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Private Student Loans Rates

Melissa Said:

Does anyone know of any banks with decent interest rates for private student loans?

We Answered:

Student Eligibility

FAFSA, Free Application for Federal Student Aid The perfect place to start! To be eligible for any form of federal, state, and some institutional aid, you must meet all of the requirements. Students can complete the FAFSA Application here and find wealth of financial aid resources.

Enrolled at Another School? (PDF) Find out how to apply for financial aid if you are attending College, but are enrolled at another school.

Learn More About the Process

Stafford Online Student Loan Couseling This site allows you to fulfill entrance and exit loan counseling requirements anytime, anywhere — all from the convenience of a computer. The counseling sessions also help you understand your rights and responsibilities as a student loan borrower.

SallieMae College Answer Learn about the tax benefits and programs that offer students and their families credit on their federal income tax bill for tuition and fees incurred at an eligible school.

Short Term Financial Assistance

Tuition Payment Plan Through eCashier View the current status of your tuition account and pay your tuition bills online.

Outside Programs Offering Assistance

Military Tuition Assistance Information for active duty, reserve and national guard personnel who wish to use tuition assistance to pay all or part of their tuition bills.

UPS Earn and Learn Program With the UPS Earn and Learn Program, UPS gives you money for school while you work part-time with UPS.
Verterans Education Benefits Information on helping servicemembers and their families get college degrees.

Tuition Payment Plan - eCashier View the current status of your tuition account and pay your tuition bills online.

Other Helpful Resources

Internal Revenue Service (IRS) Get copies of your tax returns
Selective Service Administration In compliance with federal law and to be eligible for student loans and grants, men must be registered with the Selective Service Administration within 30 days of their 18th birthday. This site might also be helpful regarding government jobs, job training, all security background clearances, and US citizenship for immigrants.

Social Security Administration The official web site of the United States Social Security Administration.

George Said:

Interest rates on Private Student Loans too High?!?! What do I do?!?

We Answered:

Interest rates on your private loans are based on your credit history or that of your cosigner’s, if you have a cosigner. Your private loans’ interest rates are calculated using the Prime Rate, a short-term market interest rate, plus a margin. The Prime Rate is a variable rate, meaning it changes over time, and it is a market rate, meaning we do not set it. The Prime Rate is covered in most major newspapers, such as the Wall Street Journal, and is currently at 7.75 percent. Your loan's margin is fixed and would have been disclosed to you when you received your Sallie Mae loans. When you add the Prime Rate and your margin, you have your private loan's interest rate.

If you are interested in trying to lower your private loan's interest rate, you may want to consider refinancing your private loans with a Private Consolidation Loan (PCL). In fact, 75 percent of our Private Consolidation Loan customers lower their interest rates when they refinance and obtain a Private Consolidation Loan. Sallie Mae advises customers to apply with a credit-worthy cosigner to lower their interest rate even further. You are welcome to contact our customer service team to see whether Private Consolidation is for you. The toll-free number is 866-380-5005. Customer representatives are ready to assist you Monday to Friday, 8 a.m.-11 p.m. Good luck!

Patsy Said:

I have 80k in private student loans at a variable rate, should I try and get a fixed rate since rates are low?

We Answered:

Now is a good time to refi. Rates will probably not stay this low for long and they won't come back down for a while when they go back up. The downside is that you'll pay a higher rate for a while. The upside is that you'll avoid them going up potentially very high in the future.

I'd say refi and don't be in a hurry to pay them off. You'd be better off moving your additional cash into long term investments like a IRA or 401k. Why? Your student loans are probably the cheapest loan you'll ever get. Build up some investments for your future.

Vivian Said:

Is it possible to lower interest rates on private student loans?

We Answered: - it provides some tips about applying to US federal and state grants for college students.

Lawrence Said:

What is the current prime rate for private student loans?

We Answered:

The current prime rate is 5%...this is not the rate you will get on a student loan unless your loan is tied directly to the prime (most are prime plus). Prime rate is defined as the rate given to a bank's best customers and is not tied to a specific type of loan.

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