Important Announcements

A federal court issued an injunction preventing the U.S. Department of Education from implementing parts of the Saving on a Valuable Education (SAVE) Plan and other IDR plans, including – for example – SAVE’s monthly payment formula and loan forgiveness under SAVE, PAYE, and ICR plans. Please check StudentAid.gov/saveaction for more information.

Borrowers can now apply for income-driven repayment (IDR) plans electronically rather than needing to upload an application to our website. Please visit StudentAid.gov/IDR to submit your application. If you already submitted an application through our portal you do not need to apply again.

Edfinancial Updates

Columbus Day Closing

Our offices will be closed on Monday, October 14th, in observance of Columbus Day. Please note this may result in higher-than-average call volume following the federal holiday. We apologize for any inconvenience.

You can access your online account 24 hours a day.

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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