The U.S. Department of Education is required under section 438 of the Higher Education Act to calculate and issue the quarterly special allowance rates for three categories listed below.
Treasury Bill Rate
The Treasury bill rate is the average of the bond equivalent rates of the 13-week Treasury bills as published by the U.S. Department of the Treasury. For the quarter ending June 30, 2022, the average of the rates is 1.14%.
Commercial Paper Rate
The commercial paper rate is the average of the bond equivalent rates of the quotes of the 3-month commercial paper financial rates in effect for each of the days in such quarter as reported by the Federal Reserve in Publication H-15 (or its successor) for such 3-month period. For the quarter ending June 30, 2022, the average rate used to compute special allowance is 1.40%.
LIBOR Rate
The London InterBank Offered Rate (LIBOR) rate is the average of the bond equivalent rates of the quotes of the 1-month in effect for each of the days in such quarter as compiled and released by the British Bankers Association. For the quarter ending June 30, 2022, the average rate used to compute special allowance is 1.00%.
Attachments
The Department of Education strives to make all content accessible to everyone. While this document does not currently meet the standards of Section 508 of the Rehabilitation Act of 1973, as amended, Federal Student Aid is working to create an accessible version. If you need access to this document before the accessible version is available, please contact the Information Technology Accessibility Program Help Desk at ITAPSupport@ed.gov to help facilitate.
Attachments A, B, C, and D contain the quarterly special allowance rates computed pursuant to section 438.