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Direct Loan Interest Rates as of July 1, 2009


Direct Subsidized Loans, Direct Unsubsidized Loans and Direct PLUS Loans
First Disbursed On/After 07/01/2006: Fixed Rate
Loan Type
First Disbursement Date
Fixed Interest Rate
Undergraduate Subsidized between 07/01/2009 and 06/30/2010
5.6
Undergraduate Subsidized
between 07/01/2008 and 06/30/2009
6.0
Undergraduate Subsidized between 07/01/2006 and 06/30/2008
6.8
Graduate Subsidized
on or after 07/01/2006
6.8
All Unsubsidized
on or after 07/01/2006
6.8
PLUS
on or after 07/01/2006
7.9


Direct Consolidation Loans
Application Received On/After 02/01/1999: Fixed Rate
Loan Type
Application Receipt Date
Fixed Interest Rate
All Consolidation
 on or after 02/01/1999 weighted average of loans consolidated, rounded to next higher 1/8 of one percent, not to exceed 8.25 percent


Direct Subsidized Loans, Direct Unsubsidized Loans and Direct PLUS Loans
First Disbursed Before 07/01/2006: Variable Rate
Loan Type
First Disbursement Date
Loan Status
Treasury Instrument
Add-On
Interest Rate 07/01/2009 through 06/30/2010
Maximum Interest Rate
Subsidized and Unsubsidized between 07/01/1998 and 06/30/2006
repayment or forbearance
91-day T-bill: 0.18
+
2.3
=
2.48
8.25
in school, grace, or deferment
91-day T-bill: 0.18
+
1.7
=
1.88
8.25
Subsidized and Unsubsidized between 07/01/1995 and 06/30/1998
repayment or forbearance
91-day T-bill: 0.18
+
3.1
=
3.28
8.25
in school, grace, or deferment
91-day T-bill: 0.18
+
2.5
=
2.68
8.25
Subsidized and Unsubsidized before 07/01/1995
any status
91-day T-bill: 0.18
+
3.1
=
3.28
8.25
PLUS between 07/01/1998 and 06/30/2006
any status
91-day T-bill: 0.18
+
3.1
=
3.28
9.00
PLUS before 07/01/1998
any status
91-day T-bill: 0.18
+
3.1
=
3.58
9.00


Direct Consolidation Loans
Application Received Before 02/01/1999: Variable Rate
Loan Type
Application Receipt Date or First Disbursement Date
Loan Status
Treasury Instrument
Add-On
Interest Rate 07/01/2009 through 06/30/2010
Maximum Interest Rate
All Consolidation application received between 10/01/1998 and 01/31/1999
any status
91-day T-bill: 0.18
+
2.3
=
2.48
8.25
Subsidized and Unsubsidized Consolidation first disbursement date between 07/01/1998 and 09/30/1998 and loans with first disbursement date on or after 10/01/1998 for which application was received before 10/01/1998
repayment or forbearance
91-day T-bill: 0.18
+
2.3
=
2.48
8.25
in school, grace, or deferment
91-day T-bill: 0.18
+
1.7
=
1.88
8.25
Subsidized and Unsubsidized Consolidation first disbursement date between 07/01/1995 and 6/30/1998
repayment or forbearance
91-day T-bill: 0.18
+
3.1
=
3.28
8.25
in school, grace, or deferment
91-day T-bill: 0.18
+
2.5
=
2.68
8.25
Subsidized and Unsubsidized Consolidation first disbursement date between 07/01/1994 and 06/30/1995
any status
91-day T-bill: 0.18
+
3.1
=
3.28
8.25
PLUS Consolidation first disbursement date between 07/01/1998 and 09/30/1998 and loans with first disbursement date on or after 10/01/1998 for which application was received before 10/01/1998
any status
91-day T-bill: 0.18
+
3.1
=
3.28
9.00
PLUS Consolidation first disbursement date before 07/01/1998
any status
1-year constant maturity Treasury yield: 0.48
+
3.1
=
3.58
9.00


Note: For variable rate loans, if the treasury instrument plus the add-on equals or exceeds the maximum interest rate, then the interest rate is the maximum interest rate.
Last updated/reviewed July 14, 2009

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