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FFEL and Direct Loan Interest Rates Effective July 1, 2009


Fixed Rates for Loans First Disbursed on or After July 1, 2006


Loan Type
Grade Level
First Disbursed Between July 1, 2008 and June 30, 2009
First Disbursed Between July 1, 2009 and June 30, 2010
Subsidized Loans
 Undergraduate
6.00
5.60
Graduate
6.80
6.80
Unsubsidized Loans
 Undergraduate
6.80
6.80
Graduate
6.80
6.80
PLUS Loans
 Parent and Grad Student
7.90 for Direct Loans
and 8.50 for FFEL
7.90 for Direct Loans
and 8.50 for FFEL


Variable Rates for Loans First Disbursed Between July 1, 1998 and June 30, 2006


These rates were calculated based upon statutory formulas and equal the bond equivalent rate of the 91-day Treasury bills auctioned on May 26, 2009, plus certain statutory percentage add-ons. The 91-day Treasury bills were auctioned at 0.178 percent, rounded to 0.18 percent.


Loan Type
Loan Status
For the Period
July 1, 2008 to
June 30, 2009
For the Period
July 1, 2009 to
June 30, 2010
Subsidized Loans
 Repayment or Forbearance
4.21
2.48
In-School, Grace, or Deferment
3.61
1.88
Unsubsidized Loans
 Repayment or Forbearance
4.21
2.48
In-School, Grace, or Deferment
3.61
1.88
PLUS Loans –
Parent and Grad Student
 All Statuses
5.01
3.28

Notes:

  • Interest rates on Stafford and PLUS loans disbursed before July 1, 1998, are calculated using different statutory formulas, percentage add-ons, or both.
  • Generally, interest rates on Consolidation Loans are fixed rates calculated based on the weighted average of the loans being consolidated rounded up to the next higher 1/8 percent, not to exceed 8.25 percent.
Last updated/reviewed June 01, 2009

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