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Ever wonder how your interest rate is determined on your federal student loans?
Your interest rate varies depending on your loan type and the first disbursement date of the loan. Curious where to find this information? All these details are available by logging in to Manage My Account, Edfinancial's online account system. In the "Account Details" section on the home page, you can click on "Current Balance" to see your specific loan(s) and interest rate(s).
If you have more than one loan, you have the option to "Show Groups and Loan Details," which presents loan type, current principal balance, interest rate, etc. for each loan group. Within each group, you can view specific loan details, including the interest rate on each loan.
Within the group's "Loans and Benefits," the disbursement date is located at the right side of each loan section.
After you have accessed your loan detail information in Manage My Account, please review the information below.
Note: All interest rates on federal student loans are determined annually based on a formula set by Congress.
Fixed Interest Rates - Loans First Disbursed On or After 7/1/2016
The interest rates for Direct Loans first disbursed on or after 7/1/2016 are determined by loan type. Find your loan type in the chart below in order to see your fixed rate. The interest rate for any fixed-rate loans you may have can be found in the Loan Detail screen of Manage My Account.
All interest rates shown in the charts below are fixed rates for the life of the loan.
| Loan Type |
Borrower Type |
Interest Rate |
| Direct Subsidized Loans |
Undergraduate |
3.76% |
| Direct Unsubsidized Loans |
Undergraduate |
3.76% |
| Direct Unsubsidized Loans |
Graduate or Professional |
5.31% |
| Direct PLUS Loans |
Parents and Graduate or Professional Students |
6.31% |
Fixed Interest Rates - Loans First Disbursed On or After 7/1/2006 and Before 7/1/2016
The interest rates for Direct Loans and Federal Family Education Loan (FFEL) Program loans first disbursed on or after 7/1/2006 and before 7/1/2016 are determined by year of disbursement and loan type. In the Interest Rates for Federal Student Loans chart, find your loan type, and then find the year it was first disbursed in order to see your fixed rate. The interest rate for any fixed-rate loans you may have can be found in the Loan Detail screen of Manage My Account.
Variable Interest Rates - Loans First Disbursed Before 7/1/2006
Federal student loans, excluding Perkins Loans, first disbursed prior to 7/1/2006, have variable interest rates. These rates are calculated according to a formula set by Congress and are based on the US Treasury Bill auction. These rates are effective from July 1st of the current year through June 30th of the following year. The interest rate for any variable-rate loans you may have can be found in the Loan Detail screen of Manage My Account.