Federal Loan Interest Rates
Federal Direct Loans
Per legislation signed into law by President Obama in August 2013, interest rates for Federal Direct loans will now be calculated on a year-by-year basis using the following formula: The current 10-Year Treasury Note index rate will be used, in combination with an add-on amount determined by Congress. Each loan will have a rate cap should the Treasury Note index increase in subsequent years.
View information about interest rates for federal direct loans:
Federal Perkins Loans
The government has set the interest rate for the Perkins Loan at 5%. Interest does not accrue on this loan until you begin repayment or during authorized periods of deferment.