[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]
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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.
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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
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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
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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%.
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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
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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)
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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
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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]]
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INFORMATION CONTACT.
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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