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Important Announcement

Notice for Borrowers on the SAVE plan:  Based upon the timeline for implementation of July 1, 2024 SAVE plan benefits, and the start of annual auto-recertification of IDR plans, some SAVE plan borrowers will likely receive more than one notice from Edfinancial Services about updates to their monthly payment amount and terms of their SAVE plan. For the most up-to-date information regarding your SAVE plan, please log into your Edfinancial account where you can find your correct monthly payment amount and the terms of your plan.

The courts have allowed Federal Student Aid to continue implementing the majority of the provisions of SAVE. Borrowers can continue to enroll in SAVE, other IDR plans, and/or consolidate loans. Check StudentAid.gov for any updates.

Interest rates are subject to change on July 1st of each year. All federal student loans first disbursed on or after July 1, 2006 have a fixed interest rate for the life of the loan. Below are charts detailing the changes in the FFEL and Direct Loan interest rates since July 1, 2006.

Direct Loans

07/01/24 - 6/30/25 6.53%
07/01/23 - 06/30/24 5.50%
07/01/22 - 06/30/23 4.99%
07/01/21 - 06/30/22 3.73%
07/01/20 - 06/30/21 2.75%
07/01/19 - 06/30/20 4.53%
07/01/18 - 06/30/19 5.05%
07/01/17 - 06/30/18 4.45%
07/01/16 - 06/30/17 3.76%
07/01/15 - 06/30/16 4.29%
07/01/14 - 06/30/15 4.66%
07/01/13 - 06/30/14 3.86%
07/01/11 - 06/30/13 3.40%
07/01/10 - 06/30/11 4.50%
07/01/09 - 06/30/10 5.60%
07/01/08 - 06/30/09 6.00%
07/01/07 - 06/30/08 6.80%

07/01/24 - 6/30/25 6.53%
07/01/23 - 06/30/24 5.50%
07/01/22 - 06/30/23 4.99%
07/01/21 - 06/30/22 3.73%
07/01/20 - 06/30/21 2.75%
07/01/19 - 06/30/20 4.53%
07/01/18 - 06/30/19 5.05%
07/01/17 - 06/30/18 4.45%
07/01/16 - 06/30/17 3.76%
07/01/15 - 06/30/16 4.29%
07/01/14 - 06/30/15 4.66%
07/01/13 - 06/30/14 3.86%
07/01/11 - 06/30/13 6.80%

07/01/12 and after --*
07/01/07 - 06/30/12 6.80%

07/01/24 - 6/30/25 8.08%
07/01/23 - 06/30/24 7.05%
07/01/22 - 06/30/23 6.54%
07/01/21 - 06/30/22 5.28%
07/01/20 - 06/30/21 4.30%
07/01/19 - 06/30/20 6.08%
07/01/18 - 06/30/19 6.60%
07/01/17 - 06/30/18 6.00%
07/01/16 - 06/30/17 5.31%
07/01/15 - 06/30/16 5.84%
07/01/14 - 06/30/15 6.21%
07/01/13 - 06/30/14 5.41%
07/01/07 - 06/30/13 6.80%

07/01/24 - 6/30/25 9.08%
07/01/23 - 06/30/24 8.05%
07/01/22 - 06/30/23 7.54%
07/01/20 - 06/30/21 5.30%
07/01/19 - 06/30/20 7.08%
07/01/18 - 06/30/19 7.60%
07/01/17 - 06/30/18 7.00%
07/01/16 - 06/30/17 6.31%
07/01/15 - 06/30/16 6.84%
07/01/14 - 06/30/15 7.21%
07/01/13 - 06/30/14 6.41%
07/01/07 - 06/30/13 7.90%

FFELP Loans

Loans are no longer made under the FFEL Program effective June 30, 2010.

07/01/09 - 06/30/10 5.60%
07/01/08 - 06/30/09 6.00%
07/01/07 - 06/30/08 6.80%

07/01/06 - 06/30/10 6.80%

07/01/06 - 06/30/10 8.50%

Variable Interest Rate FFELP and Direct Loans

Interest rates on federal student loans that were first disbursed on or after 07/01/98 and before 06/30/06 are variable and adjusted annually on July 1, according to a formula set by Congress that is based on the results of the last Treasury Bill (T-Bill) auction in May. The interest rates listed in the table below apply to the above mentioned student and parent loans.

07/01/24 - 06/30/25 7.10%
07/01/23 - 06/30/24 7.16%
07/01/22 - 06/30/23 2.84%
07/01/21 - 06/30/22 1.72%
07/01/20 - 06/30/21 1.83%
07/01/19 - 06/30/20 4.06%
07/01/18 - 06/30/19 3.63%
07/01/17 - 06/30/18 2.68%
07/01/16 - 06/30/17 2.05%
07/01/15 - 06/30/16 1.72%
07/01/14 - 06/30/15 1.73%
07/01/13 - 06/30/14 1.75%
07/01/12 - 06/30/13 1.79%

07/01/24 - 06/30/25 7.70%
07/01/23 - 06/30/24 7.76%
07/01/22 - 06/30/23 3.44%
07/01/21 - 06/30/22 2.32%
07/01/20 - 06/30/21 2.43%
07/01/19 - 06/30/20 4.66%
07/01/18 - 06/30/19 4.23%
07/01/17 - 06/30/18 3.28%
07/01/16 - 06/30/17 2.65%
07/01/15 - 06/30/16 2.32%
07/01/14 - 06/30/15 2.33%
07/01/13 - 06/30/14 2.35%
07/01/12 - 06/30/13 2.39%

07/01/24 - 06/30/25 8.50%
07/01/23 - 06/30/24 8.56%
07/01/22 - 06/30/23 4.24%
07/01/21 - 06/30/22 3.12%
07/01/20 - 06/30/21 3.23%
07/01/19 - 06/30/20 5.46%
07/01/18 - 06/30/19 5.03%
07/01/17 - 06/30/18 4.08%
07/01/16 - 06/30/17 3.45%
07/01/15 - 06/30/16 3.12%
07/01/14 - 06/30/15 3.13%
07/01/13 - 06/30/14 3.15%
07/01/12 - 06/30/13 3.19%

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