[Federal Register Volume 60, Number 123 (Tuesday, June 27, 1995)]
[Notices]
[Page 33191]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-15627]



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DEPARTMENT OF EDUCATION


Office of Postsecondary Education; William D. Ford Federal Direct 
Loan Program

AGENCY: Department of Education.

ACTION: Notice of interest rates for the William D. Ford Federal Direct 
Loan Program for the period July 1, 1995, through June 30, 1996.

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SUMMARY: The Assistant Secretary for Postsecondary Education announces 
the interest rates for variable rate loans made under the William D. 
Ford Federal Direct Loan (Direct Loan) Program for the period July 1, 
1995, through June 30, 1996.

FOR FURTHER INFORMATION CONTACT: Barbara F. Grayson, Program 
Specialist, William D. Ford Federal Direct Loan Program, Division of 
Policy and Program Development, Office of Postsecondary Education, U.S. 
Department of Education, Room 3045, ROB-3, 600 Independence Avenue, SW, 
Washington, DC 20202-5400. Telephone: (202)708-6876. Individuals who 
use a telecommunications device for the deaf (TDD) may call the Federal 
Information Relay Service (FIRS) at 1-800-877-8339 between 8 a.m. and 8 
p.m., Eastern time, Monday through Friday.

SUPPLEMENTARY INFORMATION: The formulas for determining the interest 
rates for Direct Loan Program Loans are provided under section 455 of 
the Higher Education Act of 1965, as amended (the Act) (20 U.S.C. 
1087e), and in Secs. 685.202 (a) and 685.215(g) of the final 
regulations published in the Federal Register on December 1, 1994 (59 
FR 61693 and 61704, respectively). Section 455(b) of the Act provides 
that a variable interest rate applies to loans made under the Direct 
Loan Program and disbursed on or after July 1, 1994. The variable rate 
applies for each 12-month period beginning July 1 and ending June 30. 
For Federal Direct Stafford/Ford (Direct Subsidized) and Federal Direct 
Unsubsidized Stafford/Ford (Direct Unsubsidized) Loans, and Federal 
Direct Subsidized and Federal Direct Unsubsidized Consolidation Loans, 
the interest rate may not exceed 8.25 percent. For Federal Direct PLUS 
and Federal Direct PLUS Consolidation Loans the interest rate may not 
exceed 9.00 percent.

Interest Rates for Direct Subsidized, Direct Unsubsidized, Direct 
Subsidized Consolidation, and Direct Unsubsidized Consolidation Loans

    Loans first disbursed prior to July 1, 1995. Pursuant to section 
455(b)(1) of the Act, the Assistant Secretary has determined the 
interest rate for the period July 1, 1995, through June 30, 1996, to be 
8.25 percent.
    Loans first disbursed on or after July 1, 1995. (a) During the in-
school, grace, and deferment periods. Pursuant to section 455(b)(2) of 
the Act, the Assistant Secretary has determined the interest rate for 
the period July 1, 1995, through June 30, 1996, to be 8.25 percent.
    (b) During all other periods. Pursuant to section 455(b)(1) of the 
Act, the Assistant Secretary has determined the interest rate for the 
period July 1, 1995, through June 30, 1996, to be 8.25 percent.

Interest Rates for Direct PLUS and Direct PLUS Consolidation Loans

    Pursuant to section 455(b)(4) of the Act, the Assistant Secretary 
has determined the interest rate for the period July 1, 1995, through 
June 30, 1996, to be 8.98 percent.

(20 U.S.C. 1087e)

    Dated: June 21, 1995.
David A. Longanecker,
Assistant Secretary for Postsecondary Education.
[FR Doc. 95-15627 Filed 6-26-95; 8:45 am]
BILLING CODE 4000-01-P