- Important Interest Rate Information
- Current Consolidation Interest Rate
- Direct Loan and FFEL Interest Rates from July 1, 2013to June 30, 2014
- Information for borrowers who consolidated duringthe Repayment Incentive Program (10/1/00 - 9/30/01)
1. IMPORTANT INTEREST RATE INFORMATION
The Bipartisan Student Loan Certainty Act of 2013 changedthe formula for determining the interest rate for Direct ConsolidationLoans as follows:
For Direct Consolidation Loans that are made based on applicationsreceived on or after July 1, 2013, the weighted average interest rate is no longer capped at 8.25%.
2. Current Consolidation Interest Rate.
- The interest rate for a Direct Consolidation Loan is the weighted average of theinterest rates on the loans being consolidated (as of the date we receive theapplication), rounded to the nearest higher one-eighth of one percent. This rate isfixed for the life of the loan.The interest rate for Direct Consolidation Loans thatwere made based on applicationsreceived prior to July 1, 2013 will not exceed 8.25 percent. Theinterest rate for Direct Consolidation Loans that were made based on applications received on or after July1, 2013, there is no cap on the interest rate.
- ** Use ouronline calculator,or call us at 1-800-557-7392, to estimate your weighted average interest rate and tosee what your loan payments might be under each of our four repayment plans.
Five steps to calculate the Weighted AverageInterest Rate
Step 1:
Multiply each loan by its interest rate to obtain the "per loan weightfactor."
Step 2:
Add the per loan weight factors together.
Step 3:
Add the loan amounts together.
Step 4:
Divide the "total per loan weight factor" by the total loan amount andthen multiply by 100.
Step 5:
*Round the result of Step 4 to the nearest higher one-eighth of one percent ifit is not already on an eighth of a percent.
3. Direct Loan and FFEL Interest Rates fromJuly 1, 2013 to June 30, 2014.
- Direct Loans Interest Rates
Interest rates for Direct Loan Program loans for the period July 1, 2013through June 30, 2014. - Federal Family Education Loans (FFEL) Interest Rates
Interest rates for FFEL Program for the period July 1, 2013 through June 30, 2014.
4. Information for borrowers who consolidatedduring the Repayment Incentive Program(10/1/00 - 9/30/01)
As an incentive to encourage timely student loan repayments, all borrowers whoconsolidated eligible student loans into the Federal Direct Consolidation LoanProgram between October 1, 2000, and September 30, 2001 received an immediateinterest rate reduction of 0.8 percent. To keep this benefit beyond the initial12-month period, borrowers must make the first 12 monthly payments on time. The0.8 percent rate reduction will become permanent once these first 12 payments aremade on time.
For example, if your Direct Consolidation Loan interest rate is 8.25percent, your interest rate drops to 7.45 percent. If you make your first 12payments on time, you keep that interest rate and could save more than $400 forevery $10,000 borrowed over a standard 10-year term.
How Will the Lower Rate Affect Your Loan Before You Fulfill the 12-PaymentRequirement?
You will not see a reduction in the amount of your monthly payment until after youfulfill the 12-payment requirement. Until then, the savings that result from the0.8 percent interest rate reduction will be applied toward reducing the principalbalance of your Direct Consolidation Loan.
How Will the Lower Rate Affect Your Loan After You Fulfill the 12-PaymentRequirement?
After you successfully fulfill the 12-payment requirement, the 0.8 percent ratereduction will be applied permanently toward your interest rate. At this point, thesavings that result from the lower interest rate will be applied toward reducingyour monthly payment.
Please Contact Us for Additional Information
Website - See our list ofQuestions and Answers related to the Repayment Incentive Program.
Phone: Talk with a loan representative between 8 a.m. and 8 p.m., EST, Mondaythrough Friday, at 1-800-557-7392 (TDD 1-800-557-7395).
Last Updated - March 2, 2014
Important Interest Rate Information; Current Consolidation Interest Rate; Direct Loan and FFEL Interest Rates from July 1, 2013 to June 30, 2014
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