New Interest Rates Announced
on Student Loans
May 31, 2002- The Department of Education May 29 announced
that, effective July 1, 2002, interest rates on variable rate
Federal Stafford Loans in both the Federal Ford Education
Loan (FFEL) Program and the Federal Direct Loan (DL) Program
will hit an all time low. Subsidized and unsubsidized Stafford
Loans disbursed on or after July 1, 1998, will carry an interest
rate of 3.46 percent while borrowers are in school, grace,
or deferment, and a rate of 4.06 percent while borrowers are
in forbearance or active repayment. Loans disbursed prior
to July 1, 1998, have slightly higher rates.
Information: Paul S. Garrard,
AAMC Division of Student Affairs and Education Services, 202-828-0511.
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