Best Interest Rate Student Loans

Best Interest Rate Student Loans

4 min read


Federal Direct Loans

These loans are offered directly by the U.S government to students who have not yet earned enough money to pay for their college education. These loans are given out at low interest rates (currently 3.86%) to help fund the higher interest rate on private loan options.

Private Loans

Private student loans are similar to home loans; they give borrowers money to invest and earn interest while paying back the principal over time. A typical repayment term for these types of loans is 10-15 years. Borrowers should note that private student loans do not offer federally backed protection.

Department of Education Loan Repayment Programs

Many states now have programs where schools will make payments directly into the borrower’s account throughout their tenure in school. This helps alleviate some of the burden off the borrower’s shoulders and makes them eligible for federal benefits once they graduate. Check with your state’s financial aid office for more information.

Stafford Loans

Stafford Loans are based on income and need. A family making $65,000 per year would likely qualify for a subsidized Stafford loan. A student making less than $40,000 annually would receive a fully subsidized Stafford loan. However, a Stafford loan does have a limit on how much a borrower can borrow and therefore cannot be used to cover 100% of a student’s tuition costs.

Grad PLUS Loans

Grad PLUS Loans are available only to students enrolled in certain undergraduate degree programs. A family making between $90,000-$120,000 would qualify for a subsidized grad PLUS loan, while a student earning under $35,000 annually qualifies for a unsubsidized grad PLUS loan. Typically, the repayment terms are 5-10 years.

Perkins Loans

Perkins Loans are designed to assist students with lower incomes and lower credit scores. Students and families making less than $50,000 per year may apply for a unsecured Perkins loan.

Parent PLUS Loans

Parent PLUS Loans are issued to parents of dependent undergraduate and graduate students. Parents making between $80,000-$100,000 may access a guaranteed loan, while those making over $110,000 per annum qualify for an unsubsidized parent PLUS loan.

Best Interest Rate Student Loans

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Best Interest Rate Student Loans

If you have bad credit, you may want to look at interest rate student loans. These are student loans that do not require a cosigner and they are known to have lower rates than conventional loans. You should definitely check out a few different options before making a decision. There are many different places where you can apply for these types of loans, including online lenders and brick and mortar banks.

Best Interest Rate Student Loans

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SchoolFinancesAlert is your personal financial partner in government-mandated student loan debt. We make paying off student loans easier and cheaper by negotiating with the top loan providers – banks, credit card companies, private lenders and others. You still pay less than what you would under federal student aid programs such as FAFSA, but only if you negotiate with us. In fact, we have negotiated lower rates into our contract with each company we work with, ensuring you get the best price possible without ever having to worry using us.

School Finances Alert (formerly known as BankruptcyCoach) was founded in 2009 by Lee Chyun, an attorney who suffered from (and beat) bankruptcy due to exorbitant college loan debts. Deeply frustrated American consumers (including himself) were no longer able to obtain credit relief — legally and cheaply — regardless of their income. His research led him to discover the IRS tax code provision that enabled many people to pay off their school loan debt just by asking the Government to forgive a small portion of their income. He went to law school and got licensed to practice before Congress where he persuaded them to amend the tax code to allow students to qualify.

The School Finances Alert team has advanced Lee’s dream in over 30,000 eElements with its online debt negotiation courses, free eBooks, and software. SFAA is also partnered with major U.S. universities and consortia such as University of Phoenix, University of California/Davis, National Collegiate Athletic Association, and National College Credit Recommendation Service.

This video ad helps students understand how they can use  IV-B program to reduce student loan payments. Benefits of these funds depend on eligibility.

Best Interest Rate Student Loans

Federal Stafford Loan

Federal student loans have a fixed interest rate of 4.21% (this may change yearly) for undergraduate students who qualify for financial aid. This means that even if you pay off your loan early, your monthly payments do not increase. If you borrow $10,000 at 2.8%, the payment would be $288 per month; however, the total payments over 10 years are $10,988. At 4.21%, the borrower would pay $426 less each year ($429 – $428 $1). A student should expect their initial loan balance to be approximately $20,500 after graduation.

Perkins Loan

Perkins loans are federal student loans given out annually to undergraduates who need financing to attend college. These are variable rates depending on how much money they receive in grants and scholarships. Students who have a Pell Grant will pay $0 for their first two semesters. Thereafter, they will pay 5.28% for the following three semesters and 6.37% for subsequent semesters. Students who do not qualify for any financial assistance will pay 9.31%.

Parent PLUS Loan

The parent loan is a type of federal student loan that parents can take out to help finance their children’s education costs. Parents must show proof of income and assets before being approved for the loan. Unlike regular student loans, the parent does not make any payments until the child completes his or her studies. The amount borrowed varies based on the number of children enrolled. Once the student has completed their degree program, they must begin making payments. The parent loan comes with an APR of 8.25%, but there is no set end date. However, these loans can last up to 20 years.

Private Loan

Private loans are generally offered to graduate or professional school students. Like the parent loan, private lenders offer no set repayment period. The interest rate ranges from 0% to 15%.

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