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Learn about the different types of federal student loans and their interest rates on the official Federal Student Aid website.
Subsidized and Unsubsidized Consolidation Loans. 91-Day T-Bill = 5.40%. Loans for which the application was received on or after 2/1/1999 (any status) will have a fixed interest rate of the lesser of 8.25 percent or the weighted average of the loans consolidated, rounded to the next higher 1/8 of one percent.
The Federal FFELP and Direct (Subsidized and Unsubsidized) Loan has interest rates well below average and special repayment schedules. The money you borrow must be used for school costs including tuition, fees, books, supplies, and room and board.
Check out this example of a $27,000 student loan, borrowed with a 6% interest rate. Learn more about student loan interest and how it would affect any loans you may choose to accept. You can also view the current interest rates for Direct Subsidized Loans and Direct Unsubsidized Loans, which are fixed rates for the life of the loan. 4
Direct Subsidized Loans and Direct Unsubsidized Loans are federal student loans offered by the U.S. Department of Education (ED) to help eligible students cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school.
For undergraduate students, the interest rate for Direct Subsidized Loans and Direct Unsubsidized Loans is 6.53%. For graduate or professional students, the interest rate for Direct Unsubsidized loans is 8.08%. If your loan was disbursed before July 1, 2024, it likely has a different interest rate.
Interest rates are subject to change on July 1st of each year. All federal student loans first disbursed on or after July 1, 2006 have a fixed interest rate for the life of the loan. Below are charts detailing the changes in the FFEL and Direct Loan interest rates since July 1, 2006.
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Log in to your account and select Loan Details on the sidebar to find your current interest rate. Interest rate reductions may be available if you enroll in Auto Pay or if you are an Active Duty Military Service Member.
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