Current Interest Rates

Consolidation Loans

The interest rates of a Consolidation Loan will be the weighted average of the interest rates of the loans being consolidated, rounded to the nearest 1/8 of a percent. It is fixed for the life of the loan and cannot exceed 8.25%.

Private Student Loans

The interest rates for Private Student Loans are variable and are based on the Prime Rate and changes in the London Interbank Offered Rate (LIBOR) index, as reported in The Wall Street Journal.

A margin is added to the LIBOR index rate depending on the loan program and your credit rating. This margin can vary between 3.5% and 8%.

PLUS Loans

The interest rates for all PLUS Loans issued between July 1, 1998 and July 1, 2006, which will reset on July 1, 2007, will have a rate of 7.94% for the period from July I, 2006 to June 30, 2007. The annual variable interest rate may not go beyond 9% and is based on the 91 day T-Bill plus 3.10%.

Stafford Loans

The interest rates for all Stafford loans issued between October 1, 1998 and July 1, 2006, which will also reset on July 1, 2007, will have a rate of 7.14% for the period July 1, 2006 through June 30, 2007. During the same period, the rates for students in school or grace will be 6.54%. The 91 day T-Bill plus 1.70% is the basis for loans to students in school, grace or deferment, and 91 day T-Bill plus 2.30% during repayment. Annual variable rates will not exceed 8.25% for undergraduate and graduate borrowers irrespective of any outstanding loans.