Dept. of Ed. Releases 2008-09 FFELP Interest Rates

June 23, 2008

Department of Education Releases 2008-09 FFELP Interest Rates

The Department of Education recently announced the 2008-09 FFELP interest rates. Effective July 1, 2008, the interest rates on new FFELP fixed rate loans will be:

6.00% for undergraduate Subsidized Federal Stafford loans;
6.80% for graduate Subsidized Federal Stafford loans;
6.80% for undergraduate and graduate Unsubsidized Federal Stafford loans; and
8.50% for Federal PLUS loans.

Interest rates for variable rate loans disbursed between July 1, 1998 and June 30, 2006 are set at:

3.61% for Subsidized and Unsubsidized Federal Stafford loans during in-school, grace and deferment status; and
4.21% during repayment.

The interest rate on Federal PLUS loans made between July 1, 1998 and June 30, 2006 is 5.01%.

For more information, refer to the Department of Education's interest rate chart. To share the changes within your office and on campus, check out OGSLP's 2008 Interest Rate Poster, which is available from the School/Lender Support Services department at 800.247.0420, ext. 4329 or schoolandlendersupportservices@ogslp.org. If you have questions about the new rates, contact OGSLP's Policy, Compliance, and Training department at 405.234.4432 or pct@ogslp.org. We're here to help!