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So, the maximum interest rate could be 25 percent.
(Congress also sets the maximum interest rate that lenders can charge students on the loans).
The maximum interest rate non-banks can charge has been cut from 39% annually to 35%.
The retail banks will be allowed to charge a maximum interest rate of two per cent.
The maximum interest rate subsidy payable under the old guidelines was $100,000 in any 12-month period, with a cumulative maximum of $500,000 over five years.
The subsidy is set by Congress, which also sets the maximum interest rate that the lenders may charge students, to foster lending at attractive rates.
Similar(36)
The Peoples Bank also ended years of regulations tightly limiting the maximum interest rates that banks could charge on loans.
[World Business, Section W.] China Raises Loan Rate Ceiling China's central bank has raised the maximum interest rates that banks can charge for commercial loans, a step that is likely to make credit more widely available to private enterprises.
Although we are restricted by parliament's failure to set a maximum interest rates on loans, or distinguish between different kinds of financial businesses in planning law, we are determined to do what we can to support our residents.
Sallie Mae said it would lower the maximum interest rates on its "smart option" private student loans made to graduate students, reflecting their educational achievement and greater earnings potential.
Legislative controls also include maximum interest rates that may be paid, the duration of the issues, the purposes of the borrowing, and the establishment of means of retiring the bonds.
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