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Student Loan Interest Rate

Julio Said:

What is the variable student loan interest rate forecast for the foreseeable future during a depression?

We Answered:

You can expect something in the neighborhood of 5%.
And - nobody said anything about a Depression.

Terry Said:

Really high student loan interest rate, its approved and sent to the school whats can I do?

We Answered:

You need to go look for a refinancing loan. Although, it will probably be 7.5% interest, it is better than your 12.5%... which I can't believe a student loan is actually that high!

I thought that 7.5% for a student loan was the FEDERAL LIMIT! You may have to check with the department of higher education or whatever, but I'm pretty sure it is 7.5 limit.

I graduated 2 years ago and mine was 3.3%, it's now 5.3% through refinancing (it would be 7.5 if I didn't refinance by July 1, 2006.)

Marian Said:

What is a good student loan interest rate?

We Answered:

It sounds like you consolidated during the lowest interest rate period in history. Accept the rate (since you can't change it anyway) and be happy -- we won't see rates like this again for years (if ever).

Beginning this July, interest rates for all new student loans will be *fixed* at 6.8% (all currently-variable rates will remain variable unless consolidated). So you might not want to complain about your rate or all current college students wil start throwing pencils at you :-)

During the first few years of repayment, more of what you pay will be put towards interest. This is not unique to student loans: if you've ever had a mortgage, you'll see the same thing occur. As you pay down more of your loan, more of your monthly payment will be put towards the principal balance. Frankly, $10 of every $50 isn't bad.

Donna Said:

What are some ways to lower my student loan interest rate?

We Answered:

Shop around with your local credit unions not banks to see what they offer. You can try to refinance. Or call your lender to see what they offer.

Cathy Said:

Is this a good student loan interest rate?

We Answered:

that is a ton! my rate is 3%.
you better shop around. and see if you can't find a cosigner with better credit.

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