The U.S. Department of Education (ED) has issued an updated announcement regarding the new interest rates, effective July 1, 2008, on FFELP loans subject to the variable rate provision.

A prior notice addressing FFEL and Direct Loan interest rates effective July 1, 2008 was published by ED on May 27, 2008 and posted to our Web site on June 3, 2008. However, it did not include rates for certain PLUS and SLS loans with first disbursements made before October 1, 1992 and on or after July 1, 1994 and before July 1, 1998. These rates have now been determined and appear in the attached charts.

Interest rates for all other variable rate loans remain the same as those published by ED on May 27, 2008.

Please direct questions about this announcement to the Office of Counsel and Regulatory Compliance at 518-473-3986; for toll free calls dial 866-431-4372 and press 6, or via email at askpolicy@hesc.org

Attachment: New Interest Rate Charts


Date Posted: 7/2/08