60
7.00
6.31
6.84
7.21
6.41
1 Graduate and professional students are not
eligible to receive Direct Subsidized Loans.
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19:45 Oct 24, 2018
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E:\FR\FM\25OCN1.SGM
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N/A.
82 FR 29062
81 FR 38159
80 FR 42488
79 FR 37301
78 FR 59011
2013).
(June 27, 2017).
(June 13, 2016).
(July 17, 2015).
(July 1, 2014).
(September 25,
53866
Federal Register / Vol. 83, No. 207 / Thursday, October 25, 2018 / Notices
Fixed-Rate Direct Subsidized Loans,
Direct Unsubsidized Loans, and Direct
PLUS Loans First Disbursed on or After
July 1, 2006, and Before July 2, 2013
Direct Subsidized Loans, Direct
Unsubsidized Loans, and Direct PLUS
Loans first disbursed on or after July 1,
2006, and before July 1, 2013, have fixed
interest rates that are specified in
section 455(b) of the HEA (20 U.S.C.
1087e(b)). Chart 3 shows the interest
rates for these loans.
CHART 3—DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, AND DIRECT PLUS LOANS FIRST DISBURSED ON OR
AFTER 07/01/2006 AND BEFORE 07/01/2013
First
disbursed
on/after
Loan type
Borrower type
Subsidized ..................
Subsidized ..................
Subsidized ..................
Subsidized ..................
Subsidized ..................
Subsidized ..................
Unsubsidized ..............
PLUS ..........................
Undergraduate students .....................................................................
Undergraduate students .....................................................................
Undergraduate students .....................................................................
Undergraduate students .....................................................................
Undergraduate students .....................................................................
Graduate or professional students .....................................................
Undergraduate and graduate or professional ....................................
Graduate or professional students and parents of dependent undergraduate students.
Fixed-Rate Direct Consolidation Loans
Section 455(b) of the HEA specifies
that all Direct Consolidation Loans for
which the application was received on
or after February 1, 1999, have a fixed
interest rate that is equal to the
weighted average of the interest rates on
the loans consolidated, rounded to the
nearest higher one-eighth of one
percent. For Direct Consolidation Loans
for which the application was received
on or after February 1, 1999, and before
July 1, 2013, the interest rate may not
exceed 8.25 percent. However, under
07/01/2011
07/01/2010
07/01/2009
07/01/2008
07/01/2006
07/01/2006
07/01/2006
07/01/2006
First
disbursed
before
Interest
rate
(%)
07/01/2013
07/01/2011
07/01/2010
07/01/2009
07/01/2008
2 07/01/2012
07/01/2013
07/01/2013
3.40
4.50
5.60
6.00
6.80
6.80
6.80
7.90
455(b) of the HEA the 8.25 percent
interest rate cap does not apply to Direct
Consolidation Loans made based on
applications received on or after July 1,
2013. Chart 4 shows the interest rates
for fixed-rate Direct Consolidation
Loans.
CHART 4—DIRECT CONSOLIDATION LOANS MADE BASED ON APPLICATIONS RECEIVED ON OR AFTER 02/01/1999
Interest rate
(%)
On/after 07/01/2013 ....................................................................
Weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent.
(same as above) ........................................................................
On/after 02/01/1999 and before 07/01/2013 ..............................
daltland on DSKBBV9HB2PROD with NOTICES
Maximum
interest rate
(%)
Application received
Accessible Format: Individuals with
disabilities can obtain this document in
an accessible format (e.g., braille, large
print, audiotape, or compact disc) by
contacting the person listed under FOR
FURTHER INFORMATION CONTACT.
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 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 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. 2018–23372 Filed 10–24–18; 8:45 am]
BILLING CODE 4000–01–P
2 Effective for loan periods beginning on or after
July 1, 2012, graduate and professional students are
no longer eligible to receive Direct Subsidized
Loans.
VerDate Sep<11>2014
18:10 Oct 24, 2018
Jkt 247001
PO 00000
None
8.25
DEPARTMENT OF ENERGY
Biomass Research and Development
Technical Advisory Committee
Energy Efficiency and
Renewable Energy, Department of
Energy.
AGENCY:
ACTION:
Notice of open meeting.
This notice announces an
open meeting of the Biomass Research
and Development Technical Advisory
Committee under Section 9008(d) of the
Food, Conservation, and Energy Act of
2008, amended by the Agricultural Act
of 2014. The Federal Advisory
Committee Act requires that agencies
publish these notices in the Federal
Register.
SUMMARY:
November 15, 2018, 8:30 a.m.–
5:30 p.m.; November 16, 2018, 8:00
a.m.–12:30 p.m.
DATES:
Frm 00020
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]]>Agencies
[Federal Register Volume 83, Number 207 (Thursday, October 25, 2018)]
[Notices]
[Pages 53864-53866]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23372]
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
Annual Notice of Interest Rates for Fixed-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 Federal Direct PLUS Loans
(Direct PLUS Loans) made under the William D. Ford Federal Direct Loan
(Direct Loan) Program with first disbursement dates on or after July 1,
2018, and before July 1, 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.
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 on or after
[[Page 53865]]
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. 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 that are
determined annually and are in effect during the period from July 1 of
one year through June 30 of the following year.
This notice announces the fixed interest rates for Direct
Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans with
first disbursement dates on or after July 1, 2018, and before July 1,
2019, and provides interest rate information for other fixed-rate
Direct Loans. Interest rate information for variable-rate Direct Loans
is announced in a separate Federal Register Notice.
Fixed-Rate Direct Subsidized Loans, Direct Unsubsidized Loans, and
Direct PLUS Loans First Disbursed on or After July 1, 2013
Section 455(b) of the Higher Education Act of 1965, as amended
(HEA) (20 U.S.C. 1087e(b)) includes formulas for determining the
interest rates for all Direct Subsidized Loans, Direct Unsubsidized
Loans, and Direct PLUS Loans first disbursed on or after July 1, 2013.
The interest rate for these loans is a fixed rate that is determined
annually for all loans first disbursed during any 12-month period
beginning on July 1 and ending on June 30. The rate is equal to the
high yield of the 10-year Treasury notes auctioned at the final auction
held before June 1 of that 12-month period, plus a statutory add-on
percentage that varies depending on the loan type and, for Direct
Unsubsidized Loans, whether the loan was made to an undergraduate or
graduate student. The calculated interest rate may not exceed a maximum
rate specified in the HEA. If the interest rate formula results in a
rate that exceeds the statutory maximum rate, the rate is the statutory
maximum rate. Loans first disbursed during different 12-month periods
that begin on July 1 and end on June 30 may have different interest
rates, but the rate determined for any loan is a fixed interest rate
for the life of the loan.
On May 9, 2018, the United States Treasury Department held a 10-
year Treasury note auction that resulted in a high yield of 2.995
percent.
Chart 1 shows the fixed interest rates for Direct Subsidized Loans,
Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or
after July 1, 2018, and before July 1, 2019.
Chart 1--Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct Plus Loans First Disbursed on or After
07/01/2018 and Before 07/01/2019
----------------------------------------------------------------------------------------------------------------
10-year
treasury note Maximum rate Fixed interest
Loan type Borrower type high yield 05/ Add-on (%) (%) rate (%)
09/2018 (%)
----------------------------------------------------------------------------------------------------------------
Direct Subsidized Loans....... Undergraduate 2.995 2.05 8.25 5.05
students.
Direct Unsubsidized Loans
Direct Unsubsidized Loans \1\. Graduate and 2.995 3.60 9.50 6.60
professional
students.
Direct PLUS Loans............. Parents of 2.995 4.60 10.50 7.60
dependent
undergraduate
students.
Graduate and
professional
students.
----------------------------------------------------------------------------------------------------------------
For reference, Chart 2 compares the fixed interest rates for Direct
Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans
first disbursed during the period July 1, 2018, through June 30, 2019,
with the fixed interest rates for loans first disbursed during each
previous 12-month period from July 1, 2013, through June 30, 2018.
---------------------------------------------------------------------------
\1\ Graduate and professional students are not eligible to
receive Direct Subsidized Loans.
Chart 2--Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct Plus Loans First Disbursed on or After 07/01/2013 and Before 07/01/2019
--------------------------------------------------------------------------------------------------------------------------------------------------------
First disbursed Fixed interest rates (%)
--------------------------------------------------------------------------------------------------------
Direct
subsidized Direct
loans Direct unsubsidized Federal Register Notice
On/after Before unsubsidized loans Direct PLUS
loans (graduate or loans
(undergraduate professional
students) students)
--------------------------------------------------------------------------------------------------------------------------------------------------------
07/01/2018............................. 07/01/2019 5.05 6.60 7.60 N/A.
07/01/2017............................. 07/01/2018 4.45 6.00 7.00 82 FR 29062 (June 27, 2017).
07/01/2016............................. 07/01/2017 3.76 5.31 6.31 81 FR 38159 (June 13, 2016).
07/01/2015............................. 07/01/2016 4.29 5.84 6.84 80 FR 42488 (July 17, 2015).
07/01/2014............................. 07/01/2015 4.66 6.21 7.21 79 FR 37301 (July 1, 2014).
07/01/2013............................. 07/01/2014 3.86 5.41 6.41 78 FR 59011 (September 25, 2013).
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 53866]]
Fixed-Rate Direct Subsidized Loans, Direct Unsubsidized Loans, and
Direct PLUS Loans First Disbursed on or After July 1, 2006, and Before
July 2, 2013
Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS
Loans first disbursed on or after July 1, 2006, and before July 1,
2013, have fixed interest rates that are specified in section 455(b) of
the HEA (20 U.S.C. 1087e(b)). Chart 3 shows the interest rates for
these loans.
Chart 3--Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct Plus Loans First Disbursed on or After
07/01/2006 and Before 07/01/2013
----------------------------------------------------------------------------------------------------------------
First First
Loan type Borrower type disbursed on/ disbursed Interest rate
after before (%)
----------------------------------------------------------------------------------------------------------------
Subsidized............................ Undergraduate students.. 07/01/2011 07/01/2013 3.40
Subsidized............................ Undergraduate students.. 07/01/2010 07/01/2011 4.50
Subsidized............................ Undergraduate students.. 07/01/2009 07/01/2010 5.60
Subsidized............................ Undergraduate students.. 07/01/2008 07/01/2009 6.00
Subsidized............................ Undergraduate students.. 07/01/2006 07/01/2008 6.80
Subsidized............................ Graduate or professional 07/01/2006 \2\ 07/01/2012 6.80
students.
Unsubsidized.......................... Undergraduate and 07/01/2006 07/01/2013 6.80
graduate or
professional.
PLUS.................................. Graduate or professional 07/01/2006 07/01/2013 7.90
students and parents of
dependent undergraduate
students.
----------------------------------------------------------------------------------------------------------------
Fixed-Rate Direct Consolidation Loans
Section 455(b) of the HEA specifies that all Direct Consolidation
Loans for which the application was received on or after February 1,
1999, have a fixed interest rate that is equal to the weighted average
of the interest rates on the loans consolidated, rounded to the nearest
higher one-eighth of one percent. For Direct Consolidation Loans for
which the application was received on or after February 1, 1999, and
before July 1, 2013, the interest rate may not exceed 8.25 percent.
However, under 455(b) of the HEA the 8.25 percent interest rate cap
does not apply to Direct Consolidation Loans made based on applications
received on or after July 1, 2013. Chart 4 shows the interest rates for
fixed-rate Direct Consolidation Loans.
Chart 4--Direct Consolidation Loans Made Based on Applications Received
on or After 02/01/1999
------------------------------------------------------------------------
Maximum
Application received Interest rate (%) interest rate
(%)
------------------------------------------------------------------------
On/after 07/01/2013............... Weighted average of None
the interest rates
on the loans
consolidated,
rounded to the
nearest higher one-
eighth of one
percent.
On/after 02/01/1999 and before 07/ (same as above)..... 8.25
01/2013.
------------------------------------------------------------------------
Accessible Format: Individuals with disabilities can obtain this
document in an accessible format (e.g., braille, large print,
audiotape, or compact disc) by contacting the person listed under FOR
FURTHER INFORMATION CONTACT.
---------------------------------------------------------------------------
\2\ Effective for loan periods beginning on or after July 1,
2012, graduate and professional students are no longer eligible to
receive Direct Subsidized Loans.
---------------------------------------------------------------------------
Electronic Access to This Document: The official version of this
document is the document published in the Federal Register. You may
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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. 2018-23372 Filed 10-24-18; 8:45 am]
BILLING CODE 4000-01-P
