Borrowers with loans made prior to July 1, 2006, will have a variable rate adjusted annually (July 1). The interest rate will not exceed 9%. Borrowers with loans guaranteed after July 1, 2006, will have a fixed rate interest of 8.5%. Parent loans are repayable 60 days after the loan has been fully disbursed. The 2019-20 interest rate is 7.08%.