August 14, 2009, Newsletter Issue #132: Stafford Interest rates
Tip of the Week
Interest rates on your Federal Stafford Loans depend on when the loans were originally taken out. This is the breakdown for Stafford Loan rates.
If your loan was disbursed between July 1, 1998 and June 30, 2006, the rate is variable and can change on July 1 of every year. Though it is a variable rate, it can never be higher than 8.25 percent. The current rate for loans disbursed during that time period is 7.22 percent in repayment. If your are still in school, your grace period or deferment the rate is 6.62.
For Stafford Loans disbursed on or after July 1, 2006, the interest rate is fixed at 6.8 percent.
Figure out when your first disbursement was and this will tell you what your interest rate on Federal Stafford Loans is.
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