FINANCIAL AID OFFICE

FEDERAL LOANS

Current Interest Rates

The Bipartisan Student Loan Certainty Act of 2013 amends the Direct Loan interest rate section of the Higher Education Act of 1965, as amended (the HEA). Direct Loans include: Direct subsidized/unsubsidized loans, Parent and Grad PLUS, and Consolidation loans. This law pegs Direct Student Loan interest rates to the 10-Year Treasury Note index. New Direct Loan rates will be set each July 1st for new loans taken out in that year.

Federal Direct Student Loans 2014-2015 Interest Rates
Effective for Loans With a First Disbursement between July 1, 2014 and June 30, 2015
Loan Type Student Grade Level 10-Year Treasury Note Index Add-On 2014-2015 Fixed Rate
Subsidized Loans Undergraduates 2.612% 2.05% 4.66%
Unsubsidized Loans Undergraduates 2.612% 2.05% 4.66%
Unsubsidized Loans Graduate Students 2.612% 3.60% 6.21%
Direct PLUS Loans Parents of Dependent Undergraduates and Graduate Students 2.612% 4.60% 7.21%
Direct Consolidation Loans N/A Interest rate remains the weighted average of the interest rates of the loans included in the consolidation, rounded up to the next higher one-eighth of one percent.  New law removes the 8.25% cap. 
Federal Perkins Loans 2014-2015 Interest Rates
Perkins Loans Undergraduate and Graduate n/a n/a 5.0%



 Historical Interest Rates

The College Cost Reduction and Access Act of 2007 reduced the interest rates on subsidized Stafford Direct loans for undergraduate students starting July 1, 2008. These reductions were available only to undergraduate students for only subsidized Direct loans, not unsubsidized Stafford loans.

All federal student loan interest rates from 2007 through 2014 are listed in the chart below.

Federal Student Loans Rates:  2007 through 2014
All rates are fixed

Loan Type Student Grade Level 2013-14 2012-13 2011-12 2010-11 2009-10 2008-09
Subsidized Loans Undergraduates 3.86% 3.4% 3.4% 4.5% 5.6% 6.0%
Subsidized Loans Graduate Students n/a n/a n/a 6.8% 6.8% 6.8%
Unsubsidized Loans Undergraduates 3.86% 6.8% 6.8% 6.8% 6.8% 6.8%
Unsubsidized Loans Graduate Students 5.41% 6.8% 6.8% 6.8% 6.8% 6.8%
PLUS Loans Parents of Dependent Undergraduates and Graduate/Professional Students 6.41% 7.9% 7.9% 8.5% 8.5% 8.5%
Consolidation Loans Interest rate is the weighted average of the interest rates of the loans included in the consolidation, rounded up to the next higher one-eighth of one percent, capped at 8.25%.
Federal Perkins Loans 2013-2014 Interest Rates
Perkins Loans Undergraduate and Graduate 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%