Historical interest rates on the Direct Loans.
| Year | Direct Subsidized | Direct Unsubsidized |
| 2020-2021 | 2.75% | 2.75% |
| 2019-2020 | 4.53% | 4.53% |
| 2018-2019 | 5.05% | 5.05% |
| 2017-2018 | 4.45% | 4.45% |
| 2016-2017 | 3.76% | 3.76% |
| 2015-2016 | 4.29% | 4.29% |
| 2014-2015 | 4.66% | 4.66% |
| 2013-2014 | 3.86% | 3.86% |
| 2012-2013 | 3.40% | 6.80% |
Major milestones of the interest rate formulas on the Direct Loan:
- 2008-09 through 2011-12: Cut subsidized Stafford loan interest rates for undergraduate students to 6.0%, 5.6%, 4.5% and 3.4%, with a return to 6.8% in 2012-13. These cuts are available only to undergraduate students, not graduate students, and only for subsidized Stafford loans, not unsubsidized Stafford loans. Those loans remain at 6.8%.
- 2006-07: Replacement of separate variable in-school/grace and repayment rates on the Stafford Loan with a single fixed rate of 6.8%. Replacement of variable interest rates on the PLUS Loan with a fixed rate of 8.5% (FFELP) and 7.9% (DL).
- 1998-99: 80 basis point reduction in both in-school/grace and repayment rates on the Stafford Loan. Consolidation loan interest rates switched from rounding up to the nearest whole percent to the nearest 1/8th of a percent and capped at 8.25%.
- 1995-96: Separate rates established during the in-school and grace periods on the Stafford Loan, with these rates 60 basis points lower than repayment rates.
- 1994-95: Change in the cap on the Stafford Loan from 9.0% to 8.25% and the cap on the PLUS Loan from 10.0% to 9.0%.
- 1992-93: Change in the cap on the PLUS Loan from 12.0% to 10.0% and a 15 basis point reduction in the interest rate.
