what is the interest rate on a student loan
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Student Loan Rates Generally speaking, federal student loans have the most favorable interest rates for borrowers: subsidized Stafford Loans currently have a fixed interest rate of 4.66% for undergraduates, and unsubsidized Stafford loans have an interest of 4.66% as well for undergrads, with 6.21% for graduate students.
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12 Student Loan Debt Numbers That Will Blow Your Mind -- 6.8 percent: The new interest rate on subsidized student loans starting July 1 if Congress does nothing. That is double the current interest rate. -- More than 1 in 10: The number of borrowers that defaulted on their student loans in the three years leading up to Sept. 30, 2011, according to Bloomberg. -- 22.7 percent: The default rate in the three years leading up to Sept. 30, 2011 for borrowers that attended for-profit colleges, according to Bloomberg.
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Student Loan Rates The loan will have a relatively low interest rate but high fees will take its cost sky-high, so you should look for a loan with a somewhat higher interest rate and no fees. A simple way of balancing this equation is to remember that 3% to 4% in fees is about the same as a 1% higher interest rate.
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Answers to Your Questions on Student Loan Interest As of July 1, 2013, the interest rate on new subsidized Stafford Loans rose to 6.8% from the previous rate of 3.4%. Our Administration is actively working with Congress to bring rates back down for new loans.
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- VISIT SITE 1  >>. Refinance and consolidate both federal and private student loans. 2  Rates as low as 2.88% for variable rates. 3  Rates as low as 4.75% for fixed rates.  Apply in 3 minutes to get an instant credit 1  decision. 5 - 15 year repayment terms.  Zero application fees, origination fees, or pre-payment fees.
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When it comes to paying for college, career school, or graduate school, federal student loans offer several advantages over private student loans. Many private student loans require payments while you are still in school. The interest rate is fixed and is often lower than private loans—and much lower than some credit card interest rates. View the current interest rates on federal student loans. Private student loans can have variable interest rates, some greater than 18%.
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Kansas State University Undergraduate Student Borrowers: 1  3.76% fixed interest rate for both Federal Direct Subsidized and Unsubsidized loans first disbursed on or after July 1, 2016.  5.31% fixed interest rate for Federal Direct Unsubsidized loans first disbursed on or after July 1, 2016.
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Interest Rates on Direct Consolidation Loans The interest rates on Direct Consolidation Loans are based on this calculation: The weighted average of the interest rates of the federal student loans being consolidated, rounded up to the nearest 1/8th of one percent. It sounds more complicated than it really is. The following example shows how the calculation is made. Current federal loan balances: $5,000 loan at 3.4%; $7,500 loan at 6.8%; $10,000 loan at 6.8%; The interest rate on the Direct Consolidation Loan would be: ($5,000 x 3.4%) + ($7,500 x 6.8%) + (10,000 x 6.8%) ÷ ($5,000 + $7,500 + $10,000) = 6.04%. This would be rounded up to the nearest 1/8th of one percent, or 6.13%. $5,000 loan at 3.4%: $50.00.
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Student Loan Interest Rates, Fees, and History Since the federal government pays the interest on subsidized loans while you are enrolled in school on at least a half-time basis, the Direct Subsidized Loan offers you the equivalent of a 0% interest rate during the in-school period, making it less expensive than the Direct Unsubsidized Loan.
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Federal Student Loans for Graduate Students Interest Rates and Fees. The interest rates on Grad PLUS Loans are fixed and do not change over the life of the loan. The interest rate for the 2016-2017 academic year is 6.31%. Every year on July 1, interest rates are reset based on current market rates.
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Interest Rates for Student Loans Just Went Up Student Loan Calculator. A guide to student loans at various universities, and what it takes after graduation to repay that debt. A $5,000, 10-year loan at last year’s 3.86 percent rate would cost about $1,035 in interest; at 4.66 percent, you’ll pay $1,265, a difference of $230.
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6 Best Banks to Refinance and Consolidate Student Loans in 2018 Available for both undergraduate and graduate school student loans. 2.56% to 6.49% APR (with autopay) variable rates, capped at 8.95% to 9.95% APR. 3.37% APR to 6.74% APR (with autopay) fixed rates. 5, 7, 10, 15, 20 year repayment terms.
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Student Loan Interest Rates, Fees, and History Summary: Interest rates on new federal student loans are fixed for the life of the loan. For loans taken out for the 2017-2018 school year, undergraduate students receive a 4.45% interest rate and graduate students receive a 6.0% interest rate. These rates could change for 2018-19. A fee of 1.066% is deducted from your loan before the funds are sent to your school.
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SoFi Review SoFi has the lowest student loan refinance rates in the business. SoFi offers student loan refinance rates below 3%! And if you are looking for options, SoFi has more options that anyone in the business. SoFi offers both variable and fixed interest rate options.
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- The Federal government sets the interest rate for Unsubsidized Loans, which is fixed at 3.76% for undergraduates and 5.31% for graduate students who borrow between July 1, 2016 and June 30, 2017. The interest accrues while you are in school.
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- The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. This loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment).
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10 Essential Things to Ask Before Refinancing Your Student Loans If you want to get a lower interest rate, you need to first figure out what your current rates are. Interest rates on federal student loans can range from just under 4% to over 7%, depending on the type of loan. Private student loan rates can be even higher, averaging around 9% to 12%. When you refinance your loans, you replace existing student loans with a new one. This gives you a chance to shop for a lower interest rate. The higher your current interest rate, the more you’ll benefit from refinancing to a lower rate.
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- Federal student loan interest rates. Federal student loans are the loans you apply for by filling out the Free Application for Federal Student Aid, also known as the FAFSA. The federal government issues these loans, but they’re serviced by private companies, including FedLoan Servicing, Great Lakes, Navient and Nelnet.
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How to Lower Student Loan Interest Rates By signing up for ACH payments most lenders offer a .25% interest rate reduction on your student loans. ACH allows the bank to automatically deduct monthly student loan payments from your bank account, and decreases the likelihood that you will forget to make a payment.
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Student Loan Interest Rates Interest on a student loan may be subsidized or unsubsidized. The federal government pays the interest on a subsidized loan while the borrower is enrolled at least half-time and during other periods of authorized deferment. This effectively reduces the interest rate to 0.0% during the in-school period.
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- The 2015-2016 federal student loan interest rates don't apply retroactively to debt borrowed in previous years. The new rates on federal student loans are fixed over the life of the loan, meaning that once the debt is disbursed, interest stays constant through repayment.
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- Federal student loans have interest rates ranging from 5 percent to 7.9 percent, with the standard being 6.8 percent. Interest rates are normally fixed for the lifetime of a loan; even though rates are re-evaluated by Congress every few years, the interest rates on your existing loans should not be affected.
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- NerdWallet recommends taking out a private student loan only after you’ve exhausted your federal student loan options. Their rates range from around 2.77% to 12.99%, depending on the lender, term length, type of interest rate (variable or fixed), and the borrower or co-signer’s credit.
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- The Massachusetts Democrat said some students are paying off undergraduate loans with interest rates of 7 percent or more. Her bill would lower that to about 3.9 percent. That’s the rate set for new student loans under a law passed by Congress in 2013.
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How Much Parents and Students Are Borrowing for College Subsidized and Unsubsidized Loans. The interest rate on both the subsidized and the unsubsidized federal loans for the 2015-2016 school year is 4.29%, which is slightly lower than the previous year’s rate of 4.66%. The interest rates are adjusted annually and linked to the 10-year U.S. Treasury note.
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How Student Loan Interest Works Private student loan interest rates are determined by the lender that made the loan and are based on your credit history and your cosigner, if you have one. The interest rate may be variable or fixed for the life of the loan, depending on the contract you signed when you took out the loan.