Annual Notice of Interest Rates for Variable-Rate Federal Student Loans Made Under the Federal Family Education Loan Program Prior to July 1, 2010, 82866-82869 [2023-26054]
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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
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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
27NON1
82867
Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices
202–377–4174. Email:
travis.sturlaugson@ed.gov.
If you are deaf, hard of hearing, or
have a speech disability and wish to
access telecommunications relay
services, please dial 7–1–1.
SUPPLEMENTARY INFORMATION: Section
427A of the Higher Education Act of
1965, as amended (HEA) (20 U.S.C.
1077a), provides formulas for
determining the interest rates charged to
borrowers on loans made under the
FFEL Program, including Federal
Subsidized and Unsubsidized Stafford
Loans (Stafford Loans), Federal PLUS
Loans (PLUS Loans), Federal
Consolidation Loans (Consolidation
Loans), and Federal Supplemental
Loans for Students (SLS Loans). No new
loans have been made under the FFEL
Program since June 30, 2010.
The FFEL Program includes loans
with variable interest rates that change
each year and loans with fixed interest
rates that remain the same for the life of
the loan. For loans with a variable
interest rate, the specific interest rate
formula that applies to a particular loan
depends on the date of the first
disbursement of the loan or, in the case
of a Consolidation Loan, the date the
application for the loan was received. If
a loan has a variable interest rate, a new
rate is determined annually and is in
effect during the period from July 1 of
one year through June 30 of the
following year.
This notice announces the interest
rates for variable-rate FFEL Program
loans that will be in effect during the
period from July 1, 2023, through June
30, 2024. Interest rates for fixed-rate
FFEL Program loans may be found in a
Federal Register notice published on
September 15, 2015 (80 FR 55342).
For the majority of variable-rate FFEL
Program loans, the annual interest rate
is equal to the lesser of—
(1) The bond equivalent rate of the 91day Treasury bills auctioned at the final
auction held before June 1 of each year,
plus a statutory add-on percentage; or
(2) A statutorily established maximum
interest rate.
The bond equivalent rate of the 91day Treasury bills auctioned on May 30,
2023, is 5.462 percent, rounded to 5.46
percent.
For PLUS Loans first disbursed before
July 1, 1998, and for all SLS Loans, the
annual interest rate is equal to the lesser
of—
(1) The weekly average of the one-year
constant maturity Treasury yield, as
published by the Board of Governors of
the Federal Reserve System, for the last
calendar week ending on or before June
26 of each year, plus a statutory add-on
percentage; or
(2) A statutorily established maximum
interest rate.
The weekly average of the one-year
constant maturity Treasury yield, as
published by the Board of Governors of
the Federal Reserve System, for the last
calendar week ending on or before June
26, 2023, is 5.26 percent.
For Consolidation Loans that have a
variable interest rate, the annual interest
rate for the portion of a Consolidation
Loan that repaid loans other than loans
made under the Health Education
Assistance Loans (HEAL) Program is
equal to—
(1) The bond equivalent rate of the 91day Treasury bill auctioned at the final
auction held before June 1 of each year,
plus a statutory add-on percentage; or
(2) A statutorily established maximum
interest rate.
If a Consolidation Loan (whether a
variable-rate loan or a fixed-rate loan)
repaid loans made under the HEAL
Program, the interest rate on the portion
of the Consolidation Loan that repaid
HEAL loans is a variable rate that is
equal to the average of the bond
equivalent rates of the 91-day Treasury
bills auctioned for the quarter ending
June 30, plus a statutory add-on
percentage. For the portion of a
Consolidation Loan that repaid HEAL
loans, there is no maximum interest
rate.
The average of the bond equivalent
rates of the 91-day Treasury bills
auctioned for the quarter ending on June
30, 2023, is 5.27 percent.
The statutory add-on percentages and
maximum interest rates vary depending
on loan type and when the loan was
first disbursed. In addition, the add-on
percentage for certain Stafford Loans is
different depending on whether the loan
is in an in-school, grace, or deferment
status, or in any other status. If the
interest rate calculated in accordance
with the applicable formula exceeds the
statutory maximum interest rate, the
statutory maximum rate applies.
Charts 1 through 4 show the interest
rate formulas that are used to determine
the interest rates for all variable-rate
FFEL Program loans and the interest
rates that are in effect during the 12month period from July 1, 2023, through
June 30, 2024. Unless otherwise
indicated, the cohorts shown in each
chart include all borrowers, regardless
of prior borrowing.
Chart 1 shows the interest rates for
loans with rates based on the 91-day
Treasury bill, with the exception of
‘‘converted’’ variable-rate Federal
Stafford Loans and certain Federal
Consolidation Loans.
Chart 2 shows the interest rates for
loans with rates based on the weekly
average of the one-year constant
maturity Treasury yield.
Chart 3 shows the interest rates for
‘‘converted’’ variable-rate Federal
Stafford Loans. These are loans that
originally had varying fixed interest
rates.
Finally, Chart 4 shows the interest
rates for variable-rate Federal
Consolidation Loans, and for the portion
of any Federal Consolidation Loan that
repaid loans made under the HEAL
Program.
CHART 1—SUBSIDIZED FEDERAL STAFFORD LOANS, UNSUBSIDIZED FEDERAL STAFFORD LOANS, AND FEDERAL PLUS
LOANS
khammond on DSKJM1Z7X2PROD with NOTICES
[Interest rate based on 91-day Treasury bill]
Loan type
Cohort
Subsidized Stafford,
Unsubsidized
Stafford.
First disbursed on/
after 07/01/98
and before 07/
01/06.
5.46
PLUS ......................
First disbursed on/
after 07/01/98
and before 07/
01/06.
5.46
VerDate Sep<11>2014
17:43 Nov 24, 2023
91-Day T-bill
rate 05/30/23
(%)
Jkt 262001
PO 00000
Add-on (%)
1.70 (in-school,
grace,
deferment).
2.30 (any other status).
3.10
Frm 00047
Maximum rate
(%)
Fmt 4703
Sfmt 4703
Interest rate 07/01/23 through 06/30/24
(%)
8.25
7.16 (in-school,
grace,
deferment).
9.00
E:\FR\FM\27NON1.SGM
27NON1
7.76 (any other status).
8.56
82868
Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices
CHART 1—SUBSIDIZED FEDERAL STAFFORD LOANS, UNSUBSIDIZED FEDERAL STAFFORD LOANS, AND FEDERAL PLUS
LOANS—Continued
[Interest rate based on 91-day Treasury bill]
Loan type
Cohort
91-Day T-bill
rate 05/30/23
(%)
Add-on (%)
Maximum rate
(%)
Subsidized Stafford,
Unsubsidized
Stafford.
First disbursed on/
after 07/01/95
and before 07/
01/98.
5.46
Subsidized Stafford,
Unsubsidized
Stafford.
First disbursed on/
after 07/01/94
and before 07/
01/95, for a period of enrollment
that included or
began on or after
07/01/94.
5.46
3.10
8.25
8.25
Subsidized Stafford,
Unsubsidized
Stafford.
First disbursed on/
after 10/01/92
and before 07/
01/94; and First
disbursed on/
after 07/01/94,
for a period of
enrollment ending before 07/01/
94 (new borrowers).
5.46
3.10
9.00
8.56
3.10 (any other status).
2.50 (in-school,
grace,
deferment).
Interest rate 07/01/23 through 06/30/24
(%)
8.25
8.25 (any other status).
7.96 (in-school,
grace,
deferment).
CHART 2—FEDERAL PLUS LOANS AND SLS LOANS
[Interest rate based on weekly average of one-year constant maturity Treasury yield]
Weekly average of
1-year constant
maturity Treasury
yield for last
calendar week
ending on or
before 06/26/23
(%)
Loan type
Cohort
PLUS .............
First disbursed on/after 07/01/94 and before 07/01/
98.
First disbursed on/after 10/01/92 and before 07/01/
94.
First disbursed on/after 10/01/92, for a period of
enrollment beginning before 07/01/94.
First disbursed before 10/01/92 ..............................
PLUS .............
SLS ................
PLUS, SLS ....
Interest rate
07/01/23 through
06/30/24
(%)
Maximum
rate
(%)
Add-on
(%)
5.26
3.10
9.00
8.36
5.26
3.10
10.00
8.36
5.26
3.10
11.00
8.36
5.26
3.25
12.00
8.51
CHART 3—‘‘CONVERTED’’ VARIABLE-RATE SUBSIDIZED AND UNSUBSIDIZED FEDERAL STAFFORD LOANS
[Interest rate based on 91-day Treasury bill]
khammond on DSKJM1Z7X2PROD with NOTICES
Loan type
Original fixed interest
rate
(later converted to
variable rate)
(%)
Cohort
Subsidized Stafford,
First disbursed on or
Unsubsidized Stafford.
after 07/23/92 and
before 07/01/94
(prior borrowers).
Subsidized Stafford,
First disbursed on or
Unsubsidized Stafford.
after 07/23/92 and
before 07/01/94
(prior borrowers).
Subsidized Stafford,
First disbursed on or
Unsubsidized Stafford.
after 07/23/92 and
before 07/01/94
(prior borrowers).
VerDate Sep<11>2014
17:43 Nov 24, 2023
Jkt 262001
PO 00000
91-Day T-bill
rate 05/30/23
(%)
Add-on
(%)
Maximum rate
(%)
Interest rate
07/01/23
through
06/30/24
(%)
8.00, increasing to
10.00.
5.46
3.10
10.00
8.56
9.00 .............................
5.46
3.10
9.00
8.56
8.00 .............................
5.46
3.10
8.00
8.00
Frm 00048
Fmt 4703
Sfmt 4703
E:\FR\FM\27NON1.SGM
27NON1
82869
Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices
CHART 3—‘‘CONVERTED’’ VARIABLE-RATE SUBSIDIZED AND UNSUBSIDIZED FEDERAL STAFFORD LOANS—Continued
[Interest rate based on 91-day Treasury bill]
Loan type
Original fixed interest
rate
(later converted to
variable rate)
(%)
Cohort
Subsidized Stafford,
First disbursed on or
Unsubsidized Stafford.
after 07/23/92 and
before 07/01/94
(prior borrowers).
Subsidized Stafford,
First disbursed on or
Unsubsidized Stafford.
after 07/23/92 and
before 10/01/92 (new
borrowers).
Subsidized Stafford,
First disbursed on or
Unsubsidized Stafford.
after 07/01/88 and
before 07/23/92.
91-Day T-bill
rate 05/30/23
(%)
Add-on
(%)
Maximum rate
(%)
Interest rate
07/01/23
through
06/30/24
(%)
7.00 .............................
5.46
3.10
7.00
7.00
8.00, increasing to
10.00.
5.46
3.25
10.00
8.71
8.00, increasing to
10.00.
5.46
3.25
10.00
8.71
CHART 4—FEDERAL CONSOLIDATION LOANS
Consolidation loan component
khammond on DSKJM1Z7X2PROD with NOTICES
Portion of loan that repaid
loans other than HEAL
loans.
Portion of the loan that repaid HEAL loans.
Cohort
Application received on/
after 11/13/97 and before
10/01/98.
Application received on/
after 11/13/97.
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
VerDate Sep<11>2014
91-Day T-bill
rate 05/30/23
(%)
17:43 Nov 24, 2023
Jkt 262001
Average of
the bond
equivalent
rates of the
91-day T-bills
auctioned
for the
quarter
ending
06/30/23
(%)
Interest rate
07/01/23
through
06/30/24
(%)
N/A
3.10
8.25
8.25
N/A
5.27
3.00
None
8.27
Richard Cordray,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2023–26054 Filed 11–24–23; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF EDUCATION
[Docket No.: ED–2023–SCC–0196]
Agency Information Collection
Activities; Submission to the Office of
Management and Budget for Review
and Approval; Comment Request;
American Indian Tribally Controlled
Colleges and Universities Program
(1894–0001)
Office of Postsecondary
Education (OPE), Department of
Education (ED).
ACTION: Notice.
AGENCY:
SUMMARY: In accordance with the
Paperwork Reduction Act (PRA) of
1995, the Department is proposing an
Frm 00049
Maximum rate
(%)
5.46
search feature at this site, you can limit
your search to documents published by
the Department.
Program Authority: 20 U.S.C. 1071 et
seq.
PO 00000
Add-on
(%)
Fmt 4703
Sfmt 4703
extension without change of a currently
approved information collection request
(ICR).
Interested persons are invited to
submit comments on or before
December 27, 2023.
DATES:
Written comments and
recommendations for proposed
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.
ADDRESSES:
E:\FR\FM\27NON1.SGM
27NON1
]]>Agencies
[Federal Register Volume 88, Number 226 (Monday, November 27, 2023)]
[Notices]
[Pages 82866-82869]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-26054]
-----------------------------------------------------------------------
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
AGENCY: Federal Student Aid, Department of Education.
ACTION: Notice.
-----------------------------------------------------------------------
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:
[[Page 82867]]
202-377-4174. Email: [email protected].
If you are deaf, hard of hearing, or have a speech disability and
wish to access telecommunications relay services, please dial 7-1-1.
SUPPLEMENTARY INFORMATION: Section 427A of the Higher Education Act of
1965, as amended (HEA) (20 U.S.C. 1077a), provides formulas for
determining the interest rates charged to borrowers on loans made under
the FFEL Program, including Federal Subsidized and Unsubsidized
Stafford Loans (Stafford Loans), Federal PLUS Loans (PLUS Loans),
Federal Consolidation Loans (Consolidation Loans), and Federal
Supplemental Loans for Students (SLS Loans). No new loans have been
made under the FFEL Program since June 30, 2010.
The FFEL Program includes loans with variable interest rates that
change each year and loans with fixed interest rates that remain the
same for the life of the loan. For loans with a variable interest rate,
the specific interest rate formula that applies to a particular loan
depends on the date of the first disbursement of the loan or, in the
case of a Consolidation Loan, the date the application for the loan was
received. If a loan has a variable interest rate, a new rate is
determined annually and is in effect during the period from July 1 of
one year through June 30 of the following year.
This notice announces the interest rates for variable-rate FFEL
Program loans that will be in effect during the period from July 1,
2023, through June 30, 2024. Interest rates for fixed-rate FFEL Program
loans may be found in a Federal Register notice published on September
15, 2015 (80 FR 55342).
For the majority of variable-rate FFEL Program loans, the annual
interest rate is equal to the lesser of--
(1) The bond equivalent rate of the 91-day Treasury bills auctioned
at the final auction held before June 1 of each year, plus a statutory
add-on percentage; or
(2) A statutorily established maximum interest rate.
The bond equivalent rate of the 91-day Treasury bills auctioned on
May 30, 2023, is 5.462 percent, rounded to 5.46 percent.
For PLUS Loans first disbursed before July 1, 1998, and for all SLS
Loans, the annual interest rate is equal to the lesser of--
(1) The weekly average of the one-year constant maturity Treasury
yield, as published by the Board of Governors of the Federal Reserve
System, for the last calendar week ending on or before June 26 of each
year, plus a statutory add-on percentage; or
(2) A statutorily established maximum interest rate.
The weekly average of the one-year constant maturity Treasury
yield, as published by the Board of Governors of the Federal Reserve
System, for the last calendar week ending on or before June 26, 2023,
is 5.26 percent.
For Consolidation Loans that have a variable interest rate, the
annual interest rate for the portion of a Consolidation Loan that
repaid loans other than loans made under the Health Education
Assistance Loans (HEAL) Program is equal to--
(1) The bond equivalent rate of the 91-day Treasury bill auctioned
at the final auction held before June 1 of each year, plus a statutory
add-on percentage; or
(2) A statutorily established maximum interest rate.
If a Consolidation Loan (whether a variable-rate loan or a fixed-
rate loan) repaid loans made under the HEAL Program, the interest rate
on the portion of the Consolidation Loan that repaid HEAL loans is a
variable rate that is equal to the average of the bond equivalent rates
of the 91-day Treasury bills auctioned for the quarter ending June 30,
plus a statutory add-on percentage. For the portion of a Consolidation
Loan that repaid HEAL loans, there is no maximum interest rate.
The average of the bond equivalent rates of the 91-day Treasury
bills auctioned for the quarter ending on June 30, 2023, is 5.27
percent.
The statutory add-on percentages and maximum interest rates vary
depending on loan type and when the loan was first disbursed. In
addition, the add-on percentage for certain Stafford Loans is different
depending on whether the loan is in an in-school, grace, or deferment
status, or in any other status. If the interest rate calculated in
accordance with the applicable formula exceeds the statutory maximum
interest rate, the statutory maximum rate applies.
Charts 1 through 4 show the interest rate formulas that are used to
determine the interest rates for all variable-rate FFEL Program loans
and the interest rates that are in effect during the 12-month period
from July 1, 2023, through June 30, 2024. Unless otherwise indicated,
the cohorts shown in each chart include all borrowers, regardless of
prior borrowing.
Chart 1 shows the interest rates for loans with rates based on the
91-day Treasury bill, with the exception of ``converted'' variable-rate
Federal Stafford Loans and certain Federal Consolidation Loans.
Chart 2 shows the interest rates for loans with rates based on the
weekly average of the one-year constant maturity Treasury yield.
Chart 3 shows the interest rates for ``converted'' variable-rate
Federal Stafford Loans. These are loans that originally had varying
fixed interest rates.
Finally, Chart 4 shows the interest rates for variable-rate Federal
Consolidation Loans, and for the portion of any Federal Consolidation
Loan that repaid loans made under the HEAL Program.
Chart 1--Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, and Federal Plus Loans
[Interest rate based on 91-day Treasury bill]
Loan type Cohort.......... 91-Day T-bill Add-on (%) Maximum rate Interest rate 07/01/23 through 06/
rate 05/30/23 (%) 30/24 (%)
(%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Subsidized Stafford, First disbursed 5.46 1.70 (in-school, 2.30 (any other 8.25 7.16 (in-school, 7.76 (any other
Unsubsidized Stafford. on/after 07/01/ grace, status). grace, status).
98 and before deferment). deferment).
07/01/06.
-------------------------------------------------------------------------------------------------------
PLUS.......................... First disbursed 5.46 3.10 9.00 8.56
on/after 07/01/
98 and before
07/01/06.
-------------------------------------------------------------------------------------------------------
[[Page 82868]]
Subsidized Stafford, First disbursed 5.46 2.50 (in-school, 3.10 (any other 8.25 7.96 (in-school, 8.25 (any other
Unsubsidized Stafford. on/after 07/01/ grace, status). grace, status).
95 and before deferment). deferment).
07/01/98.
-------------------------------------------------------------------------------------------------------
Subsidized Stafford, First disbursed 5.46 3.10 8.25 8.25
Unsubsidized Stafford. on/after 07/01/
94 and before
07/01/95, for a
period of
enrollment that
included or
began on or
after 07/01/94.
-------------------------------------------------------------------------------------------------------
Subsidized Stafford, First disbursed 5.46 3.10 9.00 8.56
Unsubsidized Stafford. on/after 10/01/
92 and before
07/01/94; and
First disbursed
on/after 07/01/
94, for a
period of
enrollment
ending before
07/01/94 (new
borrowers).
--------------------------------------------------------------------------------------------------------------------------------------------------------
Chart 2--Federal Plus Loans and SLS Loans
[Interest rate based on weekly average of one-year constant maturity Treasury yield]
----------------------------------------------------------------------------------------------------------------
Weekly average of
1-year constant
maturity Treasury
yield for last Maximum rate Interest rate 07/
Loan type Cohort calendar week Add-on (%) (%) 01/23 through 06/
ending on or 30/24 (%)
before 06/26/23
(%)
----------------------------------------------------------------------------------------------------------------
PLUS.................. First disbursed on/ 5.26 3.10 9.00 8.36
after 07/01/94
and before 07/01/
98.
PLUS.................. First disbursed on/ 5.26 3.10 10.00 8.36
after 10/01/92
and before 07/01/
94.
SLS................... First disbursed on/ 5.26 3.10 11.00 8.36
after 10/01/92,
for a period of
enrollment
beginning before
07/01/94.
PLUS, SLS............. First disbursed 5.26 3.25 12.00 8.51
before 10/01/92.
----------------------------------------------------------------------------------------------------------------
Chart 3--``Converted'' Variable-Rate Subsidized and Unsubsidized Federal Stafford Loans
[Interest rate based on 91-day Treasury bill]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Original fixed interest 91-Day T-bill Maximum rate 07/01/23
Loan type Cohort rate (later converted rate 05/30/23 Add-on (%) (%) through 06/30/
to variable rate) (%) (%) 24 (%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Subsidized Stafford, Unsubsidized First disbursed on or 8.00, increasing to 5.46 3.10 10.00 8.56
Stafford. after 07/23/92 and 10.00.
before 07/01/94 (prior
borrowers).
Subsidized Stafford, Unsubsidized First disbursed on or 9.00................... 5.46 3.10 9.00 8.56
Stafford. after 07/23/92 and
before 07/01/94 (prior
borrowers).
Subsidized Stafford, Unsubsidized First disbursed on or 8.00................... 5.46 3.10 8.00 8.00
Stafford. after 07/23/92 and
before 07/01/94 (prior
borrowers).
[[Page 82869]]
Subsidized Stafford, Unsubsidized First disbursed on or 7.00................... 5.46 3.10 7.00 7.00
Stafford. after 07/23/92 and
before 07/01/94 (prior
borrowers).
Subsidized Stafford, Unsubsidized First disbursed on or 8.00, increasing to 5.46 3.25 10.00 8.71
Stafford. after 07/23/92 and 10.00.
before 10/01/92 (new
borrowers).
Subsidized Stafford, Unsubsidized First disbursed on or 8.00, increasing to 5.46 3.25 10.00 8.71
Stafford. after 07/01/88 and 10.00.
before 07/23/92.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Chart 4--Federal Consolidation Loans
--------------------------------------------------------------------------------------------------------------------------------------------------------
Average of the
bond
equivalent
91-Day T-bill rates of the Interest rate
Consolidation loan component Cohort rate 05/30/23 91-day T-bills Add-on (%) Maximum rate 07/01/23
(%) auctioned for (%) through 06/30/
the quarter 24 (%)
ending 06/30/
23 (%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Portion of loan that repaid loans other Application received on/ 5.46 N/A 3.10 8.25 8.25
than HEAL loans. after 11/13/97 and before
10/01/98.
Portion of the loan that repaid HEAL loans Application received on/ N/A 5.27 3.00 None 8.27
after 11/13/97.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Accessible Format: On request to the program contact person listed
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can obtain this document in an accessible format. The Department will
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Electronic Access to This Document: The official version of this
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Federal Regulations at www.govinfo.gov. At this site you can view this
document, as well as all other documents of this Department published
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use PDF you must have Adobe Acrobat Reader, which is available free at
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You may also access documents of the Department published in the
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Program Authority: 20 U.S.C. 1071 et seq.
Richard Cordray,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2023-26054 Filed 11-24-23; 8:45 am]
BILLING CODE 4000-01-P
