If interest rates are so low, why are my student loan interest rates higher than ever?
Wednesday, January 11th, 2012 at
1:18 pm
Question by thefightforgood: If interest rates are so low, why are my student loan interest rates higher than ever?
I just applied for my Student Signature loan with sallie mae for this semester, and the interest rate is 11.750%, whereas the last few semesters have been at about 8%.
Best answer:
Answer by Boss Chick
Have you had Signature loans the previous semester? Because the stafford loan rate is 6% and 6.8% the Plus loan is 8.5% and those are fixed but your rate may not be.
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The interest rate for alternative education loans is based on a number of factors, including credit history and the lender that you are choosing. Rates can vary from lender to lender and can also vary from year to year. Did you have a change in your credit history? You might want to get a credit report to check for changes. If there are no changes, then it is still possible for the lender to change your interest rate. Unlike federal student loans, which have the same interest rate as determined by the federal government, lenders have the liberty of determining your interest rate. For specific reasons as to why it has increased compared to last year or semester, you are best to contact your lender.