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 of the variable interest rate, based on the "91-day Treasury Bill" method that existed in statute [section 427A(c)(4)] prior to enactment of the Higher Education Technical Amendments Act of 1987 (Pub. L. 100-50).  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 2003 is 5.44 percent.  This rate applies only to PLUS/SLS promissory notes that provide for a calendar year adjustment based on the "91-day Treasury Bill" method.

    If you have any questions regarding this Bulletin, please contact the UHEAA Policy and Training Department at 801.321.7166 or by e-mail to mjohnson@utahsbr.edu.