A few days ago

where is the best place to take out a student loan ?

anywhere from 10,000 to 20,000 dollars a year

what is considered a “good” interest rate for a student loan?

where should i definitely stay away from?

Top 2 Answers
A few days ago

Favorite Answer

When paying for college, make sure you take advantage of all the federal student loans that are available to you (Stafford for undergrad, GradPLUS for grad student)- they generally have the lowest interest rates and most generous repayment options. If they don’t cover the full amount, then look into private student loans.

Private loans are offered by banks and other financial institutions and are not guaranteed by the government, therefore carry higher risk to the lender. Because of this, they are usually credit -based, meaning they will check your credit history, and your interest rate will be determined by how good your credit is. Many students haven’t had the opportunity to establish a good credit history, so having a cosigner with good credit can help you qualify.

Be conservative and borrow only what you need, as you will have to pay it all back eventually.

list of student loan interest rates and fees: http://www.salliemae.com/get_student_loan/apply_student_loan/interest_rates_fees/student_loan_interest_rates_fees.htm


A few days ago
Jimmy John
Good rate is 6 %

Bad rate, 8% +

The first thing to try is your bank or credit union.

Compare to rates offered by majors (Bank or America, Chase, Citi…)

Good luck !