Student loan rates are now “fixed-variable,” meaning that each year students will receive a new rate, but then the rate is fixed for the life of that loan. The student loan interest rate for new loans each year will be determined by the market and calculated as the 10-year treasury note plus a margin. So your 2013-14 loans will have one fixed rate, your 2014-15 loans will have a different fixed rate, your 2015-16 loans will have a different fixed rate, etc.
For the past year, 2013-14, Federal Unsubsidized loans had a fixed interest rate of 5.41% (instead of the previous 6.8%). Federal Graduate PLUS loans had a fixed interest rate of 6.41% (instead of the previous 7.9%).
For the upcoming year, 2014-15, Federal Unsubisidzed loans have a fixed interest rate of 6.21%. Federal Graduate PLUS loans have a fixed interest rate of 7.21%.
Each year, we will email you the new interest rates for the upcoming year’s loans, and will post the rates on our website. Congress has set a cap on how high the interest rates on student loans can go. The federal unsubsidized loans are capped at 9.5%, and the federal Graduate PLUS loans are capped at 10.5%, so your new loans in future years cannot be higher than those rates.
As always, if you have any questions, please contact your counselor.
Like us on Facebook!
We've created a page on Facebook for the UVA School of Medicine Financial Aid Office. While email remains our official mode of communication for required and important information, you can "like" us on Facebook to get occasional updates and reminders about deadlines. We'll also post reminders about upcoming events, like the "Money Talks" seminars, and links to useful resources.
The University no longer mails paper bills. Students will receive an email from Student Accounts with instructions to log in to SIS and view their tuition bill through QuikPay@UVA.