![](media/image1.png){width="6.0in" height="1.070138888888889in"}

June 27, 2006

Subject: Federal Stafford, Federal PLUS, Federal SLS, and Federal
Consolidation Interest Rate Calculations for the Period July 1, 2006 --
June 30, 2007

The attached charts show the variable interest rates applicable to the
Federal Stafford, Federal SLS, Federal PLUS, and Federal Consolidation
loan programs for the period **July 1, 2006 -- June 30, 2007.** Interest
rates for variable-rate loans under these programs are determined
annually, and are based on the following:

-   [Stafford Loans]{.underline} -- based on the bond equivalent rate of
    91-day Treasury Bills auctioned at the final auction held before
    June 1^st^ of each year. The bond equivalent rate for 91-day
    Treasury Bills auctioned on May 30, 2006 is 4.843 percent, which
    rounds to **4.84** percent.

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```
-   [PLUS/SLS Loans]{.underline} -- based on either the bond equivalent
    rate of 91-day Treasury Bills auctioned at the final auction held
    before June 1^st^ of each year, or the weekly average of the
    one-year constant maturity Treasury yield as published for the last
    calendar week ending on or before June 26^th^ of each year. The bond
    equivalent rate for 91-day Treasury Bills auctioned on May 30, 2006,
    is 4.843 percent, which rounds to **4.84** percent. The weekly
    average of the one-year constant maturity Treasury yield for the
    last calendar week ending on or before June 26^th^ is **5.24**
    percent**.**

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```
-   [Consolidation Loans]{.underline} -- for which the loan application
    was received by an eligible lender on or after 11/13/97 but prior to
    10/1/98 are based on the bond equivalent rate of 91-day Treasury
    Bills auctioned at the final auction held before June 1^st^ of each
    year, or **4.84** percent. For the HEAL portion of consolidation
    loans for which the loan

![](media/image2.png){width="6.0in" height="1.070138888888889in"}

Page 2 -- Interest Rate Calculations

> application was received by an eligible lender on or after 11/13/97,
> the rate is based on the average of the bond equivalent rates of the
> 91-day Treasury Bills auctioned for the quarter ending June 30^th^ of
> each year, or 4.828 percent which rounds to **4.83** percent.
>
> These rates do not affect new Federal Stafford or Federal PLUS loans
> made on or after July 1, 2006 that are subject to fixed-rates of 6.8%
> and 8.5%, respectively.

Accounting Division

Office of the Chief Financial Officer

Attachment

+---------+--------+---------+---------+---------+---------+---------+
| ## FFEL |        |         |         |         |         |         |
|  "Conve |        |         |         |         |         |         |
| rted" V |        |         |         |         |         |         |
| ariable |        |         |         |         |         |         |
| -rate S |        |         |         |         |         |         |
| tafford |        |         |         |         |         |         |
|  Loan I |        |         |         |         |         |         |
| nterest |        |         |         |         |         |         |
|  Rates  |        |         |         |         |         |         |
| for the |        |         |         |         |         |         |
|  Period |        |         |         |         |         |         |
|  July 1 |        |         |         |         |         |         |
| , 2006  |        |         |         |         |         |         |
| through |        |         |         |         |         |         |
|  June 3 |        |         |         |         |         |         |
| 0, 2007 |        |         |         |         |         |         |
|         |        |         |         |         |         |         |
| *       |        |         |         |         |         |         |
| *(Loans |        |         |         |         |         |         |
| That    |        |         |         |         |         |         |
| Were    |        |         |         |         |         |         |
| Subject |        |         |         |         |         |         |
| to the  |        |         |         |         |         |         |
| "W      |        |         |         |         |         |         |
| indfall |        |         |         |         |         |         |
| P       |        |         |         |         |         |         |
| rofits" |        |         |         |         |         |         |
| Pro     |        |         |         |         |         |         |
| visions |        |         |         |         |         |         |
| of      |        |         |         |         |         |         |
| §       |        |         |         |         |         |         |
| 427A(i) |        |         |         |         |         |         |
| of the  |        |         |         |         |         |         |
| HEA)**  |        |         |         |         |         |         |
|         |        |         |         |         |         |         |
| *       |        |         |         |         |         |         |
| *(Table |        |         |         |         |         |         |
| 1)**    |        |         |         |         |         |         |
|         |        |         |         |         |         |         |
| #       |        |         |         |         |         |         |
+=========+========+=========+=========+=========+=========+=========+
| **C     | #      | #       |         |         |         |         |
| OHORT** |        |         |         |         |         |         |
|         | # CI   | # INTE  |         |         |         |         |
|         | TATION | REST RA |         |         |         |         |
|         |        | TE FORM |         |         |         |         |
|         |        | ULA (T- |         |         |         |         |
|         |        | Bill Ra |         |         |         |         |
|         |        | te + Ad |         |         |         |         |
|         |        | ditiona |         |         |         |         |
|         |        | l Sum = |         |         |         |         |
|         |        |  Total) |         |         |         |         |
+---------+--------+---------+---------+---------+---------+---------+
| # Type  | Higher | *       | #       | # Total | # Maxim | **I     |
| of Loan | Edu    | *91-Day | Additio |         | um Rate | NTEREST |
|         | cation | T       | nal Sum |         |         | RATE    |
|         | Act of | reasury |         |         |         | FOR THE |
|         | 1965,  | Bill    |         |         |         | PERIOD  |
|         | As     | Rate**  |         |         |         | 7/1/06  |
|         | A      |         |         |         |         | --      |
|         | mended |         |         |         |         | 6/30    |
|         |        |         |         |         |         | /2007** |
+---------+--------+---------+---------+---------+---------+---------+
| 8/10%   | §427A  | 4.84%   | 3.25%   | 8.09%   | 10%     | **      |
| Loans   | (i)(1) |         |         |         |         | 8.09%** |
|         |        |         |         |         |         |         |
|         | §4     |         |         |         |         |         |
|         | 27A(i) |         |         |         |         |         |
|         | (7)(A) |         |         |         |         |         |
+---------+--------+---------+---------+---------+---------+---------+
| 7%      | §427A  | 4.84%   | 3.1%    | 7.94%   | 7%      | **      |
| Loans   | (i)(3) |         |         |         |         | 7.00%** |
|         |        |         |         |         |         |         |
|         | §4     |         |         |         |         |         |
|         | 27A(i) |         |         |         |         |         |
|         | (7)(A) |         |         |         |         |         |
+---------+--------+---------+---------+---------+---------+---------+
| 8%      | §427A  | 4.84%   | 3.1%    | 7.94%   | 8%      | **      |
| Loans   | (i)(3) |         |         |         |         | 7.94%** |
|         |        |         |         |         |         |         |
|         | §4     |         |         |         |         |         |
|         | 27A(i) |         |         |         |         |         |
|         | (7)(A) |         |         |         |         |         |
+---------+--------+---------+---------+---------+---------+---------+
| 9%      | §427A  | 4.84%   | 3.1%    | 7.94%   | 9%      | **      |
| Loans   | (i)(3) |         |         |         |         | 7.94%** |
|         |        |         |         |         |         |         |
|         | §4     |         |         |         |         |         |
|         | 27A(i) |         |         |         |         |         |
|         | (7)(A) |         |         |         |         |         |
+---------+--------+---------+---------+---------+---------+---------+
| 8/10%   | §427A  | 4.84%   | 3.1%    | 7.94%   | 10%     | **      |
| Loans   | (i)(3) |         |         |         |         | 7.94%** |
|         |        |         |         |         |         |         |
|         | §4     |         |         |         |         |         |
|         | 27A(i) |         |         |         |         |         |
|         | (7)(A) |         |         |         |         |         |
+---------+--------+---------+---------+---------+---------+---------+

<table style="width:100%;">
<colgroup>
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
</colgroup>
<thead>
<tr class="header">
<th colspan="10"><p><strong>FFEL Regular Variable-rate Stafford Loan
Interest Rates for the Period July 1, 2006 through June 30,
2007</strong></p>
<p><strong>(Table 2)</strong></p></th>
</tr>
<tr class="odd">
<th colspan="3"><strong>COHORT</strong></th>
<th><strong>CITATION</strong></th>
<th colspan="6"><strong>INTEREST RATE FORMULA (T-Bill Rate + Additional
Sum = Total)</strong></th>
</tr>
<tr class="header">
<th><strong>Type of Borrower</strong></th>
<th><p><strong>First Disburse-</strong></p>
<p><strong>ment Made On or After</strong></p></th>
<th><strong>First Disburse- ment Made Before</strong></th>
<th><strong>Higher Education Act of 1965, As Amended</strong></th>
<th><strong>During</strong></th>
<th><p><strong>91-Day</strong></p>
<p><strong>Treasury Bill Rate</strong></p></th>
<th><strong>Additional Sum</strong></th>
<th><strong>Total</strong></th>
<th><p><strong>Maximum</strong></p>
<p><strong>Rate</strong></p></th>
<th><strong>INTEREST RATE FOR THE PERIOD 7/1/06 –
6/30/2007</strong></th>
</tr>
</thead>
<tbody>
<tr class="odd">
<td>“New” Borrower</td>
<td>10/1/92</td>
<td>7/1/94</td>
<td>§427A(e)(1)</td>
<td></td>
<td>4.84%</td>
<td>3.1%</td>
<td>7.94%</td>
<td>9%</td>
<td><strong>7.94%</strong></td>
</tr>
<tr class="even">
<td>“New” Borrower</td>
<td><p>7/1/94</p>
<p>(for a period of enrollment ending prior to 7/1/94)</p></td>
<td></td>
<td>§427A(e)(1)</td>
<td></td>
<td>4.84%</td>
<td>3.1%</td>
<td>7.94%</td>
<td>9%</td>
<td><strong>7.94%</strong></td>
</tr>
<tr class="odd">
<td>All Borrowers (regardless of prior borrowing)</td>
<td><p>7/1/94</p>
<p>(for a period of enrollment that includes or begins on or after
7/1/94)</p></td>
<td>7/1/95</td>
<td>§427A(f)(1)</td>
<td></td>
<td>4.84%</td>
<td>3.1%</td>
<td>7.94%</td>
<td>8.25%</td>
<td><strong>7.94%</strong></td>
</tr>
<tr class="even">
<td colspan="10"></td>
</tr>
<tr class="odd">
<td>All Borrowers (regardless of prior borrowing)</td>
<td>7/1/95</td>
<td>7/1/98</td>
<td><p>§427A(g)(2)</p>
<p>§427A(f)(1)</p></td>
<td><p>In-school, grace and deferment periods</p>
<p>All other periods</p></td>
<td><p>4.84%</p>
<p>4.84%</p></td>
<td><p>2.5%</p>
<p>3.1%</p></td>
<td><p>7.34%</p>
<p>7.94%</p></td>
<td><p>8.25%</p>
<p>8.25%</p></td>
<td><p><strong>7.34%</strong></p>
<p><strong>7.94%</strong></p></td>
</tr>
<tr class="even">
<td>All Borrowers (regardless of prior borrowing)</td>
<td>7/1/98</td>
<td>7/1/2006</td>
<td><p>§427A(j)(2)</p>
<p>§427A(k)(2)</p>
<p>§427A(j)(1)</p>
<p>§427A(k)(1)</p></td>
<td><p>In-school, grace and deferment periods</p>
<p>All other periods</p></td>
<td><p>4.84%</p>
<p>4.84%</p></td>
<td><p>1.7%</p>
<p>2.3%</p></td>
<td><p>6.54%</p>
<p>7.14%</p></td>
<td><p>8.25%</p>
<p>8.25%</p></td>
<td><p><strong>6.54%</strong></p>
<p><strong>7.14%</strong></p></td>
</tr>
</tbody>
</table>

<table style="width:100%;">
<colgroup>
<col style="width: 9%" />
<col style="width: 9%" />
<col style="width: 9%" />
<col style="width: 12%" />
<col style="width: 9%" />
<col style="width: 9%" />
<col style="width: 8%" />
<col style="width: 10%" />
<col style="width: 9%" />
<col style="width: 9%" />
</colgroup>
<thead>
<tr class="header">
<th colspan="10"><p><strong>FFEL Variable-rate PLUS and SLS Loan
Interest Rates for the Period July 1, 2006 through June 30,
2007</strong></p>
<p><strong>(Table 3)</strong></p></th>
</tr>
<tr class="odd">
<th colspan="3"><h1 id="cohort">COHORT</h1></th>
<th><h1 id="citation-1">CITATION</h1></th>
<th colspan="6"><strong>INTEREST RATE FORMULA (T-Bill Rate + Additional
Sum = Total)</strong></th>
</tr>
<tr class="header">
<th>Type of Loan</th>
<th><p><strong>First Disburse-</strong></p>
<p><strong>ment Made On or After</strong></p></th>
<th><p><strong>First Disburse-</strong></p>
<p><strong>ment Made Before</strong></p></th>
<th><strong>Higher Education Act of 1965, As Amended</strong></th>
<th><p><strong>91-Day</strong></p>
<p><strong>Treasury Bill Rate</strong></p></th>
<th><strong>One-year Constant Maturity</strong></th>
<th><h1 id="additional-sum-1">Additional Sum</h1></th>
<th><h1 id="total-1">Total</h1></th>
<th><strong>Maximum Rate</strong></th>
<th><strong>INTEREST RATE FOR THE PERIOD 7/1/05 –
6/30/2006</strong></th>
</tr>
</thead>
<tbody>
<tr class="odd">
<td>PLUS/SLS*</td>
<td></td>
<td>10/1/92</td>
<td>§427A(c)(4)(B)</td>
<td></td>
<td>5.24%</td>
<td>3.25%</td>
<td>8.49%</td>
<td>12%</td>
<td><h1 id="section-3"> 8.49%</h1></td>
</tr>
<tr class="even">
<td>SLS*</td>
<td><p>10/1/92</p>
<p>(for a period of enrollment beginning prior to 7/1/94)</p></td>
<td></td>
<td>§427A(c)(4)(D)</td>
<td></td>
<td>5.24%</td>
<td>3.1%</td>
<td>8.34%</td>
<td>11%</td>
<td><h1 id="section-4"> 8.34%</h1></td>
</tr>
<tr class="odd">
<td>PLUS*</td>
<td>10/1/92</td>
<td>7/1/94</td>
<td>§427A(c)(4)(D)</td>
<td></td>
<td>5.24%</td>
<td>3.1%</td>
<td>8.34%</td>
<td>10%</td>
<td><h1 id="section-5"> 8.34%</h1></td>
</tr>
<tr class="even">
<td>PLUS</td>
<td>7/1/94</td>
<td>7/1/98</td>
<td>§427A(c)(4)(E)</td>
<td></td>
<td>5.24%</td>
<td>3.1%</td>
<td>8.34%</td>
<td>9%</td>
<td><h1 id="section-6"> 8.34%</h1></td>
</tr>
<tr class="odd">
<td>PLUS*</td>
<td>7/1/98</td>
<td>1/1/2000</td>
<td><p>§427A(j)(3)</p>
<p>§427A(k)(3)</p></td>
<td>4.84%</td>
<td></td>
<td>3.1%</td>
<td>7.94%</td>
<td>9%</td>
<td><strong>7.94%</strong></td>
</tr>
<tr class="even">
<td>PLUS</td>
<td>1/1/2000</td>
<td>7/1/2006</td>
<td>§427A(k)(3)</td>
<td>4.84%</td>
<td></td>
<td>3.1%</td>
<td>7.94%</td>
<td>9%</td>
<td><strong>7.94%</strong></td>
</tr>
</tbody>
</table>

\* These loans will [not]{.underline} be subject to special allowance
payments during the four quarters ending 9/30/06, 12/31/06, 3/31/2007,
and 6/30/2007. See Sections 438(b)(2)(C)(i); 438(b)(2)(C)(ii);
438(b)(2)(G)(v); and 438(b)(2)(H)(v) of the Higher Education Act of
1965, as amended.

+---------+---------+---------+---------+---------+--------------+----+
| **FFEL  |         |         |         |         |              |    |
| Variab  |         |         |         |         |              |    |
| le-rate |         |         |         |         |              |    |
| and     |         |         |         |         |              |    |
| Fix     |         |         |         |         |              |    |
| ed-rate |         |         |         |         |              |    |
| Consol  |         |         |         |         |              |    |
| idation |         |         |         |         |              |    |
| Loan    |         |         |         |         |              |    |
| I       |         |         |         |         |              |    |
| nterest |         |         |         |         |              |    |
| Rates   |         |         |         |         |              |    |
| for the |         |         |         |         |              |    |
| Period  |         |         |         |         |              |    |
| July 1, |         |         |         |         |              |    |
| 2006    |         |         |         |         |              |    |
| through |         |         |         |         |              |    |
| June    |         |         |         |         |              |    |
| 30,     |         |         |         |         |              |    |
| 2007**  |         |         |         |         |              |    |
|         |         |         |         |         |              |    |
| *       |         |         |         |         |              |    |
| *(Table |         |         |         |         |              |    |
| 4)**    |         |         |         |         |              |    |
+=========+=========+=========+=========+=========+==============+====+
| **C     |         |         |         | **CIT   | **INTEREST   |    |
| OHORT** |         |         |         | ATION** | RATE         |    |
|         |         |         |         |         | FORMULA**    |    |
+---------+---------+---------+---------+---------+--------------+----+
| *       | *       | *       | *       | *       | **Method     | *  |
| *Consol | *Consol | *Consol | *Consol | *Higher | Used to      | *M |
| idation | idation | idation | idation | Ed      | Determine    | ax |
| Loans   | Loans   | Loans   | Loans   | ucation | Interest     | i- |
| Made On | Made    | for     | for     | Act of  | Rate**       | m  |
| or      | B       | Which   | Which   | 1965,   |              | um |
| After** | efore** | the     | the     | As      |              | Ra |
|         |         | Loan    | Loan    | Am      |              | te |
|         |         | Appl    | Appl    | ended** |              | ** |
|         |         | ication | ication |         |              |    |
|         |         | Was     | Was     |         |              |    |
|         |         | R       | R       |         |              |    |
|         |         | eceived | eceived |         |              |    |
|         |         | by an   | by an   |         |              |    |
|         |         | E       | E       |         |              |    |
|         |         | ligible | ligible |         |              |    |
|         |         | Lender  | Lender  |         |              |    |
|         |         | On or   | B       |         |              |    |
|         |         | After** | efore** |         |              |    |
+---------+---------+---------+---------+---------+--------------+----+
|         | 7/1/94  |         |         | §428C(c | The interest |    |
|         |         |         |         | )(1)(B) | rate is the  |    |
|         |         |         |         |         | weighted     |    |
|         |         |         |         |         | average of   |    |
|         |         |         |         |         | the interest |    |
|         |         |         |         |         | rates on the |    |
|         |         |         |         |         | loans        |    |
|         |         |         |         |         | c            |    |
|         |         |         |         |         | onsolidated, |    |
|         |         |         |         |         | rounded to   |    |
|         |         |         |         |         | the nearest  |    |
|         |         |         |         |         | whole        |    |
|         |         |         |         |         | percent, but |    |
|         |         |         |         |         | may not be   |    |
|         |         |         |         |         | less than 9  |    |
|         |         |         |         |         | percent.     |    |
+---------+---------+---------+---------+---------+--------------+----+
| 7/1/94  |         |         | 1       | §428C(c | The interest |    |
|         |         |         | 1/13/97 | )(1)(C) | rate is the  |    |
|         |         |         |         |         | weighted     |    |
|         |         |         |         |         | average of   |    |
|         |         |         |         |         | the interest |    |
|         |         |         |         |         | rates on the |    |
|         |         |         |         |         | loans        |    |
|         |         |         |         |         | c            |    |
|         |         |         |         |         | onsolidated, |    |
|         |         |         |         |         | rounded      |    |
|         |         |         |         |         | upward to    |    |
|         |         |         |         |         | the nearest  |    |
|         |         |         |         |         | whole        |    |
|         |         |         |         |         | percent.     |    |
+---------+---------+---------+---------+---------+--------------+----+
|         |         |         |         |         |              |    |
+---------+---------+---------+---------+---------+--------------+----+
|         |         | 1       | 10/1/98 | §       | The interest | 8  |
|         |         | 1/13/97 |         | 427A(f) | rate is      | .2 |
|         |         |         |         |         | determined   | 5% |
|         |         |         |         | §428C(c | annually,    |    |
|         |         |         |         | )(1)(D) | and equals   |    |
|         |         |         |         |         | the bond     |    |
|         |         |         |         |         | equivalent   |    |
|         |         |         |         |         | rate of      |    |
|         |         |         |         |         | 91-Day       |    |
|         |         |         |         |         | Treasury     |    |
|         |         |         |         |         | Bills        |    |
|         |         |         |         |         | auctioned on |    |
|         |         |         |         |         | the final    |    |
|         |         |         |         |         | auction held |    |
|         |         |         |         |         | before June  |    |
|         |         |         |         |         | 1^st^ of     |    |
|         |         |         |         |         | each year,   |    |
|         |         |         |         |         | plus 3.10    |    |
|         |         |         |         |         | percent. The |    |
|         |         |         |         |         | interest     |    |
|         |         |         |         |         | rate may not |    |
|         |         |         |         |         | exceed the   |    |
|         |         |         |         |         | maximum      |    |
|         |         |         |         |         | rate. (For   |    |
|         |         |         |         |         | the period   |    |
|         |         |         |         |         | July 1, 2006 |    |
|         |         |         |         |         | through June |    |
|         |         |         |         |         | 30, 2007 the |    |
|         |         |         |         |         | interest     |    |
|         |         |         |         |         | rate for     |    |
|         |         |         |         |         | these loans  |    |
|         |         |         |         |         | is 4.84      |    |
|         |         |         |         |         | percent plus |    |
|         |         |         |         |         | 3.10 percent |    |
|         |         |         |         |         | or **7.94**  |    |
|         |         |         |         |         | percent.)    |    |
+---------+---------+---------+---------+---------+--------------+----+
|         |         | 10/1/98 | Ind     | §427A(k | The interest | 8  |
|         |         |         | efinite | )(4)(A) | rate is the  | .2 |
|         |         |         |         |         | weighted     | 5% |
|         |         |         |         | §428C(c | average of   |    |
|         |         |         |         | )(1)(A) | the interest |    |
|         |         |         |         |         | rates on the |    |
|         |         |         |         |         | loans being  |    |
|         |         |         |         |         | c            |    |
|         |         |         |         |         | onsolidated, |    |
|         |         |         |         |         | rounded to   |    |
|         |         |         |         |         | the nearest  |    |
|         |         |         |         |         | higher       |    |
|         |         |         |         |         | 1/8^th^ of   |    |
|         |         |         |         |         | one percent. |    |
|         |         |         |         |         | The interest |    |
|         |         |         |         |         | rate may not |    |
|         |         |         |         |         | exceed the   |    |
|         |         |         |         |         | maximum      |    |
|         |         |         |         |         | rate.        |    |
+---------+---------+---------+---------+---------+--------------+----+
| HEAL    |         | 1       | Ind     | §428C(d | The interest | N  |
| Portion |         | 1/13/97 | efinite | )(2)(B) | rate for the | /A |
| of the  |         |         |         |         | HEAL portion |    |
| Consol  |         |         |         |         | of the       |    |
| idation |         |         |         |         | c            |    |
| Loan    |         |         |         |         | onsolidation |    |
|         |         |         |         |         | loan is      |    |
|         |         |         |         |         | determined   |    |
|         |         |         |         |         | annually,    |    |
|         |         |         |         |         | and equals   |    |
|         |         |         |         |         | the average  |    |
|         |         |         |         |         | of the bond  |    |
|         |         |         |         |         | equivalent   |    |
|         |         |         |         |         | rates of the |    |
|         |         |         |         |         | 91-Day       |    |
|         |         |         |         |         | Treasury     |    |
|         |         |         |         |         | Bills        |    |
|         |         |         |         |         | auctioned    |    |
|         |         |         |         |         | for the      |    |
|         |         |         |         |         | quarter      |    |
|         |         |         |         |         | ending June  |    |
|         |         |         |         |         | 30, plus 3.0 |    |
|         |         |         |         |         | percent.     |    |
|         |         |         |         |         | There is no  |    |
|         |         |         |         |         | maximum rate |    |
|         |         |         |         |         | on this      |    |
|         |         |         |         |         | portion of   |    |
|         |         |         |         |         | the loan.    |    |
|         |         |         |         |         | (For the     |    |
|         |         |         |         |         | period July  |    |
|         |         |         |         |         | 1, 2006      |    |
|         |         |         |         |         | through June |    |
|         |         |         |         |         | 30, 2007 the |    |
|         |         |         |         |         | interest     |    |
|         |         |         |         |         | rate for     |    |
|         |         |         |         |         | these loans  |    |
|         |         |         |         |         | is 4.83      |    |
|         |         |         |         |         | percent plus |    |
|         |         |         |         |         | 3.00 percent |    |
|         |         |         |         |         | or **7.83**  |    |
|         |         |         |         |         | percent.)    |    |
+---------+---------+---------+---------+---------+--------------+----+