2008-09 Interest Rates
Interest rates on Federal Stafford and PLUS loans can either have a fixed interest rate or a variable interest rate. New loans first disbursed on or after July 1, 2006, will have a fixed interest rate.
Therefore, loans disbursed prior to July 1, 2006, will continue to have a variable interest rate that is based on a formula established in the Higher Education Act of 1965, as amended. The interest rate may be adjusted each year on July 1. As a result, the interest rate may change annually, but it will never exceed 8.25 percent for Federal Stafford loans and 9.00 percent for Federal PLUS loans.
Below are the current interest rates for the Federal Family Education
Loan Program (FFELP).
July 1, 2008 through June 30, 2009
Loans first disbursed on or after July 1, 2008 (Fixed Rate)
Federal Stafford Loans
6.00% Subsidized - Undergraduate Students
6.80% Subsidized – Graduate Students
6.80% Unsubsidized – Undergraduate and Graduate Students
Federal PLUS Loans
8.50%
Loans first disbursed between July 1, 1998 and June 30, 2006 (Variable Rate)
Federal Stafford Loans
3.61% during in-school, grace and deferment
4.21% during repayment
Federal PLUS Loans
5.01%
Prior Interest Rates
July 1, 2007 through June 30, 2008
Loans first disbursed on or after July 1, 2007 (Fixed Rate)
Federal Stafford Loans
6.80%
Federal PLUS Loans
8.50%
Loans first disbursed between July 1, 1998 and June 30, 2006 (Variable Rate)
Federal Stafford Loans
6.62% during in-school, grace and deferment
7.22% during repayment
Federal PLUS Loans
8.02%
July 1, 2006 through June 30, 2007
Loans first disbursed on or after July 1, 2006 (Fixed Rate)
6.80% - Federal Stafford Loans
8.50% - Federal PLUS Loans
Loans first disbursed between July 1, 1998 and June 30, 2006 (Variable Rate)
Federal Stafford Loans
6.54% during in-school, grace and deferment
7.14% during repayment
Federal PLUS Loans
7.94%
July 1, 2005 through June 30, 2006
Federal Stafford Loans
5.30% during repayment
4.70% during in-school, grace and deferment
Federal PLUS Loans
6.10%
July 1, 2004 through June 30, 2005
Federal Stafford Loans
3.37% during repayment
2.77% during in-school, grace and deferment
Federal PLUS Loans
4.17%
July 1, 2003 through June 30, 2004
Federal Stafford Loans
3.42% during repayment
2.82% during in-school, grace and deferment
Federal PLUS Loans
4.22%
July 1, 2002 through June 30, 2003
Federal Stafford Loans
4.06% during repayment
3.46% during in-school, grace and deferment
Federal PLUS Loans
4.86%
July 1, 2001 through June 30, 2002
Federal Stafford Loans
5.99% during repayment
5.39% during in-school, grace and deferment
Federal PLUS Loans
6.79%
July 1, 2000 through June 30, 2001
Federal Stafford Loans
8.19% during repayment
7.59% during in-school, grace and deferment
Federal PLUS Loans
8.99%