Source: https://www.scribd.com/document/1093693/description-tags-712001variableRevised
Timestamp: 2018-08-15 02:13:29
Document Index: 248192739

Matched Legal Cases: ['§427', '§427', '§427', '§427', '§427', '§427', '§427', '§427', '§427', '§427']

description: tags: 712001variableRevised | Interest | Loans
description: tags: 712001variableRevised
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Federal Stafford, Federal PLUS, Federal SLS, and Federal Consolidation Interest Rate Calculations for the Period July 1, 2001 – June 30, 2002 (This is a revision of the June 1, 2001 memo)
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, 2001 – June 30, 2002. Interest rates for variable-rate loans under these programs are determined annually, and are based on the following: • Stafford Loans – based on the bond equivalent rate of 91-day Treasury Bills auctioned at the final auction held before June 1st of each year. The bond equivalent rate for 91day Treasury Bills auctioned on May 29, 2001 is 3.688 percent, which rounds to 3.69 percent. PLUS/SLS Loans – based on either the bond equivalent rate of 91-day Treasury Bills auctioned at the final auction held before June 1st 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 26th of each year. The bond equivalent rate for 91-day Treasury Bills auctioned on May 29, 2001, is 3.688 percent, which rounds to 3.69 percent. The weekly average of the one-year constant maturity Treasury yield for the last calendar week ending on or before June 26th is 3.46 percent. Consolidation Loans – 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 1st of each year, or 3.69 percent. For the HEAL portion of consolidation loans for which the loan
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 30th of each year, or 3.769 percent which rounds to 3.77 percent.
{signed} Angela Baker Financial Management Financial Partners Attachment
FFEL “Converted” Variable-rate Stafford Loan Interest Rates for the Period July 1, 2001, through June 30, 2002 (Loans That Were Subject to the “Windfall Profits” Provisions of §427A(i) of the HEA) (Table 1)
INTEREST RATE FOR THE PERIOD 7/1/01 – 6/30/2002 6.94%
§427A(i)(1) §427A(i)(7)(A)
§427A(i)(3) §427A(i)(7)(A)
____________________________________________________________________________________________________________ Page 1 June 26, 2001
FFEL Regular Variable-rate Stafford Loan Interest Rates for the Period July 1, 2001, through June 30, 2002 (Table 2)
First Disbursement Made On or After
First Disbursement Made Before
INTEREST RATE FOR THE PERIOD 7/1/01 – 6/30/2002 6.79%
____________________________________________________________________________________________________________ Page 2 June 26, 2001
INTEREST RATE FOR THE PERIOD 7/1/01 – 6/30/2002 6.19%
All other periods In-school, grace and deferment periods All other periods
____________________________________________________________________________________________________________ Page 3 June 26, 2001
FFEL Variable-rate PLUS and SLS Loan Interest Rates for the Period July 1, 2001, through June 30, 2002 (Table 3)
One-year Constant Maturity
INTEREST RATE FOR THE PERIOD 7/1/01 – 6/30/2002 6.71%
§427A(c)(4)(B)
10/1/92 (for a period of enrollment beginning prior to 7/1/94) 10/1/92 7/1/94
§427A(c)(4)(D)
§427A(c)(4)(E)
§427A(j)(3) §427A(k)(3)
*These loans will not be subject to special allowance payments during the four quarters ending 9/30/01, 12/31/01, 3/31/2002, and 6/30/2002. 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.
____________________________________________________________________________________________________________ Page 4 June 26, 2001
FFEL Variable-rate and Fixed-rate Consolidation Loan Interest Rate Formulas (Table 4)
COHORT CITATION INTEREST RATE FORMULA
Consolidation Loans Made On or After
Consolidation Loans Made Before
Consolidation Loans for Which the Loan Application Was Received by an Eligible Lender On or After
Consolidation Loans for Which the Loan Application Was Received by an Eligible Lender Before
Method Used to Determine Interest Rate
____________________________________________________________________________________________________________ Page 5 June 26, 2001
Consolidation Loans for Which the Loan Application Was Received by an Eligible Lender On or After 11/13/97
Consolidation Loans for Which the Loan Application Was Received by an Eligible Lender Before 10/1/98
The interest rate is determined annually, and equals the bond equivalent rate of 91-Day Treasury Bills auctioned on the final auction held before June 1st of each year, plus 3.10 percent. The interest rate may not exceed the maximum rate. (For the period July 1, 2001 through June 30, 2002 the interest rate for these loans is 3.69 percent plus 3.10 percent or 6.79 percent.)
____________________________________________________________________________________________________________ Page 6 June 26, 2001
Consolidation Loans for Which the Loan Application Was Received by an Eligible Lender On or After 10/1/98
Consolidation Loans for Which the Loan Application Was Received by an Eligible Lender Before 7/1/2003
____________________________________________________________________________________________________________ Page 7 June 26, 2001
HEAL Portion of the Consolidation Loan
The interest rate for the HEAL portion of the consolidation 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, 2001 through June 30, 2002 the interest rate for these loans is 3.77 percent plus 3.00 percent or 6.77 percent.)
____________________________________________________________________________________________________________ Page 8 June 26, 2001
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