[Federal Register Volume 78, Number 56 (Friday, March 22, 2013)]
[Notices]
[Pages 17647-17648]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-06653]


-----------------------------------------------------------------------

DEPARTMENT OF EDUCATION


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

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.

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

             Chart 1--``Converted'' Variable-Rate Federal Subsidized and Unsubsidized Stafford Loans
----------------------------------------------------------------------------------------------------------------
                  Cohort
-------------------------------------------                                 91-Day  T-
                                  First      Original fixed    Max. rate    bill rate      Margin     Total rate
 First disbursed on or after    disbursed     interest rate    (percent)    (percent)    (percent)    (percent)
                                  before
----------------------------------------------------------------------------------------------------------------
7/1/1988.....................    7/23/1992  8.00%,                  10.00         0.09         3.25         3.34
                                             increasing to
                                             10.00%.
7/23/1992....................    10/1/1992  8.00%,                  10.00         0.09         3.25         3.34
                                             increasing to
                                             10.00%.
7/23/1992....................     7/1/1994  7.00%...........         7.00         0.09         3.10         3.19
7/23/1992....................     7/1/1994  8.00%...........         8.00         0.09         3.10         3.19
7/23/1992....................     7/1/1994  9.00%...........         9.00         0.09         3.10         3.19
7/23/1992....................     7/1/1994  8.00%,                  10.00         0.09         3.10         3.19
                                             increasing to
                                             10.00%.
----------------------------------------------------------------------------------------------------------------

    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
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                  Cohort                                                                       Margin                  Total rate
---------------------------------------------------------------------------                          ---------------------------------------------------
                                                                             Max. rate    91-Day  T-   In-school,                In-school,
                                                                  First      (percent)    bill rate      grace,     All other      grace,     All other
                 First disbursed on or after                    disbursed                 (percent)    deferment     periods     deferment     periods
                                                                  before                               (percent)    (percent)    (percent)    (percent)
--------------------------------------------------------------------------------------------------------------------------------------------------------
10/1/1992....................................................     7/1/1994         9.00         0.09         3.10         3.10         3.19         3.19
7/1/1994.....................................................  [dagger]7/1/        9.00         0.09         3.10         3.10         3.19         3.19
                                                                      1994
7/1/1994.....................................................     7/1/1995         8.25         0.09         3.10         3.10         3.19         3.19
7/1/1995.....................................................     7/1/1998         8.25         0.09         2.50         3.10         2.59         3.19
7/1/1998.....................................................     7/1/2006         8.25         0.09         1.70         2.30         1.79         2.39
--------------------------------------------------------------------------------------------------------------------------------------------------------

    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.

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: [email protected].
    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.

[[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.
    Electronic Access to This Document: The official version of this 
document is the document published in the Federal Register. Free 
Internet access to the official edition of the Federal Register and the 
Code of Federal Regulations is available via the Federal Digital System 
at: www.gpo.gov/fdsys. At this site you can view this document, as well 
as all other documents of this Department published in the Federal 
Register, in text or Adobe Portable Document Format (PDF). To use PDF 
you must have Adobe Acrobat Reader, which is available free at the 
site.
    You may also access documents of the Department published in the 
Federal Register by using the article search feature at: 
www.federalregister.gov. Specifically, through the advanced search 
feature at this site, you can limit your search to documents published 
by the Department.

    Dated: March 19, 2013.
James W. Runcie,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2013-06653 Filed 3-21-13; 8:45 am]
BILLING CODE 4000-01-P