Note
On July 1, 2022, we updated this document by adding information about the rates that are calculated after June 26. We also replaced the PDF attachment with an updated memo to include the interest rates calculated after June 26.
The attached charts show the variable interest rates applicable to the Federal Stafford, Federal SLS, Federal PLUS, and Federal Consolidation loan programs for the period July 1, 2022 – June 30, 2023. Interest rates for variable-rate loans under these programs are determined annually, and are based on the following:
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Stafford Loans – based on the 13-week Treasury Bill (T-Bill) interest rate auction held before June 1. The 13-week T-Bill auctioned on May 31, 2022, is 1.14%
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PLUS/SLS Loans – based on either the 13-week T-Bill interest rate auction held before June 1, or the weekly average of the one-year constant maturity Treasury yield as published for the last calendar week ending on or before June 26th of each year. The 13-week T-Bill auctioned on May 31, 2022, is 1.14%. The weekly average of the one-year constant maturity Treasury yield for the last calendar week ending on or before June 26th is 2.83%.
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Consolidation Loans – loan applications received on or after 11/13/1997 but prior to 10/1/1998 are based on the 13-week T-Bill interest rate auction held before June 1. The 13-week T-Bill auctioned on May 31, 2022, is 1.14%. For the Health Education Assistance Loan (HEAL) portion of consolidation loans received on or after 11/13/1997, the rate is based on the average of the 13-week T-Bills auctioned for the quarter ending June 30, or 1.14%.
These rates do not affect Federal Stafford or Federal PLUS loans made on or after July 1, 2006, that are subject to fixed rates.
For guidance on the treatment of FFEL loans impacted by the expansion of collections pause, refer to Dear Colleague Letter (DCL ID: GEN-21-03) published on the Knowledge Center on May 12, 2021.