Nashville, TN—Today, the Tennessee Department of Education released numbers demonstrating the strong and ongoing demand for the Education Freedom Scholarship (EFS) Program among families statewide.
NASHVILLE--Commissioner of Financial Institutions Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 10.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 6.75 percent as published by the Federal Reserve on February 9, 2026.