Sallie Mae 2005 Annual Report Download - page 112
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102
The Reauthorization Legislation does not change the interest rates on Stafford loans which, under
legislation enacted in 2002, are scheduled to become fixed 6.8 percent for all loans disbursed after July 1,
2006. Under the previous legislation, the PLUS rate was scheduled to become fixed at 7.9 percent after
July 1, 2006. The Reauthorization Legislation raises this rate to 8.5 percent for FFELP PLUS loans. Due
to a drafting error in the bill, the PLUS rate for the FDLP was not changed and remains at 7.9 percent in
the statute. Committee Staff have acknowledged this error and we expect it to be corrected prior to the
July 1st effective date. The rates for Consolidation Loans are unchanged by the Reauthorization
Legislation; the formula remains the weighted average of the rates on the underling loans, rounded up to
the nearest eighth. The Reauthorization Legislation does not end the single holder rule affecting loan
consolidations, although Congress may do so in the future.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
See Note 2 to the consolidated financial statements, “Significant Accounting Policies—Recently
Issued Accounting Pronouncements.”