Lowest Rate For Student Loans

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Lowest Rate For Student Loans

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Student loans are one of the biggest financial burdens plaguing young adults today. Since they are not paid off until long after students have graduated, many end up having to borrow money again just to pay for basic living expenses. In fact, a recent study of college graduates who were between ages 25-34 showed that 43% of them still had debt at graduation!

$10,000 per year ($50,000 over 10 years)

If you’re currently paying back student loan debt, you might want to start saving. However, if you could earn $10,000 a year without spending any time or effort doing so, would you take advantage of this? If you said no, then you should consider making this your goal. You’ll need to save $500 a month to reach this goal in ten years.

$20,000 per year ($100,000 over 20 years)

If you’d rather make slightly less than $10,000 per…

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Lowest Rate For Student Loans

Lowest rate for student loans

As of now, there are four different types of federal student loans: Perkins Loan, Direct Subsidized, Direct Unsubsidized, and Grad PLUS. Of these four, the lowest interest rate is for Perkins loan at 2.8%. If you’re looking at private options, you may want to look into Sallie Mae’s loan, which currently has a 5.41% APR. But, if you have bad credit, then don’t count yourself out. Sallie Mae offers two programs specifically designed for borrowers with subprime credit. You can apply for one of their programs in-person at any Sallie Mae branch nationwide or online at www.StudentLoans101.com. Their QuickStart program has a low interest rate of 6% for the first three years and 10% for the final year. Their FlexPay program starts off with a higher interest rate of 8%, but lowers down to a low of 4% for the last two years. Both QuickStart and FlexPay require payments of $50 per month for the first 6 months after graduation. After that, they only cost $25 each month.

Highest interest rates for student loans

The highest interest rates for student loans are those offered by private lenders. Private lenders offer fixed rates that range anywhere between 9%-12%. However, if you default on their loans, you won’t get charged high fees. Additionally, lenders’ websites often have special deals for students who are enrolled full time and making regular payments. So, if you qualify, you might want to check out some of these companies below.

Prosper

LendUp

OnDeck

Zing Bank

CIT Bank

National Collegiate Funding

If you do decide to take out student loans, make sure you choose wisely, since a few mistakes could ruin your finances for good. Make sure you know exactly what repayment plan you need to pay back, how much money you’ll owe, and how long it’ll take before you’re debt free. Also, check your credit score once you graduate to make sure everything is okay. I’ve seen students end up paying over 100 dollars a month just to keep up with their bills. And, finally, make sure you’re not borrowing more than you really need to. Even if you think you need $20,000 in college, chances are you probably don’t. Just remember, education is always worth the investment, even without a degree.

Lowest Rate For Student Loans

Federal Student Loan Interest Rates

The federal student loan interest rate for undergraduate loans is fixed at 4.66 percent for Stafford loans and 5.84 percent for PLUS loans. These rates are set each year by the U.S. Department of Education.

Private Student Loans

Private student loan interest rates range from 6.8% to 29%. However, there could be fees associated with these loans. When selecting private loans, you should make sure they have low interest rates, along with no prepayment penalties.

Public Student Loans

Public student loan interest rates vary, but currently range from 2% to 8.25%. If you plan to borrow money for college, check out the public student loan options first. You might find a lower rate than what you would get if you applied for a private loan.

Lowest Rate For Student Loans

US Dept of Education

The Department of Education offers two types of student loans: Direct Subsidized Loans (DSL) and Direct Unsubsidized Loans (DUS). Both loans have fixed interest rates; however, DSLs are subsidized with federal grants, while DUSs are not. In order to qualify for these loans, students need to meet certain criteria. These generally include having a high school diploma or GED, enrolling in a program at least half time, maintaining a grade point average of 2.0 or higher, and filing FAFSA forms. Students who do not meet these requirements may be eligible for alternative loan programs offered by their college or schools financial aid office. The maximum amount of money a student can borrow under either type of loan is $23,500 per year.

Federal Family Educational Loan Program (FFELP)

This program is designed to help low-income families pay for postsecondary education costs. Since its inception, FFELP has been funded primarily by income-based repayment plans (IBR), which allow borrowers to pay back loans according to payment schedules established by the government. Under IBR, borrowers make monthly payments based on their incomes, rather than paying off their debt immediately after graduation. As long as they maintain good grades and continue making payments, borrowers are protected from loan defaults. Borrowers in default must first repay any owed interest before they start repaying principal under these plans.

William D. Ford Federal Direct Loan Program (Direct PLUS)

Similar to the FFELP, this program provides funds for undergraduate and graduate students attending public institutions. Unlike the FFELP, Direct Plus does not require parents’ income information, and does not limit how much a borrower can borrow. However, eligibility limits are lower than those set by the FFELP. While borrowers cannot borrow more than $31,500 per year, only borrowers who meet certain academic standards will be considered for the Direct PLUS program. Borrowers must demonstrate a cumulative GPA of 2.50 or higher to receive a government grant. Also, they must file FAFSA forms in order to apply for Direct PLUS.

Pell Grant Program

The U.S. Government makes approximately $70 billion annually in grants to individuals to attend colleges and universities throughout the country. A majority of the funding goes to students who are Pell Grants recipients. To be eligible, applicants must be enrolled full-time at an accredited institution of higher learning and must complete at least half-time work towards earning bachelor’s degrees. Eligible expenses include tuition, room & board, books, supplies, personal care items, transportation costs, childcare, and mandatory fees. The maximum annual award is about $5,775 and recipients must begin repaying their loans upon graduating or leaving school. Recipients may owe no outstanding balance after 25 years of payment, though some states require them to repay the original amount of the loan plus interest.

Stafford Loan Program

Undergraduate students who are pursuing associate degrees or certificates are eligible for both Direct and FFELP Stafford Loans. Under these programs, students borrow money directly from the federal government and then pay these loans back over 20 years. Similar to the FFELP program, borrowers must maintain a minimum 2.0 GPA in order to receive a government grant and be eligible for the Direct Stafford Loan. Interest rates are tied to changes in the prime rate, and range between 4% and 6%. The amount of borrowing varies depending on factors such as the number of credit hours completed and the type of degree pursued.

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