80_FR_55520 80 FR 55342 - Annual Notice of Interest Rates of Federal Student Loans Made Under the Federal Family Education Loan Program Prior to July 1, 2010

80 FR 55342 - Annual Notice of Interest Rates of Federal Student Loans Made Under the Federal Family Education Loan Program Prior to July 1, 2010

DEPARTMENT OF EDUCATION

Federal Register Volume 80, Issue 178 (September 15, 2015)

Page Range55342-55344
FR Document2015-23165

In accordance with section 427A of the Higher Education Act of 1965, as amended, the Chief Operating Officer for Federal Student Aid announces the interest rates for the period July 1, 2015, through June 30, 2016, for certain loans made under the Federal Family Education Loan (FFEL) Program prior to July 1, 2010. The Chief Operating Officer takes this action to give notice of FFEL Program loan interest rates to the public.

Federal Register, Volume 80 Issue 178 (Tuesday, September 15, 2015)
[Federal Register Volume 80, Number 178 (Tuesday, September 15, 2015)]
[Notices]
[Pages 55342-55344]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-23165]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF EDUCATION


Annual Notice of Interest Rates of 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.

-----------------------------------------------------------------------

Catalog of Federal Domestic Assistance (CFDA) Number: 84.032.

SUMMARY: In accordance with section 427A of the Higher Education Act of 
1965, as amended, the Chief Operating Officer for Federal Student Aid 
announces the interest rates for the period July 1, 2015, through June 
30, 2016, for certain loans made under the Federal Family Education 
Loan (FFEL) Program prior to July 1, 2010. The Chief Operating Officer 
takes this action to give notice of FFEL Program loan interest rates to 
the public.

DATES: This notice is effective September 15, 2015.

FOR FURTHER INFORMATION CONTACT: Ian Foss, U.S. Department of 
Education, 830 First Street NE., Room 114I1, Washington, DC 20202. 
Telephone: (202) 377-3681 or by email: [email protected].
    If you use a telecommunications device for the deaf (TDD) or a text 
telephone (TTY), call the Federal Relay Service (FRS), toll free, at 1-
800-877-8339.
    Individuals with disabilities can obtain this document in an 
accessible format (e.g., braille, large print, audiotape, or compact 
disc) on request to the contact person listed under FOR FURTHER 
INFORMATION CONTACT.

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 Federal Family Education Loan (FFEL) Program, including Federal 
Subsidized and Unsubsidized Stafford Loans, Federal PLUS Loans, and 
Federal Consolidation Loans.
    The FFEL Program includes loans with variable interest rates and 
loans with fixed interest rates. Most loans made under the FFEL Program 
before July 1, 2006, have variable interest rates that change each 
year. In most cases, the variable interest rate formula that applies to 
a particular loan usually depends on the date of the first disbursement 
of the loan. The variable rates are determined annually and are 
effective for each 12-month period beginning July 1 of one year and 
ending June 30 of the following year.
    Under section 427A(k) of the HEA, FFEL Program loans first 
disbursed on or after July 1, 2006, have a fixed interest rate.
    In the case of some Federal Consolidation Loans, the interest rate 
is determined by the date on which the Federal Consolidation Loan 
application was received. Federal Consolidation Loans for which the 
application was received on or after October 1, 1998, have a fixed 
interest rate. This fixed rate is based on the weighted average of the 
loans that are consolidated, rounded up to the nearest higher 1/8 of 
one percent up to a maximum rate of 8.25 percent.
    FFEL variable interest rates are based on formulas that use the 
bond equivalent rate of the 91-day Treasury bills auctioned at the 
final auction held before June 1 of each year plus a statutorily 
established add-on. These formulas apply to: All Federal Subsidized and 
Unsubsidized Stafford Loans first disbursed before October 1, 1992, 
that have been converted to variable rate loans; all Federal Subsidized 
and Unsubsidized Stafford Loans first disbursed on or after October 1, 
1992, and before July 1, 2006; Federal PLUS Loans first disbursed on or 
after July 1, 1998, and before July 1, 2006; and Federal Consolidation 
Loans for which the Federal Consolidation Loan application was received 
on or after November 13, 1997, and before October 1, 1998. In each 
case, the calculated rate is capped by a maximum interest rate. The 
bond equivalent rate of the 91-day Treasury bills auctioned on May 26, 
2015, which is used to calculate the interest rates on these loans, is 
0.02 percent.
    For Federal PLUS loans first disbursed before July 1, 1998, the 
interest rate is based on the weekly average of the one-year constant 
maturity Treasury yield, as published by the Board of Governors of the 
Federal Reserve System on the last day of the calendar week ending on 
or before June 26 of each year, plus a statutory add-on percentage. The 
calculated rate is capped by a maximum interest rate. The weekly 
average of the one-year constant maturity Treasury yield published on 
June 29, 2015, which is used to calculate the interest rate on these 
loans, is 0.29 percent.
    This notice includes five charts containing specific information on 
the calculation of interest rates for loans made under the FFEL 
Program:
    Chart 1 contains information on the interest rates for Federal 
Subsidized and Unsubsidized Stafford Loans that were made as fixed-rate 
loans, but were subsequently converted to variable-rate loans.
    Chart 2 contains information on the interest rates for variable-
rate Federal Subsidized and Unsubsidized Stafford Loans.
    Chart 3 contains information on the interest rates for variable-
rate Federal PLUS Loans.
    Chart 4 contains information on the interest rates for fixed-rate 
Federal Consolidation Loans.
    Chart 5 contains information on the interest rates for fixed-rate 
Federal Subsidized and Unsubsidized Stafford and PLUS Loans.

[[Page 55343]]



                                 Chart 1--``Converted'' Variable-Rate Federal Subsidized and Unsubsidized Stafford Loans
--------------------------------------------------------------------------------------------------------------------------------------------------------
                             Cohort
---------------------------------------------------------------- Original fixed interest  Max. rate  (%)  91-Day  T-Bill    Margin  (%)     Total rate
     First disbursed on or after        First disbursed before             rate                              rate  (%)                          (%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
7/1/1988.............................  7/23/1992...............  8.00%, increasing to              10.00            0.02            3.25            3.27
                                                                  10.00%.
7/23/1992............................  10/1/1992...............  8.00%, increasing to              10.00            0.02            3.25            3.27
                                                                  10.00%.
7/23/1992............................  7/1/1994................  7.00%..................            7.00            0.02            3.10            3.12
7/23/1992............................  7/1/1994................  8.00%..................            8.00            0.02            3.10            3.12
7/23/1992............................  7/1/1994................  9.00%..................            9.00            0.02            3.10            3.12
7/23/1992............................  7/1/1994................  8.00%, increasing to              10.00            0.02            3.10            3.12
                                                                  10.00%.
--------------------------------------------------------------------------------------------------------------------------------------------------------


    Note: The FFEL Program loans represented by the second row of 
the chart were only made to ``new borrowers'' on or after July 23, 
1992. Whether the FFEL Program loans represented by the third 
through sixth rows of the chart were made to a specific borrower 
depends on the interest rate on a borrower's existing loans at the 
time that the borrower received the loans on or after July 23, 1992 
and prior to July 1, 1994.

    In Charts 2 and 3, a dagger following a date in a cohort field 
indicates that the trigger for the rate to apply is a period of 
enrollment for which the loan was intended either ``ending before'' or 
``beginning on or after'' the date in the cohort field.

                                        Chart 2--Variable-Rate Federal Subsidized and Unsubsidized Stafford Loans
--------------------------------------------------------------------------------------------------------------------------------------------------------
                         Cohort                                                                       Margin                        Total rate
---------------------------------------------------------                                ---------------------------------------------------------------
                                                          Max. rate  (%)  91-Day  T-Bill    In-school,                      In-school,
    First disbursed on or after        First disbursed                       rate  (%)        grace,         All other        grace,         All other
                                           before                                         deferment  (%)   periods  (%)   deferment  (%)   periods  (%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
10/1/1992.........................  7/1/1994............            9.00            0.02            3.10            3.10            3.12            3.12
7/1/1994..........................  7/1/1994 [dagger]...            9.00            0.02            3.10            3.10            3.12            3.12
7/1/1994..........................  7/1/1995............            8.25            0.02            3.10            3.10            3.12            3.12
7/1/1995..........................  7/1/1998............            8.25            0.02            2.50            3.10            2.52            3.12
7/1/1998..........................  7/1/2006............            8.25            0.02            1.70            2.30            1.72            2.32
--------------------------------------------------------------------------------------------------------------------------------------------------------


    Note: The FFEL Program loans represented in the first row in 
Chart 2 were only made to ``new borrowers'' on or after October 1, 
1992. The FFEL Program loans represented in the second row in Chart 
2 were only made to ``new borrowers'' on or after July 1, 1994. The 
FFEL Program loans represented in the third row in Chart 2 must--in 
addition to having been first disbursed on or after July 1, 1994, 
and before July 1, 1995--have been made for a period of enrollment 
that began on or included July 1, 1994.
    In Charts 3 and 4, an asterisk following a date in a cohort 
field indicates that the relevant trigger is an application for a 
Federal Consolidation Loan being received either ``on or after'' or 
``before'' the date in the cohort field. For example, the sixth row 
in Chart 3 describes the interest rate for a Federal Consolidation 
Loan for which the application was received on or after November 13, 
1997, but before October 1, 1998.


                                            Chart 3--Variable-Rate Federal PLUS, SLS, and Consolidation Loans
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                  Cohort                                            Index rate
                                 ----------------------------------------                --------------------------------
                                                                                                              1-Year                        Total rate
            Loan type             First disbursed on    First disbursed   Max. rate  (%)  91-Day  T-Bill     constant       Margin  (%)         (%)
                                       or after             before                           rate  (%)       Treasury
                                                                                                           maturity  (%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
PLUS and SLS....................  ..................  10/1/1992.........           12.00  ..............            0.29            3.25            3.54
SLS.............................  10/1/1992.........  7/1/1994 [dagger].           11.00  ..............            0.29            3.10            3.39
PLUS............................  10/1/1992.........  7/1/1994..........           10.00  ..............            0.29            3.10            3.39
PLUS............................  7/1/1994..........  7/1/1998..........            9.00  ..............            0.29            3.10            3.39
PLUS............................  7/1/1998..........  7/1/2006..........            9.00            0.02  ..............            3.10            3.12
Consolidation...................  11/13/1997*.......  10/1/1998*........            8.25            0.02  ..............            3.10            3.12
HHS Portion of Consolidation....  ..................  ..................  ..............            0.02  ..............            3.00            3.02
--------------------------------------------------------------------------------------------------------------------------------------------------------

    The last row in Chart 3 refers to portions of Federal Consolidation 
Loans attributable to loans made by the U.S. Department of Health and 
Human Services under subpart I of part A of title VII of the Public 
Health Service Act.

[[Page 55344]]



                                     Chart 4--Fixed-Rate Consolidation Loans
----------------------------------------------------------------------------------------------------------------
      First disbursed on or after         First disbursed before    Max. rate (%)               Rate
----------------------------------------------------------------------------------------------------------------
                                        7/1/1994.................  ..............  Weighted average of rates on
                                                                                    the loans included in the
                                                                                    consolidation, rounded to
                                                                                    nearest whole percent, but
                                                                                    not less than 9.00%.
7/1/1994..............................  11/13/1997 *.............  ..............  Weighted average of rates on
                                                                                    the loans included in the
                                                                                    consolidation, rounded
                                                                                    upward to nearest whole
                                                                                    percent.
10/1/1998.............................  7/1/2010.................            8.25  Weighted average of rates on
                                                                                    the loans included in the
                                                                                    consolidation, rounded to
                                                                                    the nearest higher 1/8 of 1
                                                                                    percent.
----------------------------------------------------------------------------------------------------------------


                 Chart 5--Fixed-Rate Federal Subsidized and Unsubsidized Stafford and PLUS Loans
----------------------------------------------------------------------------------------------------------------
                                                          First disbursed    First disbursed
           Loan type               Student grade level      on or after           before           Rate  (%)
----------------------------------------------------------------------------------------------------------------
Subsidized.....................  Undergraduate Students           7/1/2006           7/1/2008               6.80
Subsidized.....................  Undergraduate Students           7/1/2008           7/1/2009               6.00
Subsidized.....................  Undergraduate Students           7/1/2009           7/1/2010               5.60
Subsidized.....................  Graduate/Professional            7/1/2006           7/1/2010               6.80
                                  Students.
Unsubsidized...................  All Students..........           7/1/2006           7/1/2010               6.80
PLUS...........................  Parents and Graduate/            7/1/2006           7/1/2010               8.50
                                  Professional Students.
----------------------------------------------------------------------------------------------------------------


    Note: No new loans have been made under the FFEL Program since 
June 30, 2010.

    Electronic Access to This Document: The official version of this 
document is the document published in the Federal Register. Free 
Internet access to the official edition of the Federal Register and the 
Code of Federal Regulations is available via the Federal Digital System 
at: www.thefederalregister.org/fdsys. 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 Adobe 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 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.

    Dated: September 10, 2015.
James W. Runcie,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2015-23165 Filed 9-14-15; 8:45 am]
 BILLING CODE 4000-01-P



                                                  55342                     Federal Register / Vol. 80, No. 178 / Tuesday, September 15, 2015 / Notices

                                                    Affected Public: Individuals or                       1965, as amended, the Chief Operating                 to the nearest higher 1/8 of one percent
                                                  Households, Business or Other For-                      Officer for Federal Student Aid                       up to a maximum rate of 8.25 percent.
                                                  Profit, Not-For-Profit Institutions,                    announces the interest rates for the                     FFEL variable interest rates are based
                                                  Farms, State, Local, or Tribal                          period July 1, 2015, through June 30,                 on formulas that use the bond
                                                  Government.                                             2016, for certain loans made under the                equivalent rate of the 91-day Treasury
                                                    Frequency: Annual.                                    Federal Family Education Loan (FFEL)                  bills auctioned at the final auction held
                                                    Respondent’s Obligation: Voluntary.                   Program prior to July 1, 2010. The Chief              before June 1 of each year plus a
                                                    OMB Desk Officer: Mr. Stuart                          Operating Officer takes this action to                statutorily established add-on. These
                                                  Levenbach.                                              give notice of FFEL Program loan                      formulas apply to: All Federal
                                                    Comments and recommendations on                       interest rates to the public.                         Subsidized and Unsubsidized Stafford
                                                  the proposed information collection                     DATES: This notice is effective                       Loans first disbursed before October 1,
                                                  should be emailed to Mr. Stuart                         September 15, 2015.                                   1992, that have been converted to
                                                  Levenbach, DoD Desk Officer, at Oira_                                                                         variable rate loans; all Federal
                                                                                                          FOR FURTHER INFORMATION CONTACT: Ian
                                                  submission@omb.eop.gov. Please                                                                                Subsidized and Unsubsidized Stafford
                                                                                                          Foss, U.S. Department of Education, 830
                                                  identify the proposed information                                                                             Loans first disbursed on or after October
                                                                                                          First Street NE., Room 114I1,
                                                  collection by DoD Desk Officer and the                                                                        1, 1992, and before July 1, 2006; Federal
                                                                                                          Washington, DC 20202. Telephone:
                                                  Docket ID number and title of the                                                                             PLUS Loans first disbursed on or after
                                                                                                          (202) 377–3681 or by email: ian.foss@
                                                  information collection.                                                                                       July 1, 1998, and before July 1, 2006;
                                                                                                          ed.gov.
                                                    You may also submit comments and                                                                            and Federal Consolidation Loans for
                                                                                                             If you use a telecommunications
                                                  recommendations, identified by Docket                                                                         which the Federal Consolidation Loan
                                                                                                          device for the deaf (TDD) or a text
                                                  ID number and title, by the following                                                                         application was received on or after
                                                                                                          telephone (TTY), call the Federal Relay
                                                  method:                                                                                                       November 13, 1997, and before October
                                                                                                          Service (FRS), toll free, at 1–800–877–
                                                    • Federal eRulemaking Portal: http://                 8339.
                                                                                                                                                                1, 1998. In each case, the calculated rate
                                                  www.regulations.gov. Follow the                            Individuals with disabilities can                  is capped by a maximum interest rate.
                                                  instructions for submitting comments.                   obtain this document in an accessible                 The bond equivalent rate of the 91-day
                                                     Instructions: All submissions received               format (e.g., braille, large print,                   Treasury bills auctioned on May 26,
                                                  must include the agency name, Docket                    audiotape, or compact disc) on request                2015, which is used to calculate the
                                                  ID number and title for this Federal                    to the contact person listed under FOR                interest rates on these loans, is 0.02
                                                  Register document. The general policy                   FURTHER INFORMATION CONTACT.
                                                                                                                                                                percent.
                                                  for comments and other submissions                                                                               For Federal PLUS loans first
                                                                                                          SUPPLEMENTARY INFORMATION: Section                    disbursed before July 1, 1998, the
                                                  from members of the public is to make                   427A of the Higher Education Act of
                                                  these submissions available for public                                                                        interest rate is based on the weekly
                                                                                                          1965, as amended (HEA) (20 U.S.C.                     average of the one-year constant
                                                  viewing on the Internet at http://                      1077a), provides formulas for
                                                  www.regulations.gov as they are                                                                               maturity Treasury yield, as published by
                                                                                                          determining the interest rates charged to             the Board of Governors of the Federal
                                                  received without change, including any                  borrowers on loans made under the
                                                  personal identifiers or contact                                                                               Reserve System on the last day of the
                                                                                                          Federal Family Education Loan (FFEL)                  calendar week ending on or before June
                                                  information.                                            Program, including Federal Subsidized
                                                     DOD Clearance Officer: Mr. Frederick                                                                       26 of each year, plus a statutory add-on
                                                                                                          and Unsubsidized Stafford Loans,                      percentage. The calculated rate is
                                                  Licari.                                                 Federal PLUS Loans, and Federal
                                                     Written requests for copies of the                                                                         capped by a maximum interest rate. The
                                                                                                          Consolidation Loans.                                  weekly average of the one-year constant
                                                  information collection proposal should                     The FFEL Program includes loans
                                                  be sent to Mr. Licari at WHS/ESD                                                                              maturity Treasury yield published on
                                                                                                          with variable interest rates and loans                June 29, 2015, which is used to
                                                  Directives Division, 4800 Mark Center                   with fixed interest rates. Most loans
                                                  Drive, East Tower, Suite 02G09,                                                                               calculate the interest rate on these loans,
                                                                                                          made under the FFEL Program before                    is 0.29 percent.
                                                  Alexandria, VA 22350–3100.                              July 1, 2006, have variable interest rates               This notice includes five charts
                                                    Dated: September 9, 2015.                             that change each year. In most cases, the             containing specific information on the
                                                  Aaron Siegel,                                           variable interest rate formula that                   calculation of interest rates for loans
                                                  Alternate OSD Federal Register Liaison                  applies to a particular loan usually                  made under the FFEL Program:
                                                  Officer, Department of Defense.                         depends on the date of the first                         Chart 1 contains information on the
                                                  [FR Doc. 2015–23091 Filed 9–14–15; 8:45 am]             disbursement of the loan. The variable                interest rates for Federal Subsidized and
                                                  BILLING CODE 5001–06–P                                  rates are determined annually and are                 Unsubsidized Stafford Loans that were
                                                                                                          effective for each 12-month period                    made as fixed-rate loans, but were
                                                                                                          beginning July 1 of one year and ending               subsequently converted to variable-rate
                                                  DEPARTMENT OF EDUCATION                                 June 30 of the following year.                        loans.
                                                                                                             Under section 427A(k) of the HEA,                     Chart 2 contains information on the
                                                  Annual Notice of Interest Rates of                      FFEL Program loans first disbursed on                 interest rates for variable-rate Federal
                                                  Federal Student Loans Made Under the                    or after July 1, 2006, have a fixed                   Subsidized and Unsubsidized Stafford
                                                  Federal Family Education Loan                           interest rate.                                        Loans.
                                                  Program Prior to July 1, 2010                              In the case of some Federal                           Chart 3 contains information on the
                                                                                                          Consolidation Loans, the interest rate is             interest rates for variable-rate Federal
                                                  AGENCY: Federal Student Aid,
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                                                                          determined by the date on which the                   PLUS Loans.
                                                  Department of Education.                                Federal Consolidation Loan application                   Chart 4 contains information on the
                                                  ACTION: Notice.                                         was received. Federal Consolidation                   interest rates for fixed-rate Federal
                                                                                                          Loans for which the application was                   Consolidation Loans.
                                                  Catalog of Federal Domestic Assistance                  received on or after October 1, 1998,                    Chart 5 contains information on the
                                                  (CFDA) Number: 84.032.                                  have a fixed interest rate. This fixed rate           interest rates for fixed-rate Federal
                                                  SUMMARY:  In accordance with section                    is based on the weighted average of the               Subsidized and Unsubsidized Stafford
                                                  427A of the Higher Education Act of                     loans that are consolidated, rounded up               and PLUS Loans.


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                                                                                    Federal Register / Vol. 80, No. 178 / Tuesday, September 15, 2015 / Notices                                                                                        55343

                                                                  CHART 1—‘‘CONVERTED’’ VARIABLE-RATE FEDERAL SUBSIDIZED AND UNSUBSIDIZED STAFFORD LOANS
                                                                              Cohort                                                                                                                     91-Day
                                                                                                                                                                             Max. rate                                          Margin          Total rate
                                                                                                                         Original fixed interest rate                                                   T-Bill rate
                                                  First disbursed on or                First disbursed                                                                         (%)                                               (%)               (%)
                                                                                                                                                                                                           (%)
                                                           after                            before

                                                  7/1/1988 ..................      7/23/1992 ...............          8.00%, increasing to 10.00%                                      10.00                        0.02               3.25                3.27
                                                  7/23/1992 ................       10/1/1992 ...............          8.00%, increasing to 10.00%                                      10.00                        0.02               3.25                3.27
                                                  7/23/1992 ................       7/1/1994 .................         7.00% .....................................                       7.00                        0.02               3.10                3.12
                                                  7/23/1992 ................       7/1/1994 .................         8.00% .....................................                       8.00                        0.02               3.10                3.12
                                                  7/23/1992 ................       7/1/1994 .................         9.00% .....................................                       9.00                        0.02               3.10                3.12
                                                  7/23/1992 ................       7/1/1994 .................         8.00%, increasing to 10.00%                                      10.00                        0.02               3.10                3.12



                                                    Note: The FFEL Program loans represented                               depends on the interest rate on a borrower’s                                 trigger for the rate to apply is a period
                                                  by the second row of the chart were only                                 existing loans at the time that the borrower                                 of enrollment for which the loan was
                                                  made to ‘‘new borrowers’’ on or after July 23,                           received the loans on or after July 23, 1992                                 intended either ‘‘ending before’’ or
                                                  1992. Whether the FFEL Program loans                                     and prior to July 1, 1994.
                                                                                                                                                                                                        ‘‘beginning on or after’’ the date in the
                                                  represented by the third through sixth rows                                In Charts 2 and 3, a dagger following                                      cohort field.
                                                  of the chart were made to a specific borrower                            a date in a cohort field indicates that the

                                                                                CHART 2—VARIABLE-RATE FEDERAL SUBSIDIZED AND UNSUBSIDIZED STAFFORD LOANS
                                                                         Cohort                                                                                                              Margin                                    Total rate
                                                                                                                                                   91-Day
                                                                                                                       Max. rate                                            In-school,                                         In-school,
                                                                                                                                                  T-Bill rate                                            All other                                  All other
                                                   First disbursed on                First disbursed                     (%)                                                  grace,                                             grace,
                                                                                                                                                     (%)                                                 periods                                    periods
                                                         or after                         before                                                                            deferment                                          deferment
                                                                                                                                                                                                            (%)                                        (%)
                                                                                                                                                                               (%)                                                (%)

                                                  10/1/1992 ..............       7/1/1994 ................                         9.00                       0.02                       3.10                       3.10               3.12                3.12
                                                  7/1/1994 ................      7/1/1994 † .............                          9.00                       0.02                       3.10                       3.10               3.12                3.12
                                                  7/1/1994 ................      7/1/1995 ................                         8.25                       0.02                       3.10                       3.10               3.12                3.12
                                                  7/1/1995 ................      7/1/1998 ................                         8.25                       0.02                       2.50                       3.10               2.52                3.12
                                                  7/1/1998 ................      7/1/2006 ................                         8.25                       0.02                       1.70                       2.30               1.72                2.32



                                                    Note: The FFEL Program loans represented                               having been first disbursed on or after July                                 or after’’ or ‘‘before’’ the date in the cohort
                                                  in the first row in Chart 2 were only made                               1, 1994, and before July 1, 1995—have been                                   field. For example, the sixth row in Chart 3
                                                  to ‘‘new borrowers’’ on or after October 1,                              made for a period of enrollment that began                                   describes the interest rate for a Federal
                                                  1992. The FFEL Program loans represented in                              on or included July 1, 1994.                                                 Consolidation Loan for which the application
                                                  the second row in Chart 2 were only made                                    In Charts 3 and 4, an asterisk following a                                was received on or after November 13, 1997,
                                                  to ‘‘new borrowers’’ on or after July 1, 1994.                           date in a cohort field indicates that the
                                                  The FFEL Program loans represented in the                                relevant trigger is an application for a Federal                             but before October 1, 1998.
                                                  third row in Chart 2 must—in addition to                                 Consolidation Loan being received either ‘‘on

                                                                                       CHART 3—VARIABLE-RATE FEDERAL PLUS, SLS, AND CONSOLIDATION LOANS
                                                                                                       Cohort                                                                             Index rate

                                                                                                                                                                                                         1-Year
                                                                                                                                                  Max. rate                                                                     Margin          Total rate
                                                       Loan type                                                                                                              91-Day                    constant
                                                                               First disbursed on               First disbursed                     (%)                                                                          (%)               (%)
                                                                                                                                                                             T-Bill rate                Treasury
                                                                                     or after                        before                                                     (%)                     maturity
                                                                                                                                                                                                          (%)

                                                  PLUS and SLS ...             ............................   10/1/1992 ...........                          12.00       ........................                    0.29              3.25                3.54
                                                  SLS .....................    10/1/1992 ...........          7/1/1994 † ...........                         11.00       ........................                    0.29              3.10                3.39
                                                  PLUS ..................      10/1/1992 ...........          7/1/1994 .............                         10.00       ........................                    0.29              3.10                3.39
                                                  PLUS ..................      7/1/1994 .............         7/1/1998 .............                           9.00      ........................                    0.29              3.10                3.39
                                                  PLUS ..................      7/1/1998 .............         7/1/2006 .............                           9.00                       0.02      ........................           3.10                3.12
                                                  Consolidation ......         11/13/1997* ........           10/1/1998* ..........                            8.25                       0.02      ........................           3.10                3.12
                                                  HHS Portion of               ............................    ............................   ........................                    0.02      ........................           3.00                3.02
                                                    Consolidation.
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                                                     The last row in Chart 3 refers to                                     Department of Health and Human                                               title VII of the Public Health Service
                                                  portions of Federal Consolidation Loans                                  Services under subpart I of part A of                                        Act.
                                                  attributable to loans made by the U.S.




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                                                  55344                            Federal Register / Vol. 80, No. 178 / Tuesday, September 15, 2015 / Notices

                                                                                                                 CHART 4—FIXED-RATE CONSOLIDATION LOANS
                                                                                                             First disbursed                          Max. rate
                                                     First disbursed on or after                                                                                                                        Rate
                                                                                                                  before                                (%)

                                                                                                 7/1/1994 ..................................      ........................   Weighted average of rates on the loans included in the con-
                                                                                                                                                                              solidation, rounded to nearest whole percent, but not less
                                                                                                                                                                              than 9.00%.
                                                  7/1/1994 ...................................   11/13/1997 * ............................        ........................   Weighted average of rates on the loans included in the con-
                                                                                                                                                                              solidation, rounded upward to nearest whole percent.
                                                  10/1/1998 .................................    7/1/2010 ..................................                       8.25      Weighted average of rates on the loans included in the con-
                                                                                                                                                                              solidation, rounded to the nearest higher 1/8 of 1 percent.


                                                                        CHART 5—FIXED-RATE FEDERAL SUBSIDIZED AND UNSUBSIDIZED STAFFORD AND PLUS LOANS
                                                                                                                                                                              First disbursed on    First disbursed          Rate
                                                             Loan type                                             Student grade level                                              or after             before              (%)

                                                  Subsidized ........................      Undergraduate Students .............................................                        7/1/2006             7/1/2008                6.80
                                                  Subsidized ........................      Undergraduate Students .............................................                        7/1/2008             7/1/2009                6.00
                                                  Subsidized ........................      Undergraduate Students .............................................                        7/1/2009             7/1/2010                5.60
                                                  Subsidized ........................      Graduate/Professional Students .................................                            7/1/2006             7/1/2010                6.80
                                                  Unsubsidized ....................        All Students .................................................................              7/1/2006             7/1/2010                6.80
                                                  PLUS ................................    Parents and Graduate/Professional Students ............                                     7/1/2006             7/1/2010                8.50



                                                    Note: No new loans have been made under                                Catalog of Federal Domestic                                     Unsubsidized Loans); Federal Direct
                                                  the FFEL Program since June 30, 2010.                                 Assistance (CFDA) Number: 84.268.                                  PLUS Loans (Direct PLUS Loans); and
                                                     Electronic Access to This Document:                                DATES: This notice is effective                                    Federal Direct Consolidation Loans
                                                  The official version of this document is                              September 15, 2015.                                                (Direct Consolidation Loans)
                                                  the document published in the Federal                                 SUMMARY: In accordance with section                                (collectively, ‘‘Direct Loans.’’).
                                                  Register. Free Internet access to the                                 455(b)(9) of the Higher Education Act of                              The Direct Loan Program includes
                                                  official edition of the Federal Register                              1965, as amended, the Chief Operating                              loans with variable interest rates and
                                                  and the Code of Federal Regulations is                                Officer for Federal Student Aid                                    loans with fixed interest rates. Most
                                                  available via the Federal Digital System                              announces the interest rates for the                               loans made under the Direct Loan
                                                  at: www.gpo.gov/fdsys. At this site you                               period July 1, 2015, through June 30,                              Program before July 1, 2006, have
                                                  can view this document, as well as all                                2016, for loans made under the William                             variable interest rates that change each
                                                  other documents of this Department                                    D. Ford Federal Direct Loan (Direct                                year. In most cases, the variable interest
                                                  published in the Federal Register, in                                 Loan) Program prior to July 1, 2013. The                           rate formula that applies to a particular
                                                  text or Adobe Portable Document                                       Chief Operating Officer takes this action                          loan depends on the date of the first
                                                  Format (PDF). To use PDF you must                                     to give notice of Direct Loan interest                             disbursement of the loan. The variable
                                                  have Adobe Acrobat Reader, which is                                   rates to the public.                                               rates are determined annually and are
                                                  available free at the site.                                                                                                              effective for each 12-month period
                                                                                                                        FOR FURTHER INFORMATION CONTACT: Ian
                                                     You may also access documents of the                                                                                                  beginning July 1 of one year and ending
                                                                                                                        Foss, U.S. Department of Education, 830                            June 30 of the following year.
                                                  Department published in the Federal                                   First Street NE., Room 114I1,
                                                  Register by using the article search                                                                                                        Under section 455(b) of the HEA,
                                                                                                                        Washington, DC 20202. Telephone:                                   Direct Loans first disbursed on or after
                                                  feature at: www.federalregister.gov.
                                                                                                                        (202) 377–3681 or by email: ian.foss@                              July 1, 2006, have a fixed interest rate.
                                                  Specifically, through the advanced
                                                                                                                        ed.gov.                                                               In the case of some Direct
                                                  search feature at this site, you can limit
                                                                                                                           If you use a telecommunications                                 Consolidation Loans, the interest rate is
                                                  your search to documents published by
                                                                                                                        device for the deaf (TDD) or a text                                determined by the date on which the
                                                  the Department.
                                                                                                                        telephone (TTY), call the Federal Relay                            Direct Consolidation Loan application
                                                     Program Authority: 20 U.S.C. 1071 et seq.                          Service (FRS), toll free, at 1–800–877–                            was received. Direct Consolidation
                                                    Dated: September 10, 2015.                                          8339.                                                              Loans for which the application was
                                                  James W. Runcie,                                                         Individuals with disabilities can                               received on or after February 1, 1999,
                                                  Chief Operating Officer, Federal Student Aid.                         obtain this document in an accessible                              have a fixed interest rate. This fixed rate
                                                  [FR Doc. 2015–23165 Filed 9–14–15; 8:45 am]
                                                                                                                        format (e.g., braille, large print,                                is based on the weighted average of the
                                                  BILLING CODE 4000–01–P
                                                                                                                        audiotape, or compact disc) on request                             loans that are consolidated, rounded up
                                                                                                                        to the contact person listed under FOR                             to the nearest higher 1/8 of one percent.
                                                                                                                        FURTHER INFORMATION CONTACT.                                       Direct Consolidation Loans for which
                                                  DEPARTMENT OF EDUCATION                                               SUPPLEMENTARY INFORMATION: Section                                 the application was received on or after
                                                                                                                        455(b) of the Higher Education Act of                              February 1, 1999, and prior to July 1,
                                                  Annual Notice of Interest Rates of
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                                                                                                                        1965, as amended (HEA) (20 U.S.C.                                  2013, have a maximum interest rate of
                                                  Federal Student Loans Made Under the                                  1087e(b)), provides formulas for                                   8.25 percent.
                                                  William D. Ford Federal Direct Loan                                   determining the interest rates charged to                             Under section 455(b) of the HEA, the
                                                  Program Prior to July 1, 2013                                         borrowers for loans made under the                                 Direct Loan variable interest rates are
                                                  AGENCY: Federal Student Aid,                                          Direct Loan Program including: Federal                             based on formulas that use the bond
                                                  Department of Education.                                              Direct Subsidized Stafford Loans (Direct                           equivalent rates of the 91-day Treasury
                                                                                                                        Subsidized Loans); Federal Direct                                  bills auctioned at the final auction held
                                                  ACTION: Notice.
                                                                                                                        Unsubsidized Stafford Loans (Direct                                before June 1 of each year, plus a


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Document Created: 2015-12-15 10:10:03
Document Modified: 2015-12-15 10:10:03
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice.
DatesThis notice is effective September 15, 2015.
ContactIan Foss, U.S. Department of Education, 830 First Street NE., Room 114I1, Washington, DC 20202. Telephone: (202) 377-3681 or by email: [email protected]
FR Citation80 FR 55342 

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