Higher Education Loan Plan Act of 2003 - Amends the Higher Education Act of 1965 to provide for variable interest rates on student (Stafford) loans, consolidation loans (which currently have fixed rates), and parent (PLUS) loans.
Revises formulas for determining such variable interest rates for student loans, consolidation, loans, and parent loans based on the bond equivalent rate for 91-day Treasury bills and specified additional percentages.
Caps at specified levels interest rates for new loans during an interim period from October 1, 1998, up to the enactment of this Act. Caps the interest rates for new loans on or after such enactment date for: (1) student loans and consolidation loans at 7.75 percent; and (2) parent loans at 8.5 percent.
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