


Historical Interest Rates
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This page provides information about historical interest rates and
interest rate caps on the Stafford and PLUS
education loans.
The interest rate formulas on the Stafford Loan have
changed multiple times, with the following major milestones:
 200809 through 201112: Cut subsidized Stafford loan interest
rates for undergraduate students to 6.0%, 5.6%, 4.5% and 3.4%, with a
return to 6.8% in 201213. These cuts are available only to
undergraduate students, not graduate students, and only for subsidized
Stafford loans, not unsubsidized Stafford loans. Those loans remain at 6.8%.
 200607: Replacement of separate variable inschool/grace and repayment
rates on the Stafford Loan with a single fixed rate of
6.8%. Replacement of variable interest rates on the PLUS Loan with a
fixed rate of 8.5% (FFELP) and 7.9% (DL).
 199899: 80 basis point reduction in both inschool/grace and
repayment rates on the Stafford Loan.
Consolidation loan interest rates switched from rounding up to the
nearest whole percent to the nearest 1/8th of a percent and capped at
8.25%.
 199596: Separate rates established during the inschool and grace
periods on the Stafford Loan, with these rates 60 basis points lower than repayment rates.
 199495: Change in the cap on the Stafford Loan from 9.0% to 8.25%
and the cap on the PLUS Loan from 10.0% to 9.0%.
 199293: Change in the cap on the PLUS Loan from 12.0% to 10.0%
and a 15 basis point reduction in the interest rate.
Repayment Interest Rates
The following table lists historical Stafford loan repayment interest rates.
Year 
Rate 
Formula 
201011  6.8%  fixed rate (unsubsidized Stafford for all students and subsidized Stafford for graduate students) 
4.5%  fixed rate (subsidized Stafford for undergraduate students) 
2.47%  variable rate (loans from before 7/1/06) (0.167 + 2.3%, cap 8.25%) 
200910  6.8%  fixed rate (unsubsidized Stafford for all students and subsidized Stafford for graduate students) 
5.6%  fixed rate (subsidized Stafford for undergraduate students) 
2.48%  variable rate (loans from before 7/1/06) (0.178 + 2.3%, cap 8.25%) 
200809  6.8%  fixed rate (unsubsidized Stafford for all students and subsidized Stafford for graduate students) 
6.0%  fixed rate (subsidized Stafford for undergraduate students) 
4.21%  variable rate (loans from before 7/1/06) (1.905 + 2.3%, cap 8.25%) 
200708  6.8%  fixed rate 
7.22%  variable rate (loans from before 7/1/06) (4.919 + 2.3%, cap 8.25%) 
200607  6.8%  fixed rate 
7.14%  variable rate (loans from before 7/1/06) (4.843 + 2.3%, cap 8.25%) 
200506  5.30%  (2.998 + 2.3%, cap 8.25%) 
200405  3.37%  (1.066 + 2.3%, cap 8.25%) 
200304  3.42%  (1.121 + 2.3%, cap 8.25%) 
200203  4.06%  (1.760 + 2.3%, cap 8.25%) 
200102  5.99%  (3.688 + 2.3%, cap 8.25%) 
200001  8.19%  (5.893 + 2.3%, cap 8.25%) 
199900  6.92%  (4.621 + 2.3%, cap 8.25%) 
199899  7.46%  (5.155 + 2.3%, cap 8.25%) 
199798  8.25%  (5.16 + 3.1%, cap 8.25%) 
199697  8.25%  (5.16 + 3.1%, cap 8.25%) 
199596  8.25%  (5.82 + 3.1%, cap 8.25%) 
199495  7.43%  (4.33 + 3.1%, cap 8.25%) 
199394  6.22%  (3.12 + 3.1%, cap 9.0%) 
199293  6.94%  (3.84 + 3.1%, cap 9.0%) 
Before 1992, there were the GSL and SLS loans. These loans were more
similar in concept to the current PLUS loans than the Stafford
loans. The interest rates on these loans were somewhat
complicated. For example, from October 1, 1981 to October 1, 1992,
interest rates on the SLS loans were fixed rates that changed annually
with various caps (14.0%, 12.0%, 9.0%, 8.0% and 7.0%). From July 1,
1988 to October 1, 1992, this loan had a fixed rate of 8% from
disbursement to four years after the loan entered repayment, and 10%
thereafter. Variable rates were introduced on July 1, 1987, and one
could convert a fixed rate loan into a variable rate loan through
January 1, 1995 using a refinancing mechanism.
InSchool Interest Rates
The following table lists historical Stafford loan inschool/grace
period interest rates.
Year 
Rate 
Formula 
201011  6.8%  fixed rate (unsubsidized Stafford for all students and subsidized Stafford for graduate students) 
4.5%  fixed rate (subsidized Stafford for undergraduate students) 
1.87%  variable rate (loans from before 7/1/06) (0.167 + 1.7%, cap 8.25%) 
200910  6.8%  fixed rate (unsubsidized Stafford for all students and subsidized Stafford for graduate students) 
5.6%  fixed rate (subsidized Stafford for undergraduate students) 
1.88%  variable rate (loans from before 7/1/06) (0.178 + 1.7%, cap 8.25%) 
200809  6.8%  fixed rate (unsubsidized Stafford for all students and subsidized Stafford for graduate students) 
6.0%  fixed rate (subsidized Stafford for undergraduate students) 
3.61%  variable rate (loans from before 7/1/06) (1.905 + 1.7%, cap 8.25%) 
200708  6.8%  fixed rate 
6.62%  variable rate (loans from before 7/1/06) (4.919 + 1.7%, cap 8.25%) 
200607  6.8%  fixed rate 
6.54%  variable rate (loans from before 7/1/06) (4.843 + 1.7%, cap 8.25%) 
200506  4.70%  (2.998 + 1.7%, cap 8.25%) 
200405  2.77%  (1.066 + 1.7%, cap 8.25%) 
200304  2.82%  (1.121 + 1.7%, cap 8.25%) 
200203  3.46%  (1.760 + 1.7%, cap 8.25%) 
200102  5.39%  (3.688 + 1.7%, cap 8.25%) 
200001  7.59%  (5.893 + 1.7%, cap 8.25%) 
199900  6.32%  (4.621 + 1.7%, cap 8.25%) 
199899  6.86%  (5.155 + 1.7%, cap 8.25%) 
199798  7.65%  (5.16 + 2.5%, cap 8.25%) 
199697  7.65%  (5.16 + 2.5%, cap 8.25%) 
199596  8.25%  (5.82 + 2.5%, cap 8.25%) 
199495  7.43%  (4.33 + 3.1%, cap 8.25%) 
199394  6.22%  (3.12 + 3.1%, cap 9.0%) 
199293  6.94%  (3.84 + 3.1%, cap 9.0%) 
PLUS Loan Interest Rates
The following table lists historical PLUS loan interest rates.
Year 
Rate 
Formula 
201011  7.9%  fixed rate (DL) 
3.27%  variable rate (loans from before 7/1/06) (0.167 + 3.1%, cap 9.0%) 
200910  8.5%  fixed rate (FFELP) 
7.9%  fixed rate (DL) 
3.28%  variable rate (loans from before 7/1/06) (0.178 + 3.1%, cap 9.0%) 
200809  8.5%  fixed rate (FFELP) 
7.9%  fixed rate (DL) 
5.01%  variable rate (loans from before 7/1/06) (1.905 + 3.1%, cap 9.0%) 
200708  8.5%  fixed rate (FFELP) 
7.9%  fixed rate (DL) 
8.02%  variable rate (loans from before 7/1/06) (4.919 + 3.1%, cap 9.0%) 
200607  8.5%  fixed rate (FFELP) 
7.9%  fixed rate (DL) 
7.94%  variable rate (loans from before 7/1/06) (4.843 + 3.1%, cap 9.0%) 
200506  6.10%  (2.998 + 3.1%, cap 9.0%) 
200405  4.17%  (1.066 + 3.1%, cap 9.0%) 
200304  4.22%  (1.121 + 3.1%, cap 9.0%) 
200203  4.86%  (1.760 + 3.1%, cap 9.0%) 
200102  6.79%  (3.688 + 3.1%, cap 9.0%) 
200001  8.99%  (5.893 + 3.1%, cap 9.0%) 
199900  7.72%  (4.621 + 3.1%, cap 9.0%) 
199899  8.26%  (5.155 + 3.1%, cap 9.0%) 
199798  8.98%  (5.88 + 3.1%, cap 9.0%) 
199697  8.72%  (5.62 + 3.1%, cap 9.0%) 
199596  8.98%  (5.87 + 3.1%, cap 9.0%) 
199495  8.38%  (5.28 + 3.1%, cap 9.0%) 
199394  6.64%  (3.54 + 3.1%, cap 10.0%) 
199293  7.36%  (4.26 + 3.1%, cap 10.0%) 
199192  9.34%  (6.09 + 3.25%, cap 12.0%) 
199091  11.49%  (8.24 + 3.25%, cap 12.0%) 
198990  12.00%  (9.15 + 3.25%, cap 12.0%) 
198889  10.45%  (7.20 + 3.25%, cap 12.0%) 
198788  10.27%  (7.02 + 3.25%, cap 12.0%) 
For other historical interest rate data, such as the Commercial Paper
Rate, LIBOR index and Prime Lending Rate, see the
Federal Reserve Statistical Release
and the
Federal Reserve Historical Data.

