Help understanding student loan interest rates? I’m so confused!?
I’m currently comparing private student loans for this year of college. I’m going to need ,000 for the whole year.
I was reading on a site that was talking about libor and prime rates. What do these mean? I read that libor +2% and prime – .50% are the best rates you could probably get with a private loan (comparable to a federal loan), if you have excellent enough credit. I also know that loans with no fees are excellent.
These are the loans I found that have no fees:
US Bank = Prime + 1.95%
Chase = 3 months Libor +3.65%
Learn = Prime +1.0%
Which of these loans are best? My parents will be cosigning and have a decent credit score.
All of this student loan stuff is very overwhelming to me. If you could help me know it better, that would be fantastic.
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Tags: chase, Credit Score, federal loan, libor, parents, prime rates, private loan, private student loans, student loan, us bank
Are these variable rate loans? If not, they should be able to quote you an interest rate without all the mumbo jumbo. Your parents should be able to help you. As should your loan officer/banker. If you don’t know what you’re agreeing to….don’t sign.
collegefinder.imess.net – try this site. It has info about different US student loans and scholarships.