Annual Notice of Interest Rates for Fixed-Rate Federal Student Loans Made Under the William D. Ford Federal Direct Loan Program, 82863-82866 [2023-26052]
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Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices
multiyear award, you must submit an
annual performance report that provides
the most current performance and
financial expenditure information as
directed by IES under 34 CFR 75.118.
IES may also require more frequent
performance reports under 34 CFR
75.720(c). For specific requirements on
reporting, please go to www.ed.gov/
fund/grant/apply/appforms/
appforms.html.
5. Performance Measures: To evaluate
the overall success of its education
research grant programs, IES annually
assesses the percentage of projects that
result in peer-reviewed publications and
the number of IES-supported
interventions with evidence of efficacy
in improving learner education
outcomes. Student academic outcomes
include learning and achievement in
academic content areas, such as reading,
writing, math, and science, as well as
outcomes that reflect students’
successful progression through the
education system, such as course and
grade completion; high school
graduation; and postsecondary
enrollment, progress, and completion.
Social and behavioral competencies
include social and emotional skills,
attitudes, and behaviors that are
important to academic and postacademic success. Employment and
earnings outcomes include hours of
employment, job stability, and wages
and benefits, and may be measured in
addition to student academic outcomes.
6. Continuation Awards: In making a
continuation award under 34 CFR
75.253, IES considers, among other
things: whether a grantee has made
substantial progress in achieving the
goals and objectives of the project;
whether the grantee has expended funds
in a manner that is consistent with its
approved application and budget;
whether a grantee is in compliance with
the IES policy regarding public access to
research; and if IES has established
performance measurement
requirements, whether the grantee has
made substantial progress in achieving
the performance targets in the grantee’s
approved application.
In making a continuation award, IES
also considers whether the grantee is
operating in compliance with the
assurances in its approved application,
including those applicable to Federal
civil rights laws that prohibit
discrimination in programs or activities
receiving Federal financial assistance
from the Department (34 CFR 100.4,
104.5, 106.4, 108.8, and 110.23).
VII. Other Information
Accessible Format: On request to the
relevant program contact person listed
in the chart at the end of this notice, as
Application
package
available
ALN and name
Deadline for
transmittal of
applications
Estimated range of
awards *
82863
well as in the relevant RFA and
application package, individuals with
disabilities can obtain this document
and a copy of the RFA in an accessible
format. The Department will provide the
requestor with an accessible format that
may include Rich Text Format (RTF) or
text format (txt), a thumb drive, an MP3
file, braille, large print, audiotape, or
compact disc, or other accessible format.
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.
Mark Schneider,
Director, Institute of Education Sciences.
Project period
For further information contact
Emily Doolittle, Emily.Doolittle@
ed.gov, 202–987–0795.
Wai-Ying Chow, WaiYing.Chow@ed.gov, 202–
245–8198.
Jennifer Schellinger, Jennifer.Schellinger@ed.gov,
202–987–0765.
Christina Chhin, Christina.Chhin@ed.gov, 202–245–
7736.
National Center for Education Research (NCER)
84.305C. Education Research and Development
Center Program.
On or before
December 7,
2023.
..........................
March 7, 2024 ...
Up to 5 years.
...........................
$1 to $2 million .......
...........................
D K–12 Teacher Recruitment and Retention
Policy.
..........................
...........................
$1 to $2 million .......
...........................
D Improving Outcomes in Elementary
Science Education.
..........................
...........................
$2 to $3 million .......
...........................
D Using Generative Artificial Intelligence to
Augment Teaching and Learning in Classrooms.
..........................
...........................
$1 to $2 million .......
...........................
D Improving Rural Education .........................
* These estimates are annual amounts.
Note: The Department is not bound by any estimates in this notice.
Note: If you are deaf, hard of hearing, or have a speech disability and wish to access telecommunications relay services, please dial 7–1–1.
[FR Doc. 2023–26008 Filed 11–24–23; 8:45 am]
ACTION:
Notice.
khammond on DSKJM1Z7X2PROD with NOTICES
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.
AGENCY:
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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, Assistance
PO 00000
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Fmt 4703
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Listing Number 84.268, with first
disbursement dates on or after July 1,
2023, and before July 1, 2024.
FOR FURTHER INFORMATION CONTACT:
Travis Sturlaugson, U.S. Department of
Education, 830 First Street NE,
Washington, DC 20202. Telephone:
202–377–4174 or by email:
travis.sturlaugson@ed.gov.
If you are deaf, hard of hearing, or
have a speech disability and wish to
E:\FR\FM\27NON1.SGM
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82864
Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices
access telecommunications relay
services, please dial 7–1–1.
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,
2023, and before July 1, 2024, 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 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 10, 2023, the United States
Treasury Department held a 10-year
Treasury note auction that resulted in a
high yield of 3.448 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,
2023, and before July 1, 2024.
CHART 1—DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, AND DIRECT PLUS LOANS FIRST DISBURSED ON OR
AFTER 07/01/2023 AND BEFORE 07/01/2024
10-year
treasury note
high yield
05/10/2023
(%)
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 ......................................
3.448
2.05
8.25
5.50
Graduate and professional students ...................
3.448
3.60
9.50
7.05
Parents of dependent undergraduate students ...
Graduate and professional students ...................
3.448
4.60
10.50
8.05
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, 2023, through
June 30, 2024, with the fixed interest
rates for loans first disbursed during
each previous 12-month period from
July 1, 2013, through June 30, 2023.
CHART 2—DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, AND DIRECT PLUS LOANS FIRST DISBURSED ON OR
AFTER 07/01/2013 AND BEFORE 07/01/2024
First disbursed
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On/after
Fixed interest rates
(%)
Before
07/01/2023 ................
07/01/2022 ................
Direct
Subsidized
Loans,
Direct
Unsubsidized
Loans,
(undergraduate
students)
07/01/2024
07/01/2023
Direct
Unsubsidized
Loans,
(graduate or
professional
students)
5.50
4.99
7.05
6.54
Federal Register notice
Direct PLUS
Loans
8.05
7.54
N/A.
87 FR 50326 (August 16, 2022).
1 Graduate and professional students are not
eligible to receive Direct Subsidized Loans.
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Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices
CHART 2—DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, AND DIRECT PLUS LOANS FIRST DISBURSED ON OR
AFTER 07/01/2013 AND BEFORE 07/01/2024—Continued
First disbursed
On/after
07/01/2021
07/01/2020
07/01/2019
07/01/2018
07/01/2017
07/01/2016
07/01/2015
07/01/2014
07/01/2013
Fixed interest rates
(%)
Direct
Subsidized
Loans,
Direct
Unsubsidized
Loans,
(undergraduate
students)
Before
................
................
................
................
................
................
................
................
................
07/01/2022
07/01/2021
07/01/2020
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)
3.73
2.75
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
Federal Register notice
Direct PLUS
Loans
5.28
4.30
6.08
6.60
6.00
5.31
5.84
6.21
5.41
6.28
5.30
7.08
7.60
7.00
6.31
6.84
7.21
6.41
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
86
85
85
83
82
81
80
79
78
FR
FR
FR
FR
FR
FR
FR
FR
FR
44003 (August 11, 2021).
48229 (August 10, 2020).
2417 (January 15, 2020).
53864 (October 25, 2018).
29062 (June 27, 2017).
38159 (June 13, 2016).
42488 (July 17, 2015).
37301 (July 1, 2014).
59011 (September 25, 2013).
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 students .........
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
section 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.
khammond on DSKJM1Z7X2PROD with NOTICES
CHART 4—DIRECT CONSOLIDATION LOANS MADE BASED ON APPLICATIONS RECEIVED ON OR AFTER 02/01/1999
Maximum
interest rate
(%)
Application received
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.
2 Effective for loan periods beginning on or after
July 1, 2012, graduate and professional students are
VerDate Sep<11>2014
17:43 Nov 24, 2023
Jkt 262001
no longer eligible to receive Direct Subsidized
Loans.
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None
8.25%
82866
Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices
Accessible Format: On request to the
program contact person listed under FOR
FURTHER INFORMATION CONTACT,
individuals with disabilities can obtain
this document in an accessible format.
The Department will provide the
requestor with an accessible format that
may include Rich Text Format (RTF) or
text format (txt), a thumb drive, an MP3
file, braille, large print, audiotape, or
compact disc, or other accessible format.
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.
Richard Cordray,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2023–26052 Filed 11–24–23; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF EDUCATION
[Docket No.: ED–2023–SCC–0120]
Agency Information Collection
Activities; Submission to the Office of
Management and Budget for Review
and Approval; Comment Request;
Direct Loan, FFEL, Perkins and TEACH
Grant Total and Permanent Disability
Discharge Application and Related
Forms
Federal Student Aid (FSA),
Department of Education (ED).
ACTION: Notice.
khammond on DSKJM1Z7X2PROD with NOTICES
AGENCY:
SUMMARY: In accordance with the
Paperwork Reduction Act (PRA) of
1995, the Department is proposing an
extension without change of a currently
approved information collection request
(ICR).
DATES: Interested persons are invited to
submit comments on or before
December 27, 2023.
ADDRESSES: Written comments and
recommendations for proposed
VerDate Sep<11>2014
17:43 Nov 24, 2023
Jkt 262001
information collection requests should
be submitted within 30 days of
publication of this notice. Go to
www.reginfo.gov/public/do/PRAMain to
access the site. Find this information
collection request (ICR) by selecting
‘‘Department of Education’’ under
‘‘Currently Under Review,’’ then check
the ‘‘Only Show ICR for Public
Comment’’ checkbox. Reginfo.gov
provides two links to view documents
related to this information collection
request. Information collection forms
and instructions may be found by
clicking on the ‘‘View Information
Collection (IC) List’’ link. Supporting
statements and other supporting
documentation may be found by
clicking on the ‘‘View Supporting
Statement and Other Documents’’ link.
FOR FURTHER INFORMATION CONTACT: For
specific questions related to collection
activities, please contact Beth
Grebeldinger, (202) 377–4018.
SUPPLEMENTARY INFORMATION: The
Department 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: Direct Loan, FFEL,
Perkins and TEACH Grant Total and
Permanent Disability Discharge
Application and Related Forms.
OMB Control Number: 1845–0065.
Type of Review: A revision of a
currently approved ICR.
Respondents/Affected Public:
Individuals or Households.
Total Estimated Number of Annual
Responses: 61,629.
Total Estimated Number of Annual
Burden Hours: 30,814.
Abstract: The Department of
Education (Department) is requesting a
renewal as revision of the information
collection, 1845–0065, Total and
Permanent Disability (TPD) Discharge
Application and Related Forms. The
regulations governing TPD discharges of
federal student loans and TEACH Grant
service obligations are contained in 34
CFR 685.213 for the Direct Loan
Program, 34 CFR 682.402(c) for the
FFEL Program, 34 CFR 674.61(b) for the
Perkins Loan Program, and 34 CFR
PO 00000
Frm 00046
Fmt 4703
Sfmt 4703
686.42(b) for the TEACH Grant Program.
A final rule published on November 1,
2022 (87 FR 65904) made changes to the
TPD discharge regulations, including an
expansion of the types of Social
Security Administration (SSA)
disability determinations that qualify a
borrower or TEACH Grant recipient for
TPD discharge; elimination of the
requirement for borrowers who receive
TPD discharges based on SSA
determinations or a physician’s
certification to provide documentation
of their annual earnings from
employment during the 3-year postdischarge monitoring period; and
expansion of the categories of medical
professionals who may certify an
individual’s TPD discharge application
which necessitate the updating of this
information collection. We have also
revised the form based on public
comment and internal review for ease of
use and clarity. We have moved
definitions to the front to allow users to
know if their loans can be included on
this form. We have moved forward
where the completed form is to be sent
and how to get assistance in completing
the form. Further explanation of
changes are in the attached comment
response table.
Dated: November 20, 2023.
Kun Mullan,
PRA Coordinator, Strategic Collections and
Clearance Governance and Strategy Division,
Office of Chief Data Officer, Office of
Planning, Evaluation and Policy
Development.
[FR Doc. 2023–26021 Filed 11–24–23; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF EDUCATION
Annual Notice of Interest Rates for
Variable-Rate Federal Student Loans
Made Under the Federal Family
Education Loan Program Prior to July
1, 2010
Federal Student Aid,
Department of Education.
ACTION: Notice.
AGENCY:
SUMMARY: The Chief Operating Officer
for Federal Student Aid announces the
interest rates for loans made under the
Federal Family Education Loan (FFEL)
Program, Assistance Listing Number
84.032, that have variable interest rates.
The rates announced in this notice are
in effect for the period July 1, 2023,
through June 30, 2024.
FOR FURTHER INFORMATION CONTACT:
Travis Sturlaugson, U.S. Department of
Education, 830 First Street NE,
Washington, DC 20202. Telephone:
E:\FR\FM\27NON1.SGM
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]]>Agencies
[Federal Register Volume 88, Number 226 (Monday, November 27, 2023)]
[Notices]
[Pages 82863-82866]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-26052]
-----------------------------------------------------------------------
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, Assistance Listing Number 84.268, with first disbursement
dates on or after July 1, 2023, and before July 1, 2024.
FOR FURTHER INFORMATION CONTACT: Travis Sturlaugson, U.S. Department of
Education, 830 First Street NE, Washington, DC 20202. Telephone: 202-
377-4174 or by email: [email protected].
If you are deaf, hard of hearing, or have a speech disability and
wish to
[[Page 82864]]
access telecommunications relay services, please dial 7-1-1.
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, 2023, and before July 1,
2024, 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 10, 2023, the United States Treasury Department held a 10-
year Treasury note auction that resulted in a high yield of 3.448
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, 2023, and before July 1, 2024.
Chart 1--Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct Plus Loans First Disbursed on or After 07/01/2023 and Before 07/01/2024
--------------------------------------------------------------------------------------------------------------------------------------------------------
10-year
treasury note Maximum rate Fixed interest
Loan type Borrower type high yield 05/ Add-on (%) (%) rate (%)
10/2023 (%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Direct Subsidized Loans........................ Undergraduate students................. 3.448 2.05 8.25 5.50
Direct Unsubsidized Loans......................
Direct Unsubsidized Loans \1\.................. Graduate and professional students..... 3.448 3.60 9.50 7.05
Direct PLUS Loans.............................. Parents of dependent undergraduate 3.448 4.60 10.50 8.05
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, 2023, through June 30, 2024,
with the fixed interest rates for loans first disbursed during each
previous 12-month period from July 1, 2013, through June 30, 2023.
---------------------------------------------------------------------------
\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 07/01/2024
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
First disbursed Fixed interest rates (%)
--------------------------------------------------------------------------------------------------------------------------
Direct
Direct Subsidized Unsubsidized
Loans, Direct Loans, Direct PLUS Federal Register notice
On/after Before Unsubsidized Loans, (graduate or Loans
(undergraduate professional
students) students)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
07/01/2023...................................... 07/01/2024 5.50 7.05 8.05 N/A.
07/01/2022...................................... 07/01/2023 4.99 6.54 7.54 87 FR 50326 (August 16, 2022).
[[Page 82865]]
07/01/2021...................................... 07/01/2022 3.73 5.28 6.28 86 FR 44003 (August 11, 2021).
07/01/2020...................................... 07/01/2021 2.75 4.30 5.30 85 FR 48229 (August 10, 2020).
07/01/2019...................................... 07/01/2020 4.53 6.08 7.08 85 FR 2417 (January 15, 2020).
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 graduate 07/01/2006 07/01/2013 6.80
or professional students.
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 section 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.
---------------------------------------------------------------------------
\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.
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.
------------------------------------------------------------------------
[[Page 82866]]
Accessible Format: On request to the program contact person listed
under FOR FURTHER INFORMATION CONTACT, individuals with disabilities
can obtain this document in an accessible format. The Department will
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Text Format (RTF) or text format (txt), a thumb drive, an MP3 file,
braille, large print, audiotape, or compact disc, or other accessible
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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.
Richard Cordray,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2023-26052 Filed 11-24-23; 8:45 am]
BILLING CODE 4000-01-P
