2024-19309. Annual Notice of Interest Rates for Fixed-Rate Federal Student Loans Made Under the William D. Ford Federal Direct Loan Program

Chart 1—Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First Disbursed on or After 07/01/2024 and Before 07/01/2025

Loan type	Borrower type	10-year treasury note high yield 05/8/2024 (%)	Add-on (%)	Maximum rate (%)	Fixed interest rate (%)
Direct Subsidized Loans; Direct Unsubsidized Loans	Undergraduate students	4.48	2.05	8.25	6.53
Direct Unsubsidized Loans 1	Graduate and professional students	4.48	3.60	9.50	8.08
Direct PLUS Loans	Parents of dependent undergraduate students; Graduate and professional students	4.48	4.60	10.50	9.08

For reference , Chart 2 compares the fixed interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed during the period July 1, 2024, through June 30, 2025, with the fixed interest rates for loans first disbursed during each previous 12-month period from July 1, 2013, through June 30, 2024.

Chart 2—Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First Disbursed on or After 07/01/2013 and Before 07/01/2025

First disbursed		Fixed interest rates (%)			Federal Register Notice
On/after	Before	Direct Subsidized Loans; Direct Unsubsidized Loans (undergraduate students)	Direct Unsubsidized Loans (graduate or professional students)	Direct PLUS loans
07/01/2024	07/01/2025	6.53	8.08	9.08	N/A.
07/01/2023	07/01/2024	5.50	7.05	8.05	88 FR 82863 (November 27, 2023).
07/01/2022	07/01/2023	4.99	6.54	7.54	87 FR 50326 (August 16, 2022).
07/01/2021	07/01/2022	3.73	5.28	6.28	86 FR 44003 (August 11, 2021).
07/01/2020	07/01/2021	2.75	4.30	5.30	85 FR 48229 (August 10, 2020).
07/01/2019	07/01/2020	4.53	6.08	7.08	85 FR 2417 (January 15, 2020).
07/01/2018	07/01/2019	5.05	6.60	7.60	83 FR 53864 (October 25, 2018).
07/01/2017	07/01/2018	4.45	6.00	7.00	82 FR 29062 (June 27, 2017).
07/01/2016	07/01/2017	3.76	5.31	6.31	81 FR 38159 (June 13, 2016).
07/01/2015	07/01/2016	4.29	5.84	6.84	80 FR 42488 (July 17, 2015).
07/01/2014	07/01/2015	4.66	6.21	7.21	79 FR 37301 (July 1, 2014).
07/01/2013	07/01/2014	3.86	5.41	6.41	78 FR 59011 (September 25, 2013).

Fixed-Rate Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First Disbursed on or After July 1, 2006, and Before July 2, 2013

Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2006, and before July 1, 2013, have fixed interest rates that are specified in section 455(b) of the HEA (20 U.S.C. 1087e(b)). Chart 3 shows the interest rates for these loans.

Chart 3—Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First Disbursed on or After 07/01/2006 and Before 07/01/2013

Loan type	Borrower type	First disbursed on/after	First disbursed before	Interest rate (%)
Subsidized	Undergraduate students	07/01/2011	07/01/2013	3.40
Subsidized	Undergraduate students	07/01/2010	07/01/2011	4.50
Subsidized	Undergraduate students	07/01/2009	07/01/2010	5.60
Subsidized	Undergraduate students	07/01/2008	07/01/2009	6.00
Subsidized	Undergraduate students	07/01/2006	07/01/2008	6.80
Subsidized	Graduate or professional students	07/01/2006	2  07/01/2012	6.80
Unsubsidized	Undergraduate and graduate or professional students	07/01/2006	07/01/2013	6.80
PLUS	Graduate or professional students and parents of dependent undergraduate students	07/01/2006	07/01/2013	7.90

( print page 68880)

Fixed-Rate Direct Consolidation Loans

Section 455(b) of the HEA specifies that all Direct Consolidation Loans for which the application was received on or after February 1, 1999, have a fixed interest rate that is equal to the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent. For Direct Consolidation Loans for which the application was received on or after February 1, 1999, and before July 1, 2013, the interest rate may not exceed 8.25 percent. However, under section 455(b) of the HEA, the 8.25 percent interest rate cap does not apply to Direct Consolidation Loans made based on applications received on or after July 1, 2013. Chart 4 shows the interest rates for fixed-rate Direct Consolidation Loans.

Chart 4—Direct Consolidation Loans Made Based on Applications Received on or After 02/01/1999

Application received	Interest rate (%)	Maximum interest rate (%)
On/after 07/01/2013	Weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent	None
On/after 02/01/1999 and before 07/01/2013	(same as above)	8.25