What is the interest rate on your private student loans? I signed a Sallie Mae loan at 10.5% fixed, which I felt was crazy, which is why I am interested.
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Private student loan interest rates can vary widely depending on the lender, your credit score, and whether you choose a fixed or variable rate. Currently, fixed interest rates for private student loans generally range from about 4% to 17%.
Your 10.5% fixed rate with Sallie Mae does seem quite high, especially compared to the lower end of the current rate spectrum. It might be worth exploring refinancing options if your credit score has improved or if you can find a co-signer with excellent credit.
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For a variety of reasons, including the current high interest rates on private student loans, the regulars here advise maximizing your federal aid opportunities before considering private loans.
I would much prefer take a full-time summer job at minimum salary than have my loan rate gouged at 10.5% fixed.
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Hey,
I don’t have personal interest rates, but private student loan interest rates generally range from about 3% to 12%.
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Private student loan interest rates are pretty high across the board right now, which is one of many reasons why the regulars here suggest maxing out your federal aid options first and avoiding private loans if at all possible
Like, at 10.5% fixed I’d rather pick up a full-time min wage summer job than be gouged on the interest