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Fixed Interest Student Loans

Claude Said:

I have student loan with variable interest. Should I get personal loan with fixed interest, or pay principal?

We Answered:

Put the money down on the car. If you want, you could also put a bit less on the car & some to the loan.

The student loan is tax deductable, the car is not. Not to mention, a personal loan will end up with a higher interest rate than the student loan. I would say: put the cash down on the car, then add a few extra dollars a month on the student loan to pay it down faster.

Hazel Said:

What will the fixed student loan interest rates go to after July 1st?

We Answered:

Interest rates for any new Federal Stafford loans made after July 1st will will be 6.8% for all borrowers (in-school or otherwise).

If you already have a *variable* rate Federal Stafford loan, your rate on that loan will remain variable and will be expected to increase to 6.54% (for borrowers in school, grace, or deferment) or 7.14% (for borrowers in repayment).

Interest rates for any new Federal PLUS loans made after July 1st will will be 8.5% for all borrowers (in-school or otherwise).

If you already have a *variable* rate Federal PLUS loan, your rate on that loan will remain variable and is expected to increase to 7.94% for all borrowers.

Perkins rates and terms will effectively stay the same (5% fixed rate).

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