ࡱ>  C1bjbj ($((((($LLLP\L f:$u!'$h(((p((rrTP|L"z0 $6$$(0")E_  $ :  INCLUDEPICTURE "cid:image001.jpg@01CD7BBF.D1063F70" \* MERGEFORMATINET  May 31, 2016 Subject: Federal Stafford, Federal PLUS, Federal SLS, and Federal Consolidation Interest Rate Calculations for the Period July 1, 2016 June 30, 2017 The attached charts show the variable interest rates applicable to the Federal Stafford, Federal SLS, Federal PLUS, and Federal Consolidation loan programs for the period July 1, 2016 June 30, 2017. Interest rates for variable-rate loans under these programs are determined annually, and are based on the following: Stafford Loans based on the bond equivalent rate of 91-day Treasury Bills auctioned at the final auction held before June 1st of each year. The bond equivalent rate for 91-day Treasury Bills auctioned on May 31, 2016 is 0.35 percent. PLUS/SLS Loans based on either the bond equivalent rate of 91-day Treasury Bills auctioned at the final auction held before June 1st of each year, or the weekly average of the one-year constant maturity Treasury yield as published for the last calendar week ending on or before June 26th of each year. The bond equivalent rate for 91-day Treasury Bills auctioned on May 31, 2016, is 0.35 percent. NOTE: The weekly average of the one-year constant maturity Treasury yield for the last calendar week ending on or before June 26th will not be available until the end of June, at which time this memo will be updated and reissued. Consolidation Loans for which the loan application was received by an eligible lender on or after 11/13/97 but prior to 10/1/98 are based on the bond equivalent rate of 91-day Treasury Bills auctioned at the final auction held before June 1st of each year, or 0.35 percent. For the HEAL portion of consolidation loans for which the loan  INCLUDEPICTURE "cid:C51786EF-F738-4FDF-8EAF-049F64027226" \* MERGEFORMAT  Page 2 Interest Rate Calculations application was received by an eligible lender on or after 11/13/97, the rate is based on the average of the bond equivalent rates of the 91-day Treasury Bills auctioned for the quarter ending June 30th of each year. NOTE: The average of the bond equivalent rates of the 91-day Treasury Bills auctioned for the quarter ending June 30th will not be available until the end of June, at which time this memo will be updated and reissued. Accounting Operations Division Finance Office Attachment  INCLUDEPICTURE "cid:C51786EF-F738-4FDF-8EAF-049F64027226" \* MERGEFORMAT  FFEL Converted Variable-rate Stafford Loan Interest Rates for the Period July 1, 2016 through June 30, 2017 (Loans That Were Subject to the Windfall Profits Provisions of 427A(i) of the HEA) (Table 1)  COHORT  CITATION INTEREST RATE FORMULA (T-Bill Rate + Additional Sum = Total)  Type of Loan/ Borrower  First Disburse-ment Made On or After First Disburse-ment Made Before Higher Education Act of 1965, As Amended  91-Day Treasury Bill Rate Additional Sum Total Maximum Rate INTEREST RATE FOR THE PERIOD 7/1/16 6/30/2017 8/10% Loans (SD/XB FVAR10)  7-1-88 and 7-23-92 (new borrowers) 7-23-92 10-1-92 427A(i)(1) 427A(i)(7)(A)  0.35% 3.25% 3.60% 10% 3.60% 7% Loans (SD/XB FVAR7) (SE/XE FVAR7) (old borrowers)  7-23-92 SD/XB 10-1-92 SE/XE 10-1-92 SD/XB 7-1-94 SE/XE 427A(i)(3) 427A(i)(7)(A)  0.35% 3.1% 3.45% 7% 3.45%  8% Loans (SD/XB FVAR8) (SE/XE FVAR8) (old borrowers) 7-23-92 SD/XB 10-1-92 SE/XE 10-1-92 SD/XB 7-1-94 SE/XE 427A(i)(3) 427A(i)(7)(A)  0.35%  3.1%  3.45% 8% 3.45% 9% Loans (SD/XB FVAR9) (SE/XE FVAR9) (old borrowers) 7-23-92 SD/XB 10-1-92 SE/XE 10-1-92 SD/XB 7-1-94 SE/XE 427A(i)(3) 427A(i)(7)(A)  0.35% 3.1%  3.45% 9% 3.45% 8/10% Loans (SD/XB FVARX) (SE/XE FVAR10) (old borrowers)7-23-92 SD/XB 10-1-92 SE/XE10-1-92 SD/XB 7-1-94 SE/XE 427A(i)(3) 427A(i)(7)(A)  0.35% 3.1% 3.45% 10% 3.45% FFEL Regular Variable-rate Stafford Loan Interest Rates for the Period July 1, 2016 through June 30, 2017 (Table 2)  COHORT  CITATION INTEREST RATE FORMULA (T-Bill Rate + Additional Sum = Total) Type of Borrower  First Disburse- ment Made On or After First Disburse- ment Made Before Higher Education Act of 1965, As Amended During  91-Day Treasury Bill Rate Additional Sum Total Maximum Rate INTEREST RATE FOR THE PERIOD 7/1/16 6/30/2017 New Borrower (SE/XE EVAR) 10/1/92 7/1/94 427A(e)(1) 0.35% 3.1% 3.45% 9%  3.45% New Borrower (SE/XE EVAR) 7/1/94 (for a period of enrollment ending prior to 7/1/94) 427A(e)(1) 0.35% 3.1% 3.45% 9% 3.45% All Borrowers (regardless of prior borrowing) (SG/XG EVAR) 7/1/94 (for a period of enrollment that includes or begins on or after 7/1/94)  7/1/95 427A(f)(1) 0.35% 3.1% 3.45% 8.25% 3.45%  All Borrowers (regardless of prior borrowing)  7/1/95 7/1/98 427A(g)(2) (SH/XH EVAR) 427A(f)(1) (SG/XG EVAR) In-school, grace and deferment periods All other periods  0.35% 0.35%  2.5% 3.1% 2.85% 3.45% 8.25% 8.25% 2.85% 3.45% All Borrowers (regardless of prior borrowing)  7/1/98  7/1/2006 427A(j)(2) 427A(k)(2) (SJ/XJ/CA/CE/ LA/LE/XM EVAR) 427A(j)(1) 427A(k)(1) (SK/XK/CB/CF/ LB/LF/XN EVAR) In-school, grace and deferment periods All other periods  0.35% 0.35% 1.7% 2.3%  2.05% 2.65%  8.25% 8.25% 2.05% 2.65% FFEL Variable-rate PLUS and SLS Loan Interest Rates for the Period July 1, 2016 through June 30, 2017 (Table 3)  COHORT CITATION  INTEREST RATE FORMULA (T-Bill Rate + Additional Sum = Total) Type of Loan  First Disburse- ment Made On or After  First Disburse- ment Made Before  Higher Education Act of 1965, As Amended 91-Day Treasury Bill Rate One-year Constant Maturity Additional Sum Total Maximum Rate INTEREST RATE FOR THE PERIOD 7/1/16 6/30/2017 PLUS/SLS* (SD/XB VAR)  10/1/92 427A(c)(4)(B) TBD** 3.25% TBD 12% TBD SLS* (SE/XE EVAR) 10/1/92 (for a period of enrollment beginning prior to 7/1/94)  427A(c)(4)(D) TBD** 3.1% TBD 11% TBD PLUS* (SE/XE EVAR) 10/1/92 7/1/94 427A(c)(4)(D) TBD** 3.1% TBD 10% TBD PLUS (SG/XG EVAR) 7/1/94 7/1/98 427A(c)(4)(E) TBD** 3.1% TBD 9% TBD PLUS* (SH/XH EVAR) 7/1/98 1/1/2000 427A(j)(3) 427A(k)(3) 0.35% 3.1% 3.45% 9% 3.45%* These loans will not be subject to special allowance payments during the four quarters ending 9/30/16, 12/31/16, 3/31/2017, and 6/30/2017. See Sections 438(b)(2)(C)(i); 438(b)(2)(C)(ii); 438(b)(2)(G)(v); and 438(b)(2)(H)(v) of the Higher Education Act of 1965, as amended. **To Be Determined - The weekly average of the one-year constant maturity Treasury yield for the last calendar week ending on or before June 26th will not be available until the end of June, at which time this memo will be updated and reissued. FFEL Variable-rate PLUS and SLS Loan Interest Rates for the Period July 1, 2016 through June 30, 2017 (Table 3)  COHORT CITATION  INTEREST RATE FORMULA (T-Bill Rate + Additional Sum = Total) Type of Loan  First Disburse- ment Made On or After  First Disburse- ment Made Before  Higher Education Act of 1965, As Amended 91-Day Treasury Bill Rate One-year Constant Maturity Additional Sum Total Maximum Rate INTEREST RATE FOR THE PERIOD 7/1/16 6/30/2017 PLUS (CD/XQ/CH/ LD/LH/XP EVAR)  1/1/2000 7/1/2006 427A(k)(3)  0.35% 3.1% 3.45% 9% 3.45% FFEL Variable-rate and Fixed-rate Consolidation Loan Interest Rates for the Period July 1, 2016 through June 30, 2017 (Table 4)  COHORT  CITATION INTEREST RATE FORMULA Consolidation Loans Made On or After  Consolidation Loans Made Before Consolidation Loans for Which the Loan Application Was Received by an Eligible Lender On or After Consolidation Loans for Which the Loan Application Was Received by an Eligible Lender Before Higher Education Act of 1965, As Amended Method Used to Determine Interest Rate Maxi- mum Rate 7/1/94 428C(c)(1)(B) The interest rate is the weighted average of the interest rates on the loans consolidated, rounded to the nearest whole percent, but may not be less than 9 percent.  7/1/94 (SE) 11/13/97 428C(c)(1)(C) The interest rate is the weighted average of the interest rates on the loans consolidated, rounded upward to the nearest whole percent.     11/13/97 (SG/XG EVAR) 10/1/98 427A(f) 428C(c)(1)(D)  The interest rate is determined annually, and equals the bond equivalent rate of 91-Day Treasury Bills auctioned on the final auction held before June 1st of each year, plus 3.10 percent. The interest rate may not exceed the maximum rate. (For the period July 1, 2016 through June 30, 2017 the interest rate for these loans is 0.35 percent plus 3.10 percent or 3.45 percent.) 8.25% 10/1/98 (SL/XL/CC/CG/LC/LG/XO)  6/30/2010 427A(k)(4)(A) 428C(c)(1)(A)  The interest rate is the weighted average of the interest rates on the loans being consolidated, rounded to the nearest higher 1/8th of one percent. The interest rate may not exceed the maximum rate. 8.25%  HEAL Portion of the Consolidation Loan  11/13/97 6/30/2010 428C(d)(2)(B) The interest rate for the HEAL portion of the consolidation loan is determined annually, and equals the average of the bond equivalent rates of the 91-Day Treasury Bills auctioned for the quarter ending June 30, plus 3.0 percent. There is no maximum rate on this portion of the loan. 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