It is important that you understand how interest is calculated and the fees associated with your loan. Are there any other fees for federal student loans?Both of these factors will impact the amount you will be required to repay. What are the interest rates for federal student loans? What are the interest rates on federal student loans first disbursed before July 1, 2017? The table below provides interest rates for Direct Loans first disbursed on or after July 1, 2017.Consider federal consolidation if you: Your new fixed interest rate will be the weighted average of your previous rates, rounded up to the nearest one-eighth of 1%.You’ll get a new loan term between 10 and 30 years, depending on your balance. A longer term also will result in paying more in interest. We’re on your side, even if it means we don’t make a cent.
Note: The interest rates for federal student loans are determined by federal law.
Simple daily interest formula: Outstanding principal balance x number of days since last payment Most federal student loans have loan fees that are a percentage of the total loan amount.
The loan fee is deducted proportionately from each loan disbursement you receive.
The chart below shows the loan fees for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after Oct. Interest rates for these loans are not displayed on this site.
For information about any variable-rate loans you may have, contact your loan servicer.