Interest Rates For Fiscal Year 2001-2002
The U.S. Department of Education (ED) has recently published the new interest rates for the Fiscal Year 2001-2002, for the period July 1, 2001 through June 30, 2002 (FY 01-02). The following is a quick list of the interest rates for new Stafford, PLUS, and Consolidation loans:
STAFFORD LOANS - IN-SCHOOL, GRACE AND DEFERMENT PERIODS
For Stafford loans disbursed on or after July 1, 1998 and before July 1, 2003, during the in-school, grace, and deferment periods, the FY 01-02 interest rate is 5.39%.STAFFORD LOANS - REPAYMENT AND FORBEARANCE PERIODS
For Stafford loans disbursed on or after July 1, 1998 and before July 1, 2003, during the repayment and forbearance periods, the FY 01-02 interest rate is 5.99%.PLUS LOANS
For Federal PLUS loans disbursed on or after July 1, 1998 but prior to July 1, 2003, the FY 01-02 interest rate is 6.79%.CONSOLIDATION LOANS
For Federal Consolidation loans for which the loan applications was received on or after October 1, 1998 but prior to July 1, 2003, the interest rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8th of one percent, not to exceed the maximum rate of 8.25%.A comprehensive chart of the FY 01-02 interest rates applicable to all categories of Federal Family Education Program (FFELP) loans will be distributed when the One-Year Constant Maturity Treasury Yield figures become available. A copy of ED's official memorandum detailing the FY 01-02 interest rates is attached. This memorandum can also be found on ED's web site at http://www.ifap.ed.gov/ffelvarrates/07012001VariRate.html. If you are unable to access this web site and would like a hard copy of the interest rates, please contact Stacey Roberts at (801) 321-7211. Any questions related to FFELP interest rates should be directed to the UHEAA Policy and Training Department at (801) 321-7166, or by e-mail at cjudd@utahsbr.edu.