Variable Interest Rate for PLUS/SLS Promissory Notes Subject to Calendar Year Adjustment

    The U.S. Department of Education (ED) recently released the PLUS/SLS promissory note variable interest rate for loans subject to a calendar year adjustment, pursuant to section 427A(c)(4) of the Higher Education Amendments.  This rate is equal to the average of the 91-day Treasury Bills auctioned during the 12-month period ending November 30th plus 3.75 percent, not to exceed 12 percent.  The variable interest rate for calendar year 2002 is 7.60 percent.  This rate applies only to PLUS/SLS promissory notes that provide for a calendar year adjustment.

    Any questions regarding this Bulletin can be directed to the UHEAA Policy and Training Department at (801) 321-7166 or by e-mail at cjudd@utahsbr.edu.