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Variable rate vs. fixed rate for student loan
Posted on 8/4/11 at 11:57 pm
Posted on 8/4/11 at 11:57 pm
I'm getting a student loan and I can either choose a 3.2% variable rate or a 7.5% fixed rate. I'm new to this so I don't know too much about it, just the basics.
I have no idea what I'm going to do after school so it doesn't look like I will be getting a high paying job as soon as I graduate...meaning I'm assuming I will be paying this thing off for practically my entire life. Should I go with the fixed rate since that should be safer in the long run?
I have no idea what I'm going to do after school so it doesn't look like I will be getting a high paying job as soon as I graduate...meaning I'm assuming I will be paying this thing off for practically my entire life. Should I go with the fixed rate since that should be safer in the long run?
Posted on 8/5/11 at 1:18 am to DonChulio
variable
but read the fine print...
but read the fine print...
This post was edited on 8/5/11 at 1:20 am
Posted on 8/5/11 at 2:29 am to Interception
What are things I would be looking for in the "fine print"?
Posted on 8/5/11 at 6:28 am to DonChulio
I have a very basic understanding, but I would look for how soon and how often the rate changes and what the maximum amount is that it can change. Also would want to know how the rate is calculated.
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