As a loan borrower, it is important to know the details of your student loans. This page contains helpful information to help students better understand the loan process.
FEDERAL STUDENT LOAN INTEREST RATES (FIXED) *SEE NOTE 1 | ||
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LOAN TYPE | July 1, 2023-June 30, 2024 New Interest Rate | July 1, 2022-June 30, 2023 Expiring Interest Rate |
UNDERGRADUATE: DIRECT SUBSIDIZED & UNSUBSIDIZED | 5.50% | 4.99% |
GRADUATE OR PROFESSIONAL: DIRECT UNSUBSIDIZED | 7.05% | 6.54% |
PARENT AND GRADUATE OR PROFESSIONAL: DIRECT PLUS | 8.05% | 7.54% |
FEDERAL STUDENT LOAN ORIGINATION FEES *SEE NOTE 2 | ||
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LOAN ORIGINATION FEES | On or after Oct. 1, 2020, and before Oct. 1, 2024 | On or after Oct. 1, 2019, and before Oct. 1, 2020 |
UNDERGRADUATE: DIRECT SUBSIDIZED & UNSUBSIDIZED | 1.057% | 1.059% |
GRADUATE OR PROFESSIONAL: DIRECT UNSUBSIDIZED | 1.057% | 1.059% |
PARENT AND GRADUATE OR PROFESSIONAL: DIRECT PLUS | 4.228% | 4.236% |
Note 1. Interest rates change effective July 1 each year but remain fixed for the life of the loan.
Note 2. Origination fees change on October 1 each year for any non-originated loans for that year.
- Once your Federal Loans are originated, you will be assigned a loan servicer by the Department of Education. Servicers will help you manage the repayment of your federal student loans.
- To find out who your loan servicer is, log onto studentaid.gov using your FSA ID and password.
- When you go into loan repayment, it may be in your best interest to consolidate your student loans.
- Visit the Federal Student Aid website for more information about federal loan consolidation.
- Once you graduate, leave school, or drop below half-time enrollment, you will be required to begin repayment.
- To learn more about Loan Repayment and the various repayment plans, visit the Federal Student Aid website.