Private student loans originate from non-government lenders and work differently than Federal loans

Posted by on March 23, 2022 · Leave a Comment 

Federal student loan interest rates are set by the government and in most cases, do NOT take into consideration your individual situation. Every borrower receives the same deal. It makes no difference whether you are a millionaire or flat out broke. Some needs or profession based federal loans are the exception as they consider only a small set of facts for qualification and typically offer a rate break over normal federal loans.

If the government is not subsidizing the program (aka picking up some of the tab), the available interest rate should be higher than the best market rates available, but lower than the worst.

Private Student Loan Interest Rates

personal loans for self employed with no proof of income

The interest rates are set by the lender based on your specific situation and the products they have available. Read more

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