+-----------------------------------------------------------------------+
| #######                                                               |
| Federal Direct Subsidized Loans and Federal Direct Unsubsidized Loans |
+-----------------------------------------------------------------------+

  ---------- ---------------- ------------ -------- ------------- ------------
             Status           Treasury     Add-on   Interest Rate Maximum
                              Instrument            for 7/1/2002  Interest
                                                    to 6/30/2003  Rate

  ---------- ---------------- ------------ -------- ------------- ------------

  ----------- ---------------- --------- ---- ----- --- ------------- ------------
  Date the    Repayment or     91-day    \+   3.1   =   4.86          8.25
  loan was    forbearance      T-bill                                 
  first                                                               
  disbursed                                                           
  between                                                             
  7/1/1994                                                            
  and                                                                 
  6/30/1995                                                           

                               1.76                                   

                                                                      

              In school,       91-day    \+   3.1   =   4.86          8.25
              grace, or        T-bill                                 
              deferment                                               

                               1.76                                   
  ----------- ---------------- --------- ---- ----- --- ------------- ------------

  ----------- ---------------- --------- ---- ----- --- ------------- ------------
  Date the    Repayment or     91-day    \+   3.1   =   4.86          8.25
  loan was    forbearance      T-bill                                 
  first                                                               
  disbursed                                                           
  between                                                             
  7/1/1995                                                            
  and                                                                 
  6/30/1998                                                           

                               1.76                                   

                                                                      

              In school,       91-day    \+   2.5   =   4.26          8.25
              grace, or        T-bill                                 
              deferment                                               

                               1.76                                   
  ----------- ---------------- --------- ---- ----- --- ------------- ------------

  ----------- ---------------- --------- ---- ----- --- ------------- ------------
  Date the    Repayment or     91-day    \+   2.3   =   4.06          8.25
  loan was    forbearance      T-bill                                 
  first                                                               
  disbursed                                                           
  between                                                             
  7/1/1998                                                            
  and                                                                 
  6/30/2003                                                           

                               1.76                                   

                                                                      

              In school,       91-day    \+   1.7   =   3.46          8.25
              grace, or        T-bill                                 
              deferment                                               

                               1.76                                   
  ----------- ---------------- --------- ---- ----- --- ------------- ------------

  -----------------------------------------------------------------------
  **Federal Direct PLUS Loans**

  -----------------------------------------------------------------------

  ---------- ---------------- ------------ -------- ------------- ------------
             Status           Treasury     Add-on   Interest Rate Maximum
                              Instrument            for 7/1/2002  Interest
                                                    to 6/30/2003  Rate

  ---------- ---------------- ------------ -------- ------------- ------------

  ----------- ---------------- --------- ---- ----- --- ------------- ------------
  Date the    Repayment or     91-day    \+   3.1   =   4.86          9.00
  loan was    forbearance      T-bill                                 
  first                                                               
  disbursed                                                           
  between                                                             
  7/1/1998                                                            
  and                                                                 
  6/30/2003                                                           

                               1.76                                   

                                                                      

              In school,       91-day    \+   3.1   =   4.86          9.00
              grace, or        T-bill                                 
              deferment                                               

                               1.76                                   
  ----------- ---------------- --------- ---- ----- --- ------------- ------------

  -----------------------------------------------------------------------
  **Federal Direct Subsidized Consolidation Loans and Federal Direct
  Unsubsidized Consolidation Loans**

  -----------------------------------------------------------------------

  ---------- ---------------- ------------ -------- ------------- ------------
             Status           Treasury     Add-on   Interest Rate Maximum
                              Instrument            for 7/1/2002  Interest
                                                    to 6/30/2003  Rate

  ---------- ---------------- ------------ -------- ------------- ------------

  ----------- ---------------- --------- ---- ----- --- ------------- ------------
  Date the    Repayment or     91-day    \+   3.1   =   4.86          8.25
  loan was    forbearance      T-bill                                 
  first                                                               
  disbursed                                                           
  between                                                             
  7/1/1994                                                            
  and                                                                 
  6/30/1995                                                           

                               1.76                                   

                                                                      

              In school,       91-day    \+   3.1   =   4.86          8.25
              grace, or        T-bill                                 
              deferment                                               

                               1.76                                   
  ----------- ---------------- --------- ---- ----- --- ------------- ------------

  ----------- ---------------- --------- ---- ----- --- ------------- ------------
  Date the    Repayment or     91-day    \+   3.1   =   4.86          8.25
  loan was    forbearance      T-bill                                 
  first                                                               
  disbursed                                                           
  between                                                             
  7/1/1995                                                            
  and                                                                 
  6/30/1998                                                           

                               1.76                                   

                                                                      

              In school,       91-day    \+   2.5   =   4.26          8.25
              grace, or        T-bill                                 
              deferment                                               

                               1.76                                   
  ----------- ---------------- --------- ---- ----- --- ------------- ------------

  ------------- ---------------- --------- ---- ----- --- ------------- ------------
  Date the loan Repayment or     91-day    \+   2.3   =   4.06          8.25
  was first     forbearance      T-bill                                 
  disbursed                                                             
  between                                                               
  7/1/1998 and                                                          
  9/30/1998 or                                                          
  the date the                                                          
  loan was                                                              
  disbursed on                                                          
  or after                                                              
  10/1/1998 for                                                         
  which the                                                             
  application                                                           
  was received                                                          
  before                                                                
  10/1/1998                                                             

                                 1.76                                   

                                                                        

                In school,       91-day    \+   1.7   =   3.46          8.25
                grace, or        T-bill                                 
                deferment                                               

                                 1.76                                   
  ------------- ---------------- --------- ---- ----- --- ------------- ------------

  ------------- ---------------- --------- ---- ----- --- ------------- ------------
  Application   Repayment or     91-day    \+   2.3   =   4.06          8.25
  received      forbearance      T-bill                                 
  between                                                               
  10/01/1998                                                            
  and 1/31/1999                                                         

                                 1.76                                   

                                                                        

                In school,       91-day    \+   2.3   =   4.06          8.25
                grace, or        T-bill                                 
                deferment                                               

                                 1.76                                   
  ------------- ---------------- --------- ---- ----- --- ------------- ------------

  ------------- ---------------- ------------------------------- ------------
  Application   Repayment or     The lesser of 8.25 percent or   8.25
  received      forbearance      the weighted average of the     
  between                        loans consolidated, rounded to  
  2/01/1999 and                  the next higher 1/8 of one      
  6/30/2003                      percent.                        

                                                                 

                                                                 

                In school,       The lesser of 8.25 percent or   8.25
                grace, or        the weighted average of the     
                deferment        loans consolidated, rounded to  
                                 the next higher 1/8 of one      
                                 percent.                        
  ------------- ---------------- ------------------------------- ------------

+-----------------------------------------------------------------------+
| ####### Federal Direct PLUS Consolidation Loans                       |
+-----------------------------------------------------------------------+

  ---------- ---------------- ------------ -------- ------------- ------------
             Status           Treasury     Add-on   Interest Rate Maximum
                              Instrument            for 7/1/2002  Interest
                                                    to 6/30/2003  Rate

  ---------- ---------------- ------------ -------- ------------- ------------

  ------------- ---------------- --------- ---- ----- --- ------------- ------------
  Date the loan Repayment or     91-day    \+   3.1   =   4.86          9.00
  was first     forbearance      T-bill                                 
  disbursed                                                             
  between                                                               
  7/1/1998 and                                                          
  9/30/1998 or                                                          
  the date the                                                          
  loan was                                                              
  disbursed on                                                          
  or after                                                              
  10/1/1998 for                                                         
  which the                                                             
  application                                                           
  was received                                                          
  before                                                                
  10/1/1998                                                             

                                 1.76                                   

                                                                        

                In school,       91-day    \+   3.1   =   4.86          9.00
                grace, or        T-bill                                 
                deferment                                               

                                 1.76                                   
  ------------- ---------------- --------- ---- ----- --- ------------- ------------

  ------------- ---------------- --------- ---- ----- --- ------------- ------------
  Application   Repayment or     91-day    \+   2.3   =   4.06          8.25
  received      forbearance      T-bill                                 
  between                                                               
  10/01/1998 to                                                         
  01/31/1999                                                            

                                 1.76                                   

                                                                        

                In school,       91-day    \+   2.3   =   4.06          8.25
                grace, or        T-bill                                 
                deferment                                               

                                 1.76                                   
  ------------- ---------------- --------- ---- ----- --- ------------- ------------

  ------------- ---------------- ------------------------------- ------------
  Application   Repayment or     The lesser of 8.25 percent or   8.25
  received      forbearance      the weighted average of the     
  between                        loans consolidated, rounded to  
  2/01/1999 to                   the next higher 1/8 of one      
  06/30/2003                     percent.                        

                                                                 

                                                                 

                In school,       The lesser of 8.25 percent or   8.25
                grace, or        the weighted average of the     
                deferment        loans consolidated, rounded to  
                                 the next higher 1/8 of one      
                                 percent.                        
  ------------- ---------------- ------------------------------- ------------

  -----------------------------------------------------------------------
  Note: If the treasury instrument plus the add-on equals or exceeds the
  maximum interest rate, then the interest rate is the maximum interest
  rate.

  -----------------------------------------------------------------------