JUNE 2006

Lender Liaison Committee Report
 Paul Mittelhammer, Chair

With the changes in the Loan programs starting July 1, 2006, here are the current interest rates for Stafford, PLUS and Consolidation loans. The index for the variable rate loans uses the 91-day T-Bill rate plus and index. The 91-day T-Bill rate at the end of May was 4.84%.

Loan Interest Rates:
  • Stafford – change to a fixed 6.8% interest rate for loans first disbursed on or after July 1, 2006.

  • Stafford Variable Rate (Loans made between 7/1/1998 to 6/30/2006) – in school, grace or deferment period, the interest rate is 6.54 %, interest rate cap is 8.25%.
    Repayment, forbearance or not in grace, or in school status, the interest rate is 7.14%, interest rate cap is 8.25%.

  • PLUS – increases the fixed interest rate for FFELP PLUS from 7.9% to 8.5% for loans first disbursed on or after July 1, 2006.

  • Plus Variable Rate (Loans made between 7/1/1998 to 6/30/2006) – the interest rate is 7.94%, interest rate cap of 9.0%

  • Consolidation – fixed interest rate is weighted average of interest rate on loans consolidated rounded up to nearest 1/8%.

Regions Bank

Membership Committee Report
Juanita McKenzie Russell, Chair

The Membership Committee had a very rewarding and successful year. Some of the many successes were continuing friendly competition between states to encourage SASFAA membership, providing labels and badges for the conference committee, providing badges for the Long Range Planning Committee Retreat, emailing membership statistics to the SASFAA President and State Presidents, offering assistance to members with completing the membership application online, and communicating with the Treasurer concerning various membership issues.

SASFAA's current membership as of May 31, 2006 is 1,573. Currently, 1468 members have an ending membership date of June 30, 2006 and 105 members with an ending membership date of June 30, 2007. The membership committee would like to encourage members to renew membership in SASFAA for the 2006-2007 year and continue to enjoy the many benefits available to members.

SASFAA Membership Statistics
May 31, 2006
Current Membership
Total 1573
Members by Ending Membership Date
6/30/2006 1468
6/30/2007 105
Membership by State
Alabama 85
Florida 290
Georgia 189
Kentucky 96
Mississippi 71
North Carolina 234
South Carolina 119
Tennessee 144
Virginia 193
Out of Region 152

Suggestions for the 2006-2007 Membership Committee are to continue to encourage membership by providing membership statistics to State Presidents and to continue to work on a brochure for SASFAA to inform Presidents/Chancellors of the many benefits of SASFAA.

Thanks to the 2005-2006 Membership Committee for its dedication and hard work.


PREVIOUS PAGE   ~   TABLE OF CONTENTS   ~   NEXT PAGE