Beginning July 1, 2013, change the interest rate on all new subsidized, unsubsidized, gradPLUS, and parent loans. The interest rate for all loans would be a fixed rate set for the academic year during which the loan is made and it would be based on the 10-year Treasury rate plus 3 percentage points. Under current law, subsidized and unsubsidized student loans have a fixed rate of 6.80 percent and gradPLUS and parent loans have a fixed rate of 7.90 percent.