Private Student Loan Rates

A frequent question: I got a private student loan but am not sure how the rates are calculated...

Private student loan rates are calculated based on a published index such as the Prime Rate for Private Student Loans or London Interbank Offering Rate (LIBOR) plus a "spread" or margin based on your credit score and history.  You need to check with the lender you are applying with to get the specific rate index and the amount over the index they are going to charge you.  Typically they don't give you this until after you have applied as they need to check your credit to determine your rate.

1 comment:

ILEAD said...

If there is difficulty in getting financial aid for pursuing higher education, a student can jointly apply with a person who has great credit history. It will also mean getting lower interest rates. However, a student also needs to have and maintain a good academic grades.

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