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PLUS Loans |
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The rate for all PLUS Loans disbursed between July 1, 1998 and June 30, 2006, is 7.94% for the period July 1, 2006, through June 30, 2007. The interest rate on FFELP PLUS Loans disbursed after July 1, 2006 is set at a fixed rate of 8.50%.
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Stafford Loans |
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All Stafford Loans disbursed between July 1, 1998 and July 1, 2006, that are in repayment will have a rate of 7.14% for the period July 1, 2006 through June 30, 2007. The rate for all Stafford Loans for students in school or in their grace or deferment periods is 6.54% for the same period.
The interest rate on Stafford Loans disbursed after July 1, 2006 is set at a fixed rate of 6.80% for the period July 1, 2006 through June 30, 2007.
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Consolidation Loans |
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The interest rate will be the weighted average of the rates of the loans you consolidate, rounded up to the nearest 1/8%, or 8.25%, whichever is less.
If you consolidate now, you can receive a consolidation loan interest rate as low as 6.625% (depending on the types of loans you carry and when those loans were disbursed.) Additionally, special EdFed borrower benefits can get you a rate as low as 5.375% on your consolidation.
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Shoot for the moon. Even if you miss it, you will land among the stars.