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When searching for private student loans, you may find some lenders offer both a fixed and a variable rate option. What does this mean, and what are the pros and cons of each?
A fixed rate loan is exactly as it sounds – the interest rate is fixed, or stays the same, for the entire life of your loan. Rates are currently low, so this could be a good time to choose a fixed option and lock it in.
When you select a variable rate loan, your interest rate will fluctuate over time based on the current index rate. (The Prime Rate is the underlying index used to determine the base rate for most loans.) Your lender adds a percentage to that base according to your credit score and history, and there is usually a limit or “ceiling rate” on how high your rate can go if the Prime Rate increases, or a “floor rate” on how low your rate can go if the Prime Rate decreases.
Take advantage of rates as low as 5.00% APR for student loans
LEARN MOREThese are the main types of federal and private student loans you need to know about when considering your options.
Our partners at Edmit have compiled suggestions for those planning for college in these uncertain times due to the current pandemic.
Our partners at Edmit have outlined the steps you can take to file a financial aid appeal for additional aid to cover your college costs.
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