Based on the outcome of yesterday’s auction of the 10-yr Treasury note, it is projected that interest rates on student loans for the 2015-16 award year will be as follows:
In each instance, this represents a decrease of .37 percent from the 2014-15 interest rates on student loans. The rates are based on the auction closing at 2.237 percent for the 10-yr Treasury note, plus the add-ons mandated by the Bipartisan Student Loan Certainty Act of 2013: 2.05 percent (undergraduate Direct Stafford Loans), 3.6 percent (graduate Direct Stafford Loans), or 4.6 percent (PLUS Loans).
The new interest rates will be fixed for the life of such loans issued between July 1, 2015 and June 30, 2016. These rates should not be considered official until the Department of Education makes an announcement in the coming days or weeks on IFAP.
Publication Date: 5/14/2015