August 6, 2008

ED Releases Additional Interest Rates

OGSLP's June 23, 2008 edition of the Online News announced that the Department of Education (ED) released 2008-09 FFELP interest rates for fixed rate loans and variable rate loans disbursed between July 1, 1998 and June 30, 2006. ED has also released interest rate information for a few categories of older PLUS and SLS loans with interest rates based on the one-year constant maturity Treasury yield.

Interest rates for these older PLUS and SLS loans, which are effective July 1, 2008 through June 30, 2009, will be:

• 5.67 percent for loans first disbursed on or after October 1, 1992, but before July 1, 1994.
• 5.67 percent for loans first disbursed on or after July 1, 1994, but before July 1, 1998 (PLUS only).

Additionally, the 91-day T-bills auctioned for the quarter ending June 30, 2008 established the HEAL portion of the Federal Consolidation loan interest rate at 4.71 percent.

For more information, refer to ED's July 1, 2008 memo or visit OGSLP’s 2008-09 Interest Rates Web page. If you have questions about the new rates, contact our Policy, Compliance, and Training department at 405.234.4432 or pct@ogslp.org. We’re here to help!