Sallie Mae 2006 Annual Report Download - page 208
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(3) adding the applicable special allowance margin described in the table below; and
(4) dividing the resultant percentage by 4.
If the result is negative, the special allowance payment is zero.
Date of First Disbursement Special Allowance Margin
From 01/01/00 ................. 1.74% for Stafford Loans that are in In-School, Grace or Deferment
2.34% for Stafford Loans that are in Repayment
2.64% for PLUS and FFELP Consolidation Loans
• Special allowance payments are available on variable rate PLUS Loans and SLS Loans only if the
variable rate, which is reset annually, exceeds the applicable maximum borrower rate. Effective July 1,
2006, this limitation on special allowance for PLUS loans made on and after January 1, 2000 is
repealed. The variable rate is based on the weekly average one-year constant maturity Treasury yield
for loans made before July 1, 1998 and based on the 91-day Treasury bill for loans made on or after
July 1, 1998. The maximum borrower rate for these loans is between 9 percent and 12 percent.
Stafford Loan Program
For Stafford Loans, the Higher Education Act provides for:
• federal reinsurance of Stafford Loans made by eligible lenders to qualified students;
• federal interest subsidy payments on Subsidized Stafford Loans paid by the Department of Education to
holders of the loans in lieu of the borrowers’ making interest payments during in-school, grace and
deferment periods; and
• special allowance payments representing an additional subsidy paid by the Department to the holders of
eligible Stafford Loans.
We refer to all three types of assistance as “federal assistance.”
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