44000 Federal Register / Vol. 86, No. 152 / Wednesday, August 11, 2021 / Notices 

below), and docket number (see above), 

by any of the following methods: 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Email: PRA_Comments@cfpb.gov. 

Include Docket No. CFPB–2021–0014 in 

the subject line of the email. 

• Mail/Hand Delivery/Courier: 

Comment intake, Bureau of Consumer 

Financial Protection (Attention: PRA 

Office), 1700 G Street NW, Washington, 

DC 20552. 

Please note that due to circumstances 

associated with the COVID–19 

pandemic, the Bureau discourages the 

submission of comments by mail, hand 

delivery, or courier. Please note that 

comments submitted after the comment 

period will not be accepted. In general, 

all comments received will become 

public records, including any personal 

information provided. Sensitive 

personal information, such as account 

numbers or Social Security numbers, 

should not be included. 

FOR FURTHER INFORMATION CONTACT: 

Documentation prepared in support of 

this information collection request is 

available at www.regulations.gov. 

Requests for additional information 

should be directed to Anthony May, 

Paperwork Reduction Act Officer, at 

(202) 841–0544, or email: CFPB_PRA@

cfpb.gov. If you require this document 

in an alternative electronic format, 

please contact CFPB_Accessibility@

cfpb.gov. Please do not submit 

comments to these email boxes. 

SUPPLEMENTARY INFORMATION: 

Title of Collection: Electronic 

Disclosure on Mobile Devices. 

OMB Control Number: 3170–0048. 

Type of Review: Request for approval 

of a generic information collection 

under an existing Generic Information 

Collection Plan. 

Affected Public: Individuals. 

Estimated Number of Respondents: 

20,000. 

Estimated Total Annual Burden 

Hours: 10,000. 

Abstract: We plan to conduct several 

studies using methodologies rooted in 

psychology and behavioral economics to 

understand electronic disclosure on 

mobile devices. We will show 

information to participants similar to 

financial disclosures and collect 

information including demographics, 

psychological measures around reading 

electronic disclosures, and information 

on how consumers currently engage 

with their finances on different devices 

(e.g., phone, computer). A contractor 

will run the studies using an online 

panel. 

Request for Comments: The Bureau is 

publishing this notice and soliciting 

comments on: (a) Whether the collection 

of information is necessary for the 

proper performance of the functions of 

the Bureau, including whether the 

information will have practical utility; 

(b) The accuracy of the Bureau’s 

estimate of the burden of the collection 

of information, including the validity of 

the methods and the assumptions used; 

(c) Ways to enhance the quality, utility, 

and clarity of the information to be 

collected; and (d) Ways to minimize the 

burden of the collection of information 

on respondents, including through the 

use of automated collection techniques 

or other forms of information 

technology. Comments submitted in 

response to this notice will be submitted 

to OMB as part of its review of this 

request. All comments will become a 

matter of public record. 

Dated: August 5, 2021. 

Anthony May, 

Paperwork Reduction Act Officer, Bureau of 

Consumer Financial Protection. 

[FR Doc. 2021–17073 Filed 8–10–21; 8:45 am] 

BILLING CODE 4810–AM–P 

DEPARTMENT OF EDUCATION 

Annual Notice of Interest Rates for 

Variable-Rate Federal Student Loans 

Made Under the Federal Family 

Education Loan Program Prior to July 

1, 2010 

AGENCY: Federal Student Aid, 

Department of Education. 

ACTION: Notice. 

SUMMARY: The Chief Operating Officer 

for Federal Student Aid announces the 

interest rates for loans made under the 

Federal Family Education Loan (FFEL) 

Program, Assistance Listing Number 

84.032, that have variable interest rates. 

The rates announced in this notice are 

in effect for the period July 1, 2021, 

through June 30, 2022. 

FOR FURTHER INFORMATION CONTACT: 

Travis Sturlaugson, U.S. Department of 

Education, 830 First Street NE, 11th 

Floor, Washington, DC 20202. 

Telephone: (202) 377–4174. Email: 

travis.sturlaugson@ed.gov. 

If you use a telecommunications 

device for the deaf (TDD) or a text 

telephone (TTY), call the Federal Relay 

Service (FRS), toll free, at 1–800–877– 

8339. 

SUPPLEMENTARY INFORMATION: Section 

427A of the Higher Education Act of 

1965, as amended (HEA) (20 U.S.C. 

1077a), provides formulas for 

determining the interest rates charged to 

borrowers on loans made under the 

FFEL Program, including Federal 

Subsidized and Unsubsidized Stafford 

Loans (Stafford Loans), Federal PLUS 

Loans (PLUS Loans), Federal 

Consolidation Loans (Consolidation 

Loans), and Federal Supplemental 

Loans for Students (SLS Loans). No new 

loans have been made under the FFEL 

Program since June 30, 2010. 

The FFEL Program includes loans 

with variable interest rates that change 

each year and loans with fixed interest 

rates that remain the same for the life of 

the loan. For loans with a variable 

interest rate, the specific interest rate 

formula that applies to a particular loan 

depends on the date of the first 

disbursement of the loan or, in the case 

of a Consolidation Loan, the date the 

application for the loan was received. If 

a loan has a variable interest rate, a new 

rate is determined annually and is in 

effect during the period from July 1 of 

one year through June 30 of the 

following year. 

This notice announces the interest 

rates for variable-rate FFEL Program 

loans that will be in effect during the 

period from July 1, 2021, through June 

30, 2022. Interest rates for fixed-rate 

FFEL Program loans may be found in a 

Federal Register notice published on 

September 15, 2015 (80 FR 55342). 

For the majority of variable-rate FFEL 

Program loans, the annual interest rate 

is equal to the lesser of— 

(1) The bond equivalent rate of the 91- 

day Treasury bills auctioned at the final 

auction held before June 1 of each year, 

plus a statutory add-on percentage; or 

(2) A statutorily established maximum 

interest rate. 

The bond equivalent rate of the 91- 

day Treasury bills auctioned on May 24, 

2021, is 0.015 percent, rounded to 0.02 

percent. 

For PLUS Loans first disbursed before 

July 1, 1998, and for all SLS Loans, the 

annual interest rate is equal to the lesser 

of— 

(1) The weekly average of the one-year 

constant maturity Treasury yield, as 

published by the Board of Governors of 

the Federal Reserve System, for the last 

calendar week ending on or before June 

26 of each year, plus a statutory add-on 

percentage; or 

(2) A statutorily established maximum 

interest rate. 

The weekly average of the one-year 

constant maturity Treasury yield, as 

published by the Board of Governors of 

the Federal Reserve System, for the last 

calendar week ending on or before June 

26, 2021, is 0.09 percent. 

For Consolidation Loans that have a 

variable interest rate, the annual interest 

rate for the portion of a Consolidation 

Loan that repaid loans other than loans 

made under the Health Education 


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Federal Register / Vol. 86, No. 152 / Wednesday, August 11, 2021 / Notices 44001 

Assistance Loans (HEAL) Program is 

equal to— 

(1) The bond equivalent rate of the 91- 

day Treasury bill auctioned at the final 

auction held before June 1 of each year, 

plus a statutory add-on percentage; or 

(2) A statutorily established maximum 

interest rate. 

If a Consolidation Loan (whether a 

variable-rate loan or a fixed-rate loan) 

repaid loans made under the HEAL 

Program, the interest rate on the portion 

of the Consolidation Loan that repaid 

HEAL loans is a variable rate that is 

equal to the average of the bond 

equivalent rates of the 91-day Treasury 

bills auctioned for the quarter ending 

June 30, plus a statutory add-on 

percentage. For the portion of a 

Consolidation Loan that repaid HEAL 

loans, there is no maximum interest 

rate. 

The average of the bond equivalent 

rates of the 91-day Treasury bills 

auctioned for the quarter ending on June 

30, 2021, is 0.02 percent. 

The statutory add-on percentages and 

maximum interest rates vary depending 

on loan type and when the loan was 

first disbursed. In addition, the add-on 

percentage for certain Stafford Loans is 

different depending on whether the loan 

is in an in-school, grace, or deferment 

status, or in any other status. If the 

interest rate calculated in accordance 

with the applicable formula exceeds the 

statutory maximum interest rate, the 

statutory maximum rate applies. 

Charts 1 through 4 show the interest 

rate formulas that are used to determine 

the interest rates for all variable-rate 

FFEL Program loans and the interest 

rates that are in effect during the 12- 

month period from July 1, 2021, through 

June 30, 2022. Unless otherwise 

indicated, the cohorts shown in each 

chart include all borrowers, regardless 

of prior borrowing. 

Chart 1 shows the interest rates for 

loans with rates based on the 91-day 

Treasury bill, with the exception of 

‘‘converted’’ variable-rate Federal 

Stafford Loans and certain Federal 

Consolidation Loans. 

Chart 2 shows the interest rates for 

loans with rates based on the weekly 

average of the one-year constant 

maturity Treasury yield. 

Chart 3 shows the interest rates for 

‘‘converted’’ variable-rate Federal 

Stafford Loans. These are loans that 

originally had varying fixed interest 

rates. 

Finally, Chart 4 shows the interest 

rates for variable-rate Federal 

Consolidation Loans, and for the portion 

of any Federal Consolidation Loan that 

repaid loans made under the HEAL 

Program. 

CHART 1—SUBSIDIZED FEDERAL STAFFORD LOANS, UNSUBSIDIZED FEDERAL STAFFORD LOANS, AND FEDERAL PLUS

LOANS

[Interest rate based on 91-day Treasury bill] 

Loan type Cohort 91-day T-bill 

rate 05/24/21 

(%) 

Add-on (%) Maximum rate 

(%) 

Interest rate 07/01/21 through 06/ 

30/22 (%) 

Subsidized Stafford.

Unsubsidized 

Stafford. 

First disbursed 

on/after 07/ 

01/98 and before 07/01/06.

0.02 1.70 (in-school, 

grace, 

deferment).

2.30 (any other 

status).

8.25 1.72 (in-school, 

grace, 

deferment).

2.32 (any other 

status). 

PLUS ................. First disbursed 

on/after 07/ 

01/98 and before 07/01/06.

0.02 3.10 9.00 3.12 

Subsidized Stafford.

Unsubsidized 

Stafford. 

First disbursed 

on/after 07/ 

01/95 and before 07/01/98.

0.02 2.50 (in-school, 

grace, 

deferment).

3.10 (any other 

status).

8.25 2.52 (in-school, 

grace, 

deferment).

3.12 (any other 

status) 

Subsidized Stafford.

Unsubsidized 

Stafford. 

First disbursed 

on/after 07/ 

01/94 and before 07/01/95, 

for a period 

of enrollment 

that included 

or began on 

or after 07/ 

01/94.

0.02 3.10 8.25 3.12 

Subsidized Stafford.

Unsubsidized 

Stafford. 

First disbursed 

on/after 10/ 

01/92 and before 07/01/94; 

and.

First disbursed 

on/after 07/ 

01/94, for a 

period of enrollment ending before 07/ 

01/94 (new 

borrowers).

0.02 3.10 9.00 3.12 


jbell on DSKJLSW7X2PROD with NOTICES
44002 Federal Register / Vol. 86, No. 152 / Wednesday, August 11, 2021 / Notices 

CHART 2—FEDERAL PLUS LOANS AND SLS LOANS

[Interest rate based on weekly average of one-year constant maturity Treasury Yield] 

Loan type Cohort 

Weekly 

average of 1-year 

constant maturity 

Treasury yield for 

last calendar week 

ending on or 

before 06/26/21 

(%) 

Add-on 

(%) 

Maximum rate 

(%) 

Interest rate 

07/01/21 

through 

06/30/22 

(%) 

PLUS ........... First disbursed on/after 07/01/94 and before 07/01/98 ... 0.09 3.10 9.00 3.19 

PLUS ........... First disbursed on/after 10/01/92 and before 07/01/94 ... 0.09 3.10 10.00 3.19 

SLS ............. First disbursed on/after 10/01/92, for a period of enrollment beginning before 07/01/94.0.09 3.10 11.00 3.19 

PLUS ...........

SLS. 

First disbursed before 10/01/92 ....................................... 0.09 3.25 12.00 3.34 

CHART 3—‘‘CONVERTED’’ VARIABLE–RATE SUBSIDIZED AND UNSUBSIDIZED FEDERAL STAFFORD LOANS

[Interest rate based on 91-day Treasury bill] 

Loan type Cohort 

Original fixed 

interest rate 

(later 

converted to 

variable rate) 

(%) 

91-day T-bill 

rate 05/24/21 

(%) 

Add-on 

(%) 

Maximum rate 

(%) 

Interest rate 

07/01/21 

through 

06/30/22 

(%) 

Subsidized Stafford ..............

Unsubsidized Stafford. 

First disbursed on or after 

07/23/92 and before 07/ 

01/94 (prior borrowers).

8.00, increasing to 10.00.0.02 3.10 10.00 3.12 

Subsidized Stafford ..............

Unsubsidized Stafford. 

First disbursed on or after 

07/23/92 and before 07/ 

01/94 (prior borrowers).

9.00 .............. 0.02 3.10 9.00 3.12 

Subsidized Stafford ..............

Unsubsidized Stafford. 

First disbursed on or after 

07/23/92 and before 07/ 

01/94 (prior borrowers).

8.00 .............. 0.02 3.10 8.00 3.12 

Subsidized Stafford ..............

Unsubsidized Stafford. 

First disbursed on or after 

07/23/92 and before 07/ 

01/94 (prior borrowers).

7.00 .............. 0.02 3.10 7.00 3.12 

Subsidized Stafford ..............

Unsubsidized Stafford. 

First disbursed on or after 

07/23/92 and before 10/ 

01/92 (new borrowers).

8.00, increasing to 10.00.0.02 3.25 10.00 3.27 

Subsidized Stafford ..............

Unsubsidized Stafford. 

First disbursed on or after 

07/01/88 and before 07/ 

23/92.

8.00, increasing to 10.00.0.02 3.25 10.00 3.27 

CHART 4—FEDERAL CONSOLIDATION LOANS

Consolidation loan 

component Cohort 

91-day T-bill 

rate 05/24/21 

(%) 

Average of 

the bond 

equivalent 

rates of the 

91-day T-bills 

auctioned for 

the quarter 

ending 

06/30/20 

(%) 

Add-on 

(%) 

Maximum rate 

(%) 

Interest rate 

07/01/21 

through 

06/30/22 

(%) 

Portion of loan that repaid 

loans other than HEAL 

loans.

Application received on/ 

after 11/13/97 and before 

10/01/98.

0.02 .............. N/A 3.10 8.25 3.12 

Portion of the loan that repaid HEAL loans.Application received on/ 

after 11/13/97.

N/A ............... 0.02 3.00 None 3.02 

Accessible Format: On request to the 

program contact person listed under FOR

FURTHER INFORMATION CONTACT, 

individuals with disabilities can obtain 

this document in an accessible format. 

The Department will provide the 

requestor with an accessible format that 

may include Rich Text Format (RTF) or 

text format (txt), a thumb drive, an MP3 

file, braille, large print, audiotape, or 

compact disc, or other accessible format. 

Electronic Access to This Document: 

The official version of this document is 

the document published in the Federal 

Register. You may access the official 

edition of the Federal Register and the 

Code of Federal Regulations at 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 152 / Wednesday, August 11, 2021 / Notices 44003 

www.govinfo.gov. At this site you can 

view this document, as well as all other 

documents of this Department 

published in the Federal Register, in 

text or Portable Document Format 

(PDF). To use PDF you must have 

Adobe Acrobat Reader, which is 

available free at the site. 

You may also access documents of the 

Department published in the Federal 

Register by using the article search 

feature at www.federalregister.gov. 

Specifically, through the advanced 

search feature at this site, you can limit 

your search to documents published by 

the Department. 

Program Authority: 20 U.S.C. 1071 et 

seq. 

Richard Cordray, 

Chief Operating Officer, Federal Student Aid. 

[FR Doc. 2021–17054 Filed 8–10–21; 8:45 am] 

BILLING CODE 4000–01–P 

DEPARTMENT OF EDUCATION 

Annual Notice of Interest Rates for 

Fixed-Rate Federal Student Loans 

Made Under the William D. Ford 

Federal Direct Loan Program 

AGENCY: Federal Student Aid, 

Department of Education. 

ACTION: Notice. 

SUMMARY: The Chief Operating Officer 

for Federal Student Aid announces the 

interest rates for Federal Direct Stafford/ 

Ford Loans (Direct Subsidized Loans), 

Federal Direct Unsubsidized Stafford/ 

Ford Loans (Direct Unsubsidized 

Loans), and Federal Direct PLUS Loans 

(Direct PLUS Loans) made under the 

William D. Ford Federal Direct Loan 

(Direct Loan) Program, Assistance 

Listing Number 84.268, with first 

disbursement dates on or after July 1, 

2021, and before July 1, 2022. 

FOR FURTHER INFORMATION CONTACT: 

Travis Sturlaugson, U.S. Department of 

Education, 830 First Street NE, 11th 

Floor, Washington, DC 20202. 

Telephone: (202) 377–4174 or by email: 

travis.sturlaugson@ed.gov. 

If you use a telecommunications 

device for the deaf (TDD) or a text 

telephone (TTY), call the Federal Relay 

Service (FRS), toll free, at 1–800–877– 

8339. 

SUPPLEMENTARY INFORMATION: Direct 

Subsidized Loans, Direct Unsubsidized 

Loans, Direct PLUS Loans, and Direct 

Consolidation Loans (collectively 

referred to as ‘‘Direct Loans’’) may have 

either fixed or variable interest rates, 

depending on when the loan was first 

disbursed or, in the case of a Direct 

Consolidation Loan, when the 

application for the loan was received. 

Direct Subsidized Loans, Direct 

Unsubsidized Loans, and Direct PLUS 

Loans first disbursed on or after July 1, 

2006, and Direct Consolidation Loans 

for which the application was received 

on or after February 1, 1999, have fixed 

interest rates that apply for the life of 

the loan. Direct Subsidized Loans, 

Direct Unsubsidized Loans, and Direct 

PLUS Loans first disbursed before July 

1, 2006, and Direct Consolidation Loans 

for which the application was received 

before February 1, 1999, have variable 

interest rates that are determined 

annually and are in effect during the 

period from July 1 of one year through 

June 30 of the following year. 

This notice announces the fixed 

interest rates for Direct Subsidized 

Loans, Direct Unsubsidized Loans, and 

Direct PLUS Loans with first 

disbursement dates on or after July 1, 

2021, and before July 1, 2022, and 

provides interest rate information for 

other fixed-rate Direct Loans. Interest 

rate information for variable-rate Direct 

Loans is announced in a separate 

Federal Register notice. 

Fixed-Rate Direct Subsidized Loans, 

Direct Unsubsidized Loans, and Direct 

PLUS Loans First Disbursed on or After 

July 1, 2013 

Section 455(b) of the Higher 

Education Act of 1965, as amended 

(HEA) (20 U.S.C. 1087e(b)) includes 

formulas for determining the interest 

rates for all Direct Subsidized Loans, 

Direct Unsubsidized Loans, and Direct 

PLUS Loans first disbursed on or after 

July 1, 2013. The interest rate for these 

loans is a fixed rate that is determined 

annually for all loans first disbursed 

during any 12-month period beginning 

on July 1 and ending on June 30. The 

rate is equal to the high yield of the 10- 

year Treasury notes auctioned at the 

final auction held before June 1 of that 

12-month period, plus a statutory addon percentage that varies depending on 

the loan type and, for Direct 

Unsubsidized Loans, whether the loan 

was made to an undergraduate or 

graduate student. The calculated 

interest rate may not exceed a maximum 

rate specified in the HEA. If the interest 

rate formula results in a rate that 

exceeds the statutory maximum rate, the 

rate is the statutory maximum rate. 

Loans first disbursed during different 

12-month periods that begin on July 1 

and end on June 30 may have different 

interest rates, but the rate determined 

for any loan is a fixed interest rate for 

the life of the loan. 

On May 12, 2021, the United States 

Treasury Department held a 10-year 

Treasury note auction that resulted in a 

high yield of 1.684 percent. 

Chart 1 shows the fixed interest rates 

for Direct Subsidized Loans, Direct 

Unsubsidized Loans, and Direct PLUS 

Loans first disbursed on or after July 1, 

2021, and before July 1, 2022. 

CHART 1—DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, AND DIRECT PLUS LOANS FIRST DISBURSED ON OR

AFTER 07/01/2021 AND BEFORE 07/01/2022 

Loan type Borrower type 

10-year treasury note high 

yield 05/12/ 

2021 

(%) 

Add-on 

(%) 

Maximum rate 

(%) 

Fixed interest 

rate 

(%) 

Direct Subsidized Loans .... Undergraduate students ................................. 1.684 2.05 8.25 3.73 

Direct Unsubsidized Loans ......................................................................... ........................ ........................ ........................ ........................

Direct Unsubsidized Loans1 Graduate and professional students ............... 1.684 3.60 9.50 5.28 

Direct PLUS Loans ............ Parents of dependent undergraduate students.1.684 4.60 10.50 6.28 

Graduate and professional students.

1Graduate and professional students are not eligible to receive Direct Subsidized Loans. 

For reference, Chart 2 compares the 

fixed interest rates for Direct Subsidized 

Loans, Direct Unsubsidized Loans, and 

Direct PLUS Loans first disbursed 

during the period July 1, 2021, through 

June 30, 2022, with the fixed interest 


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