In recent years, the origination fee for Direct Subsidized Loans and Direct Unsubsidized Loans has been incrementally reduced each July 1 as part of the changes to the student loan programs made by the Higher Education Reconciliation Act of 2005 (HERA). The up-front interest rebate has also been declining each July 1. The origination fee reduction made for loans first disbursed on or after July 1, 2010 was the last such reduction required under HERA. Therefore, the origination fee and up-front interest rebates will not change for loans first disbursed on or after July 1, 2011.
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