New Interest Rates for Federal Loans
Effective July 1, 2007, the variable interest rates for Federal Stafford and PLUS loans will increase slightly by .08%. Variable federal interest rates are reset every July 1 based on the last 91-day T-Bill auction in May, which this year was the May 29, 2007 auction. The fixed interest rates for Stafford, PLUS and Grad PLUS loans remain unchanged.
Beginning July 1, 2007, the interest rates will be:
| Stafford Loans |
|---|
| 6.8% fixed interest rate (new loans after July 1, 2006) - Unchanged |
| 6.62% variable interest rate (during in-school/grace for loans originated prior to July 1, 2006) |
| 7.22% variable interest rate (during repayment for loans originated prior to July 1, 2006) |
| PLUS Loans |
|---|
| 8.5% fixed interest rate (new loans after July 1, 2006) - Unchanged |
| 8.02% variable interest rate (for loans originated prior to July 1, 2006) |
| Grad PLUS Loans |
|---|
| 8.5% fixed interest rate - Unchanged |
| Consolidation Loans |
|---|
| The interest rate calculation for consolidation loans remains the same as are the weighted average of the rates on the loans being consolidated, rounded up to the nearest 1/8th of a point. This is a fixed interest rate with a cap at 8.25%. |
Are You Considering Loan Consolidation?
To take advantage of consolidating your loans with National Education at the lowest available interest rate, we recommend that you consolidate your variable interest rate loans:
- after you graduate,
- prior to the rate increase on July 1st, and
- during the grace period.
Should you have any questions, please contact us at (800) 345-4325 or customerservice@nationaled.net.
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