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Financial Aid

Update on Direct Loan Interest Rates

August 13, 2013

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Congress has passed and President Obama has signed the Bipartisan Student Loan Certainty Act of 2013, which changes interest rates for all Direct Loans with a first disbursement on or after July 1, 2013.

The U.S. Department of Education recently announced what those interest rates will be for the 2013-14 academic year.*

Federal Direct Student Loans 2013-2014 Interest Rates

Effective for Loans With a First Disbursement on or After July 1, 2013

Loan Type

Student Grade Level

Cohort

2013-2014 Fixed Interest Rate

First Disbursed On/After

First Disbursed Before

Direct Subsidized Loans

Undergraduate Students

7/1/13

7/1/14

3.86%

Direct Unsubsidized Loans

Undergraduate Students

7/1/13

7/1/14

3.86%

Direct Unsubsidized Loans

Graduate/Professional Students

7/1/13

7/1/14

5.41%

Direct PLUS Loans

Parents of Dependent Undergraduate Students and Graduate/Professional Students

7/1/13

7/1/14

6.41%

*Please note, some Direct Loans for the 2013-14 academic year may have a first disbursement date prior to July 1, 2013. In this case, 2012-13 interest rates will apply.