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Student Loan Interest Rates...
Posted on 8/3/11 at 11:06 am
Posted on 8/3/11 at 11:06 am
I just applied for a student loan and am surprised at the rates. This will be for Graduate School. I currently work full time, my wife works full time (co-signer), have money in savings and checking, and both credit scores are in the upper-700s. The loan would be for $22,500.
Doesn't 8.00% seem high for this scenario? This is the best rate, since I will begin repayment immediately.
I was expecting much lower. These rates are making me reconsider grad school.
Doesn't 8.00% seem high for this scenario? This is the best rate, since I will begin repayment immediately.
I was expecting much lower. These rates are making me reconsider grad school.
2
Posted on 8/3/11 at 11:16 am to Slickback
6.8% fixed for any government loans.
Posted on 8/3/11 at 11:17 am to saderade
I filled out the application through Sallie Mae and this is what they came up with.
Posted on 8/3/11 at 11:22 am to saderade
8% seems too high to me.
Also, isn't the gubment going to stop subsidizing loans for grad school at the end of this year?
Also, isn't the gubment going to stop subsidizing loans for grad school at the end of this year?
Posted on 8/3/11 at 11:24 am to Slickback
Its too late for this year, but you needed to complete a FAFSA application to receive government loans.
The interest is deductible, up to 2,500, if you and your wife make less than 150k fwiw.
The interest is deductible, up to 2,500, if you and your wife make less than 150k fwiw.
Posted on 8/3/11 at 11:24 am to Slickback
I had 3:
Direct Student Plus Loan was 7.8% - was a grad school loan.
And two Stafford loans (one sub and one unsub) that were 6.8%
You also get up to a $2,500 income deduction (above the line) for student loan interest. You can then calculate the actual rate and it will be lower.
Direct Student Plus Loan was 7.8% - was a grad school loan.
And two Stafford loans (one sub and one unsub) that were 6.8%
You also get up to a $2,500 income deduction (above the line) for student loan interest. You can then calculate the actual rate and it will be lower.
Posted on 8/3/11 at 1:13 pm to Slickback
quote:
I filled out the application through Sallie Mae and this is what they came up with.
That's a private loan.
Fill out your FAFSA, indicate your school ID, you will get lower interest, government backed loans.
Posted on 8/3/11 at 2:11 pm to Volfan996
quote:
Also, isn't the gubment going to stop subsidizing loans for grad school at the end of this year?
Yea, July 2012.
Supposedly going to cost grad students 18 billion in interest costs over the next decade, government will put it into the pell grant program.
Posted on 8/3/11 at 2:15 pm to Slickback
quote:
These rates are making me reconsider grad school.
Seriously?
Posted on 8/3/11 at 2:18 pm to Doctor Radical
quote:
Fill out your FAFSA, indicate your school ID, you will get lower interest, government backed loans.
I filled out my FAFSA earlier today. Any chance I get approved and money by Aug 28th?
I applied late and got accepted late, so they aren't leaving me with much time to get my finances in order.
quote:
Seriously?
No, but they are pushing me to go ask my Grandpaw for a loan.
Posted on 8/3/11 at 2:44 pm to Slickback
quote:
Any chance I get approved and money by Aug 28th?
You may. But it's pretty late. Call your schools financial aid office and let them know what you've done. (see if they say anything or have a time frame).
Posted on 8/3/11 at 2:53 pm to Doctor Radical
Thanks for the suggestions. I had TOPS for all my undergrad and had a small college savings account that I paid the remainder of the tuition with, so I've never had to deal with this.
Posted on 8/3/11 at 4:13 pm to Slickback
ill have 120,000 in debt in not too long 
Posted on 8/3/11 at 8:23 pm to tke_swamprat
quote:
ill have 120,000 in debt in not too long
When shall we begin addressing you as "Doctor?"
Posted on 8/4/11 at 7:39 pm to shutterspeed
Not "Doctor" but I will be putting people to sleep.
Posted on 8/4/11 at 7:49 pm to tke_swamprat
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