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Variable rate vs. fixed rate for student loan

Posted on 8/4/11 at 11:57 pm
Posted by DonChulio
Member since May 2010
386 posts
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?
Posted by Interception
Member since Nov 2008
11089 posts
Posted on 8/5/11 at 1:18 am to
variable

but read the fine print...
This post was edited on 8/5/11 at 1:20 am
Posted by DonChulio
Member since May 2010
386 posts
Posted on 8/5/11 at 2:29 am to
What are things I would be looking for in the "fine print"?
Posted by seawolf06
NH
Member since Oct 2007
8159 posts
Posted on 8/5/11 at 6:28 am to
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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