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Low Interest Federal Student Loans

Pamela Said:

is 6.8% (Direct unsubsidized student loan) a low interest rate?

We Answered:

The federal student loans tend to always be the best. They have fixed interest rates, flexible repayment schedules, are automatically approved for all students, and require no payments until 6 months after graduation. For the 2010-11 year, the Unsubsidized loans carry a 6.8% interest rate. The PLUS loans have a 7.9% interest rate and are subject to your parents' credit approval. For private loans you will also need a credit-approved cosigner. Your loan company can decide to change the interest rate at any time (unless, of course, you sign a contract that specifically states "fixed interest rate").

The Federal Direct Loan program replaced the Stafford Loan program about a year ago.

studentloans.gov has all the info on federal loans :)

Philip Said:

How do I consolidate student loans to low federal interest rate?

We Answered:

Here are some great tips on how to consolidate student loans.One good thing about government loans is that the interest rates are fixed when consolidating them, and so rest assured that the rates that the lending company will charge you are within the boundaries of the law. Albeit there is already a ceiling on the interest rates when consolidating government loans, it is always to your advantage if you will shop around for those with really low interest rates.

http://www.worldbestloans.com/student-loans.htm

Grace period of loan repayment means you are done with college and earn a degree but the part of repayment, you just have not started. The grace period is usually from the graduation day to 6 months after and is usually regarded as an excellent time to which you acquire college student loan consolidation.

Martha Said:

Will interest rates for federal student loans raise or lower?

We Answered:

Student loan Interest rates have been on a rising trend for the last 5 years. Student loan rates usually follow the changing trends of the prime rate or the LIBOR index. that is, when the Prime rate starts to show a rising trend, student loans may show that trend as well. The bottom line is, the federal government sets the Federal Student loan rates every July 1st. Each year, the government has raised the student interest rate (reflecting the Prime rate). Generally, it is anticipated that student interest rates can continue to rise or stay at a high rate in the next few years, although the government guarenteed the rates of federal loans never to exceed 8.5 percent. But this cap does not carry over to non-federal student loans.

Consolidating your loans now may be a good idea if your prior loans each carry an individual rate that is lower than the current federal studen tloan interest rate of 6.8. if you consolidate your loans, basically you will be assigned an AVERAGE rate based non the total rates of each of your loans. So if your loans carry interest rates anywhere between 3-5%, it may be a good idea to consolidate them. You should speak to a lender about consolidating and find out what your weighted-average interest rate would be and see if that is any lower compared to the 6.8 perfect.

Clinton Said:

Student Loans with low interest rates?

We Answered:

schools.medianewsonline.com - it provides some tips about applying to US federal and state grants for college students.

Frances Said:

I need info on student loans, federal or private. Which ones tend to have lower interest rates?

We Answered:

The interest rate on private student loans depends upon your credit score. If you don't have the best credit score, then it will be hard to get a private student loan unless you add your parents to the application. Private loan lenders tend to be a bit strict with payments and the interest can be a bit higher than federal student loans.

I would suggest going with federal student loans and then private loans if you need some backup money. Depending on what type of federal loan you get will determine when and what you have to pay. The Subsidized Stafford loan is the best, first choice for students looking to borrow money for education. Low fixed interest rate, as low as 6.0%
No payments are due while enrolled in school or in deferment and
no interest has to be paid while enrolled in school or in deferment.
Acceptance is not based on credit.

An Unsubsidized Stafford Loan is a federally guaranteed loan that is not based on financial need. Interest will accrue from the time the loan is disbursed to the school. You do not have to make interest or principal payments until six months after graduation, or six months after you drop below a half time status.

Increased limits means you can borrow up to $2,000 more. There's a Fixed interest rate of 6.8% and no payments required while enrolled in school.

Whatever loan(s) you have for the first school, they will have you start paying once you leave that school. It doesn't matter if you switch schools. If you acquire loans at the second school, then you can start making payments when you're finished with the second school. Once you stop attending a school to which you opened loans for, you go into repayment.

Chris Said:

Do the recent interest rate cuts affect my student loans at all?

We Answered:

Probably not because they are already set to a rate far below market prices by the government today. Changes in mortgage interest rates are independent of student load rates.

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