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Direct Loan fees for 2020-21 announced
June 25, 2020
The Department of Education this week announced the new fees to be charged to borrowers under the Direct Loan Program.
According to a June 23 Electronic Announcement, the new fees for 10/1/2020 through 9/30/2021 will be:
- 1.057% for Federal Direct Stafford Loans
- 4.228% for Federal Direct PLUS Loans
In addition to the sequester-required changes to Direct Loan Fees, the announcement also includes information about the sequester-required changes in the percentage reduction that institutions must apply to award in the Iraq-Afghanistan Service Grant and TEACH Grant programs where the first disbursement is on or after Oct. 1, 2020.