Annual Notice of Interest Rates for Fixed-Rate Federal Student Loans Made Under the William D. Ford Federal Direct Loan Program, 2417-2419 [2020-00569]
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2417
Federal Register / Vol. 85, No. 10 / Wednesday, January 15, 2020 / Notices
CHART 4—FEDERAL CONSOLIDATION LOANS
Consolidation loan component
Cohort
Portion of loan that repaid loans other
than HEAL loans.
Portion of the loan that repaid HEAL
loans.
Application received on/after 11/13/97
and before 10/01/98.
Application received on/after 11/13/97 ...
Accessible Format: 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.
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 at
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documents of this Department
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(PDF). To use PDF you must have
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the Department.
Program Authority: 20 U.S.C. 1071 et seq.
Dated: January 9, 2020.
Mark A. Brown,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2020–00570 Filed 1–14–20; 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.
jbell on DSKJLSW7X2PROD with NOTICES
AGENCY:
The Chief Operating Officer
for Federal Student Aid announces the
interest rates for Federal Direct Stafford/
Ford Loans (Direct Subsidized Loans),
SUMMARY:
VerDate Sep<11>2014
17:18 Jan 14, 2020
91-Day T-bill
rate 05/28/19
(%)
Jkt 250001
Average of the
bond equivalent rates of
the 91-day Tbills auctioned
for the quarter
ending
06/30/19
(%)
Frm 00035
Fmt 4703
Sfmt 4703
Maximum
rate
(%)
Interest rate
07/01/19
through
06/30/20
(%)
2.36
N/A
3.10
8.25
5.46
N/A
2.37
3.00
None
5.37
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,
2019, and before July 1, 2020. Catalog of
Federal Domestic Assistance (CFDA)
Number: 84.268.
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.
SUPPLEMENTARY INFORMATION: 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 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,
PO 00000
Add-on
(%)
2019, and before July 1, 2020, 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 8, 2019, the United States
Treasury Department held a 10-year
Treasury note auction that resulted in a
high yield of 2.479 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,
2019, and before July 1, 2020.
E:\FR\FM\15JAN1.SGM
15JAN1
2418
Federal Register / Vol. 85, No. 10 / Wednesday, January 15, 2020 / Notices
CHART 1—DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, AND DIRECT PLUS LOANS FIRST DISBURSED ON
OR AFTER 07/01/2019 AND BEFORE 07/01/2020
10-Year
treasury
note high
yield
05/08/2019
(%)
Add-on
(%)
Maximum rate
(%)
Fixed
interest rate
(%)
Loan type
Borrower type
Direct Subsidized Loans, Direct Unsubsidized Loans.
Direct Unsubsidized Loans 1 .............
Direct PLUS Loans ...........................
Undergraduate students ...................
2.479
2.05
8.25
4.53
Graduate and professional students
Parents
of
dependent
undergraduate students, Graduate and
professional students.
2.479
2.479
3.60
4.60
9.50
10.50
6.08
7.08
1 Graduate
and professional students are not eligible to receive Direct Subsidized Loans.
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, 2019, through
June 30, 2020, with the fixed interest
rates for loans first disbursed during
each previous 12-month period from
July 1, 2013, through June 30, 2019.
CHART 2—DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, AND DIRECT PLUS LOANS FIRST DISBURSED ON
OR AFTER 07/01/2013 AND BEFORE 07/01/2020
First disbursed
Fixed interest rates
(%)
On/after
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
07/01/2013
07/01/2020
07/01/2019
07/01/2018
07/01/2017
07/01/2016
07/01/2015
07/01/2014
4.53
5.05
4.45
3.76
4.29
4.66
3.86
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
Direct Unsubsidized Loans
(graduate or professional students)
Direct PLUS
Loans
Federal Register notice
6.08
6.60
6.00
5.31
5.84
6.21
5.41
7.08
7.60
7.00
6.31
6.84
7.21
6.41
N/A.
83 FR
82 FR
81 FR
80 FR
79 FR
78 FR
53864
29062
38159
42488
37301
59011
(October 25, 2018).
(June 27, 2017).
(June 13, 2016).
(July 17, 2015).
(July 1, 2014).
(September 25, 2013).
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.
jbell on DSKJLSW7X2PROD with NOTICES
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.
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
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
Interest rate
(%)
3.40
4.50
5.60
6.00
6.80
6.80
6.80
7.90
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
17:18 Jan 14, 2020
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PO 00000
Frm 00036
Fmt 4703
Sfmt 4703
E:\FR\FM\15JAN1.SGM
15JAN1
Federal Register / Vol. 85, No. 10 / Wednesday, January 15, 2020 / Notices
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
2419
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 ..............................
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 at
www.govinfo.gov. 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: January 9, 2020.
Mark A. Brown,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2020–00569 Filed 1–14–20; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF ENERGY
President’s Council of Advisors on
Science and Technology Meeting
Office of Science, Department
of Energy.
ACTION: Notice of partially-closed
meeting.
AGENCY:
jbell on DSKJLSW7X2PROD with NOTICES
Maximum
interest rate
(%)
Application received
This notice sets forth the
schedule and summary agenda for an
open meeting of the President’s Council
SUMMARY:
VerDate Sep<11>2014
17:18 Jan 14, 2020
Jkt 250001
of Advisors on Science and Technology
(PCAST), and describes the functions of
the Council. The Federal Advisory
Committee Act (FACA) requires that
public notice of these meetings be
announced in the Federal Register.
DATES: February 3, 2020; 8:30 a.m. to
5:30 p.m.
February 4, 2020; 8:30 a.m. to 12:30
p.m.
ADDRESSES: The meeting will be held at
the Eisenhower Executive Office
Building, 1650 Pennsylvania Avenue
NW, Washington, DC 20502.
FOR FURTHER INFORMATION CONTACT:
Individuals from the public who wish to
attend must register using the following
email address: PCAST@ostp.eop.gov.
Please note that public seating for this
meeting is limited and is available on a
first-come, first-served basis. Questions
about the meeting should be directed to
Edward McGinnis, Executive Director,
PCAST, at: (202) 456–6076 or email:
PCAST@ostp.eop.gov.
SUPPLEMENTARY INFORMATION: PCAST is
an advisory group of the nation’s
leading scientists and engineers,
appointed by the President to augment
the science and technology advice
available to him from inside the White
House, cabinet departments, and other
Federal agencies. See the Executive
Order at whitehouse.gov. PCAST is
consulted about and provides analyses
and recommendations concerning a
wide range of issues where
understandings from the domains of
science, technology, and innovation
may bear on the policy choices before
the President. PCAST is chaired by Dr.
Kelvin Droegemeier, Director, Office of
Science and Technology Policy,
Executive Office of the President, The
White House. Information about PCAST
can be found at: https://science.osti.gov/
About/PCAST.
Type of Meeting: Open and Closed.
Proposed Schedule and Agenda:
PO 00000
Frm 00037
Fmt 4703
Sfmt 4703
None
8.25
Open Portion of the Meeting: During
this open portion of the meeting, PCAST
is scheduled to discuss the new PCAST
subcommittees and the NSB Science
and Engineering Indicators Report,
among other PCAST-related matters.
Closed Portion of the Meeting: PCAST
may hold a closed portion of the
meeting currently estimated to last for
up to approximately one hour. This
meeting will be closed to the public
because such portion of the meeting is
likely to disclose matters that are to be
kept secret in the interest of national
defense or foreign policy under 5 U.S.C.
552b(c)(1).
Public Comments: It is the policy of
the PCAST to accept written public
comments no longer than 20 pages and
to accommodate oral public comments
whenever possible. The PCAST expects
that public statements presented at its
meetings will not be repetitive of
previously submitted oral or written
statements.
The public comment period for this
meeting will take place on February 4,
2020, at a time specified in the meeting
agenda. This public comment period is
designed only for substantive
commentary on PCAST’s work, not for
business marketing purposes.
Oral Comments: To be considered for
the public speaker list at the meeting,
interested parties should register to
speak at PCAST@ostp.eop.gov, no later
than 9:00 a.m. Eastern Time on January
29, 2020. To accommodate as many
speakers as possible, the time for public
comments will be limited to two (2)
minutes per person, with a total public
comment period of up to 10 minutes. If
more speakers register than there is
space available on the agenda, PCAST
will select speakers on a first-come,
first-served basis from those who
applied. Those not able to present oral
comments may always file written
comments with the committee. Speakers
E:\FR\FM\15JAN1.SGM
15JAN1
]]>Agencies
[Federal Register Volume 85, Number 10 (Wednesday, January 15, 2020)]
[Notices]
[Pages 2417-2419]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00569]
-----------------------------------------------------------------------
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 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, 2019, and
before July 1, 2020. Catalog of Federal Domestic Assistance (CFDA)
Number: 84.268.
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: 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 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, 2019, and before July 1,
2020, 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 8, 2019, the United States Treasury Department held a 10-
year Treasury note auction that resulted in a high yield of 2.479
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, 2019, and before July 1, 2020.
[[Page 2418]]
Chart 1--Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First Disbursed on or After
07/01/2019 and Before 07/01/2020
----------------------------------------------------------------------------------------------------------------
10-Year
treasury note Maximum rate Fixed
Loan type Borrower type high yield Add-on (%) (%) interest rate
05/08/2019 (%) (%)
----------------------------------------------------------------------------------------------------------------
Direct Subsidized Loans, Undergraduate 2.479 2.05 8.25 4.53
Direct Unsubsidized Loans. students.
Direct Unsubsidized Loans \1\. Graduate and 2.479 3.60 9.50 6.08
professional
students.
Direct PLUS Loans............. Parents of 2.479 4.60 10.50 7.08
dependent
undergraduate
students,
Graduate and
professional
students.
----------------------------------------------------------------------------------------------------------------
\1\ Graduate and professional students are not eligible to receive Direct Subsidized Loans.
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, 2019, through June 30, 2020,
with the fixed interest rates for loans first disbursed during each
previous 12-month period from July 1, 2013, through June 30, 2019.
Chart 2--Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First Disbursed on or After 07/01/2013 and Before 07/01/2020
--------------------------------------------------------------------------------------------------------------------------------------------------------
First disbursed Fixed interest rates (%)
---------------------------------------------------------------------------------------------------
Direct Subsidized
Loans, Direct Direct
Unsubsidized Unsubsidized Loans Federal Register notice
On/after Before Loans, (graduate or Direct PLUS Loans
(undergraduate professional
students) students)
--------------------------------------------------------------------------------------------------------------------------------------------------------
07/01/2019 07/01/2020 4.53 6.08 7.08 N/A.
07/01/2018 07/01/2019 5.05 6.60 7.60 83 FR 53864 (October 25, 2018).
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).
--------------------------------------------------------------------------------------------------------------------------------------------------------
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.
----------------------------------------------------------------------------------------------------------------
\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.
[[Page 2419]]
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 the None
interest rates on the
loans consolidated,
rounded to the nearest
higher one-eighth of
one percent.
On/after 02/01/1999 and before (same as above)........ 8.25
07/01/2013.
------------------------------------------------------------------------
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.
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 at www.govinfo.gov. 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
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Program Authority: 20 U.S.C. 1087, et seq.
Dated: January 9, 2020.
Mark A. Brown,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2020-00569 Filed 1-14-20; 8:45 am]
BILLING CODE 4000-01-P
