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Linda Said:Is the interest rate on student loans usually low?
We Answered:That depends on the loan type.
Federal student loans -
Stafford loans: 6.8%
PLUS loans: 8.5%
Perkins loans: 5%
Private student loans often are an index plus a margin, meaning that there's a base rate like LIBOR or the Prime Rate, plus a variable amount on top that is credit-based.
Yvonne Said:How to lower student loan interest rate?
We Answered:I'm not sure you can.
But a simple rule of thumb would be to pay down the higher interest loan faster. With a mortgage, you can pay additional amounts toward the principal. That might be possible here...but these are unsecured loans...without collateral I'm not sure anyone will lower your rate.
I suggest you call both borrowers, and see if they have any programs or suggestions.
Erika Said:How do I lower my student loan interest rate?
We Answered:interest rates vary depending on the type of student loan you have. if you are talking about any stafford loans you borrowed, yes, they usually have the lowest interest rates.
right now the interest rate for stafford loans is 6.8%. (perkins loans are a little lower at 5%.)
the rate for stafford loans hasn't been in the 3-4% range for a couple of years.
your best bet is to contact your lender and ask them how your interest rate was determined. it's possible they made a mistake, i have seen it before (but not often!).
to answer your initial question, your lender may have interest rate reducing incentives. for instance, i receive a small discount on the percentage rate of my student loans by having my monthly payment directly debited from my checking account. i figure, every little bit helps!
Christy Said:Looking for a low interest rate student loan, ASAP!!!?
This would give you a guide about the basics of student loans.
Jonathan Said:Where is the best place to get quick, low-rate student loans on the web?
We Answered:Have you tried for gov money (ie pell grants, perkins, stafford), I believe they have the lowest interest rates. There are also loans you can find on scholarship websites that you apply for based on your gpa, talents, etc, and they give interest free loans.
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