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Financial Services
Oklahoma Christian University
Thursday, August 01, 2013

Congress Passes Student Loan Deal

Per the National Association of Student Financial Aid Administrators (NASFAA)

The student loan interest rate deal marks a long-awaited compromise by Senate Republicans, Democrats, and the Obama Administration. Under the act interest rates will be based on the 10-year Treasury bill plus the following percentage add-ons:

- 2.05 percent for undergraduate Stafford (subsidized and unsubsidized);
- 3.6 percent for graduate Stafford; and
- 4.6 percent for PLUS (parents and graduate students).

In addition, the deal includes caps: 8.25 percent for undergraduate Stafford; 9.5 percent for graduate Stafford; and 10.5 percent for PLUS.  Loans would be “variable-fixed,” meaning students would receive a new rate with each new loan, but then that rate would be fixed for the life of the loan.

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