What are the current interest rates on the various student loan programs?
The Perkins Loan program operates under a fixed interest rate of 5% for the life of the loan. This is a subsidized loan program so no interest accumulates while the student is enrolled at least 1/2 time. Beginning July 1, 2009 all new Direct Stafford Subsidized Loans will be at a fixed interest rate of 5.6%. Direct Subsidized Stafford Loans work like the Perkins in that no interest accumulates on the loan while the student is enrolled at least ½ time. Direct Unsubsidized Loans are at a fixed interest rate of 6.8% and begin accumulating interest immediately. Interest can either be paid quarterly or capitalized on the loan at repayment.
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