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Notice

Annual Notice of Interest Rates of Federal Student Loans Made Under the Federal Family Education Loan Program

Document Details

Information about this document as published in the Federal Register.

Published Document

This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

Start Preamble

AGENCY:

Federal Student Aid, Department of Education.

ACTION:

Notice; correction.

SUMMARY:

On January 25, 2013, the Chief Operating Officer for Federal Student Aid in the U.S. Department of Education published in the Federal Register (78 FR 5433) a notice announcing the interest rates for the period July 1, 2012, through June 30, 2013, for certain loans made under the Federal Family Education Loan Program. We correct two of the charts in that notice.

DATES:

Effective March 22, 2013.

End Preamble Start Supplemental Information

SUPPLEMENTARY INFORMATION:

On page 5434 we correct Chart 1 to read as follows:

Chart 1—“Converted” Variable-Rate Federal Subsidized and Unsubsidized Stafford Loans

CohortOriginal fixed interest rateMax. rate (percent)91-Day T-bill rate (percent)Margin (percent)Total rate (percent)
First disbursed on or afterFirst disbursed before
7/1/19887/23/19928.00%, increasing to 10.00%10.000.093.253.34
7/23/199210/1/19928.00%, increasing to 10.00%10.000.093.253.34
7/23/19927/1/19947.00%7.000.093.103.19
7/23/19927/1/19948.00%8.000.093.103.19
7/23/19927/1/19949.00%9.000.093.103.19
7/23/19927/1/19948.00%, increasing to 10.00%10.000.093.103.19

Immediately following the chart we add:

“Note: The FFEL Program loans represented by the second row of the chart were only made to “new borrowers” on or after July 23, 1992.”

We corrected the margin column for what were the second, third, and fourth rows (now the third, fourth, and fifth rows) to read 3.10 percent, rather than 3.25 percent. The total rate column reflects the margin rate changes.

We added a sixth row, to differentiate between two cohorts of “converted” variable-rate loans that were originally fixed-rate loans with rates that began at 8 percent, but increased to 10 percent after 4 years of repayment.

We added a cohort column, consistent with other charts in the notice, to provide additional specificity as to when the FFEL Program loans represented in the chart were made.

On page 5434 we correct Chart 2 to read:

Chart 2—Variable-Rate Federal Subsidized and Unsubsidized Stafford Loans

CohortMax. rate (percent)91-Day T-bill rate (percent)MarginTotal rate
First disbursed on or afterFirst disbursed beforeIn-school, grace, deferment (percent)All other periods (percent)In-school, grace, deferment (percent)All other periods (percent)
10/1/19927/1/19949.000.093.103.103.193.19
7/1/1994 7/1/19949.000.093.103.103.193.19
7/1/19947/1/19958.250.093.103.103.193.19
7/1/19957/1/19988.250.092.503.102.593.19
7/1/19987/1/20068.250.091.702.301.792.39

We corrected the maximum rate column for the second row from 8.25 percent to 9 percent.

The Note following Chart 2 in the interest rate notice is correct, and we do not republish it here.

As a reminder, a dagger following a date in the cohort fields indicates that the trigger for the rate to apply is a period of enrollment for which the loan was intended either “ending before” or “beginning on or after” the date in the cohort field.

Start Further Info

FOR FURTHER INFORMATION CONTACT:

Ian Foss, U.S. Department of Education, 830 First Street NE., Room 114I1, Washington, DC 20202-5354. Telephone: (202) 377-3681 or by email: ian.foss@ed.gov.

If you use a telecommunications device for the deaf (TDD) or text telephone (TTY), call the Federal Relay Service (FRS) at 1-800-877-8339.Start Printed Page 17648

Individuals with disabilities can obtain this document in an accessible format (e.g., Braille, large print, audiotape, or compact disc) on request to the contact person listed under FOR FURTHER INFORMATION CONTACT.

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Start Signature

Dated: March 19, 2013.

James W. Runcie,

Chief Operating Officer, Federal Student Aid.

End Signature End Further Info End Supplemental Information

[FR Doc. 2013-06653 Filed 3-21-13; 8:45 am]

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