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New Lower Federal Loan Interest Rates for 2013-2014

Posted date: 8/14/13

President Obama signed the Bipartisan Student Loan Certainty Act of 2013 which amended the Direct Loan interest rate section of the Higher Education Act of 1965.  The law provides new formulas for the determination of interest rates for all Federal Direct Loans disbursed on or after July 1, 2013 through June 30, 2014.

The interest rates will be established each year and based on the 10-year U.S.Treasury final auction held prior to June 1st of each year, plus an "add on" and fixed for the life of the new loan.  As a result, the loans you borrow while at Fordham Law may have different interest rates from each other depending upon the academic year in which the loan disbursed.

For the upcoming academic year, the new loan rates are:

  • Direct Unsubsidized Loans for Graduate Students: New fixed interest rate of 5.41%, lowered from 6.8%.
  • Diret Plus Loan: New fixed interest rate of 6.41%, lowered from 7.9%.

Current borrowers do not need to do anything to secure these new rates.  Federal loan funds for the Fall 2013 semester are scheduled to disburse to Fordham University on August 23rd.  To ensure that you are scheduled for disbursement, please check your financial aid awards through the "Financial Aid" log in on my.fordham.edu.