Interest Rates

   

See rates for Stafford Loans, SLS and PLUS Loans, Consolidation Loans, and EXTRA Loans below. 

"Date Made" is the date the lender disbursed the first (or only) installment of loan proceeds by check or EFT.

Stafford Loans

Stafford Loans made on or after 07/01/06 receive a fixed interest rate for the life of the loan based on the date the loan is made.

See the table below for current rates on older variable rate loans.

Variable Interest Rates for 07/01/10 - 06/30/11
Date Made Special Conditions  Variable Rate 
07/01/98 - 06/30/06 During in-school, grace, or deferment periods 1.87%
  During the repayment period 2.47%
07/01/95 - 06/30/98 During in-school, grace, or deferment periods 2.67%
  During the repayment period 3.27%
07/01/94 - 06/30/95 Period of enrollment included or began on or after 07/01/94 3.27%
  No previous loans outstanding and period of enrollment ended prior to 07/01/94 3.27%
10/01/92 - 06/30/94 No previous loans outstanding 3.27%
After 07/22/92 Made at the 8/10 percent split rate to borrowers with prior loans outstanding (not yet in the fifth year of repayment) 3.27%
  Made at the 8/10 percent split rate to borrowers with prior loans outstanding (now in or past the fifth year of repayment) 3.27%
  Made at a fixed rate of 7 percent and converted to a variable rate effective 01/01/95 3.27%
  Made at a fixed rate of 8 percent and converted to a variable rate effective 01/01/95 3.27%
  Made at a fixed rate of 9 percent and converted to a variable rate effective 01/01/95 3.27%
Before 07/23/92 or first loan was made 07/23/92 - 09/30/92 Made at the 8/10 percent split rate and converted to a variable rate effective 01/01/95 or converted at the 49th month after the end of the grace period 3.42%

SLS and PLUS Loans

PLUS Loans for parents and PLUS Loans for graduate and professional students made on or after 07/01/06 receive a fixed interest rate of 8.50%. See the table below for current rates on older variable loans.

Variable Interest Rates for 07/01/10 - 06/30/11
Date Made Special Conditions  Variable Rate 
07/01/98 - 06/30/06 None 3.27%
07/01/94 - 06/30/98 None 3.39%
10/01/92 - 06/30/94 None 3.39%
Before 10/01/92 None 3.54%

Consolidation Loans

CFI has temporarily suspended making new Federal Consolidation Loans until further notice.

Consolidation Loans from applications received on or after 10/01/98 receive a fixed interest rate based on the weighted average of the statutory interest rates of the loans being consolidated rounded up to the nearest 1/8%, or 8.25% whichever is less.

Variable Interest Rates for 07/01/10 - 06/30/11
Date Made Special Conditions  Variable Rate 
After 11/12/97 Applications received 11/13/97 -
09/30/98 (excluding HEAL)		 3.27%
After 11/12/97 HEAL portion only 3.15%

EXTRA Education Loans

EXTRA Education Loans receive a variable interest rate for the life of the loan based on the date the loan is made. Loans made on or after 7/1/2009 have a 7% minimum. Accrued, unpaid interest is capitalized at repayment.

Date Made Interest Rate Valid Until  Variable Rate 
Before 07/01/08 09/30/10 3.25%
Between 07/01/08 and 06/30/09 09/30/10 3.53%
On or after 07/01/09 09/30/10 7.00%