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 | ||
|---|---|---|
| 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 | ||
|---|---|---|
| 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.
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- 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.
