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Columbia College Chicago

Congress Passes Federal Loan Interest Rates for 2013-2014

President Obama signed the Student Loan Certainty Act of 2013 on August 9th which finalized the
2013-14 student loan interest rates to the following:

  • Undergraduate Subsidized and Unsubsidized:       3.86%
  • Graduate Unsubsidized:                                               5.41%
  • Parent and Graduate PLUS:                                         6.41%

The above (fixed) interest rates will be good for the life of a loan disbursed between July 1, 2013 and June 30, 2014. If you borrow federal loans in the future, the interest rate for those loans will depend on the rate established for that year.

In future years, interest rates for Federal Stafford and PLUS loans will be set annually on July 1. The interest rate will be the sum of a uniform index rate plus an add on based on the U.S. Treasury 10-Year Note index. The interest rate calculation in future years will be determined using the following formulas:

  • Undergraduate Subsidized and Unsubsidized:       2.05% + 10-Year Treasury Note Index
  • Graduate Unsubsidized:                                               3.60% + 10-Year Treasury Note Index
  • Parent and Graduate PLUS:                                         4.60% + 10-Year Treasury Note Index

For more information on interest rates, please visit http://studentaid.ed.gov/About/announcements/interest-rate



Posted on Aug 8, 2013

Post by Student Financial Services

Categories: Financial Support 0 Comments

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