Tag Archives: loan rates
Graduate Student Loan Rates (Page 1 of 3)
Few students can afford to pay for college without some form of financing, and graduate and professional students borrow even more than undergraduates, with the additional debt for a graduate degree ranging from $27,000 to $114,000. Fortunately, graduate student loan rates are low. Federal law sets the maximum interest rates and fees that lenders may charge for federally-guaranteed loans. Nothing prevents a lender from charging lower fees, and many lenders offer a variety of discounts to attract borrowers.
Grants, scholarships, work-study, and other forms of gift aid just do not cover the full cost of a college education. Many students find that they must supplement their savings with government and private loans. The Federal education loan programs offer lower graduate student loan interest rates and more flexible repayment plans than most consumer loans, making them an attractive way to finance your education.
How can you figure out how much your graduate student loans will cost when the interest rate is often variable? You’ll be pretty safe if you figure on a rate of around 8%. That’s more than the current rate for federal student loans right now, but rates may go up, and most loans are capped at 8.25% to 9%. (If you’re a parent using a home-equity loan, your rates were fixed when you borrowed the money. If yours is a home equity line of credit, however, your rates are variable, so use an 8% interest rate to be conservative.)
At 8%, each $1,000 you borrow will cost you about $12 a month to repay, assuming a 10-year loan. If you’re a graduate student and you borrow the maximum allowed under current federal student loan programs $23,000 in subsidized and unsubsidized borrowing for undergraduates who are still their parents’ dependents your monthly payments will be around $276.
The rate for PLUS Loans disbursed on or after July 1st, 2006 is fixed at 8.5%, while the rate for Stafford Loans disbursed on or after July 1st, 2006 is fixed at 6.8%.
Shop for graduate student loan rates in order help manage your future debt burden. Your school’s financial aid administrator can help you consider all of the important factors when comparing loan programs. The guidelines for Federal Stafford and PLUS loans are established by the federal government; however, there are some lenders that make adjustments to the terms in order to provide savings to borrowers. For example, many lenders discount fees on Federal Stafford Loans (that normally would be deducted from the amount disbursed to the borrower). And some lenders offer borrower benefits or payment incentives on Stafford and PLUS loans. Be sure to compare lenders before borrowing your federal student loans.
When choosing a private graduate student loan, there are many things to consider. You should investigate the features of several private loans and prioritize which factors are the most important for you, including the overall cost of the loan, credit criteria and approval rate, monthly payment, grace period, deferment, and forbearance, reputation of the lender, customer service, and other services.
Things you need to know on Equity Loan Rates
It is hard to find the best home equity loan rates because you have to wade through hundreds of banks, companies and other financial institutions flooding the country. Therefore, before taking out a home equity loan it is best to gather all your information and do some research first. Through research you will be able to find the best home equity loan rates that are stable, low, fixed and possessing tax-deductible features. Fixed interest rate can seem more expensive at first, but studies show that they prove to be more affordable and in some cases cheaper in the long run.
Being predictable is one feature of good fixed home equity rate. Consistent payments every month makes one worry free about the fluctuations of the interest rates and monthly loan payments. Equity loans for homes provide credit in bulk and you can maintain a constant interest rate for the entire loan and the repayment period, whether it is for 5 years, 10 years, 15 year, or longer.
Companies offer different rates. There are some financial institutions that provide good home equity rates. The best equity rates are those that are low, tax-deductible and stable. You will be able to find the best one by doing some research, putting forth effort and a little knowledge.
Shopping for best equity loan rates are the best way to get good results for your loan. To be able to come up with the best companies you need to consider some important factors. The lender you choose is very important in the process. One should make a project of researching and understanding the subject yourself. Here are some factors to consider in choosing the right company.
& 8226;It is best to always check the prime rate. It is the amount of interest charged to the best banks for their loans. Most of the loan rates and other loans are based on the prime rate plus some other factors. It will allow a review or check of the pattern of increases and decreases in loan rates. Credit score, size of the funding and the size of the loans are factors regarding the interest rate that will be charged on a specific loan. You may not receive the prime rate for your loan, but lower rates are available to the best customers.
& 8226;It is important to know who the potential lenders are. If you were able to come up with a company that offers a great loan rate, then you should do what is needed to be done so that the company can work with you right away. Check the background of the lender. This can be done by checking it thoroughly online.
& 8226;If you reduce the size of your loan you will be able to get better equity loan rates. This should be correlated with the ability of the lending institution to fund the loans. Other lenders will not take small equity loan while others won& 8217;t be able to handle a large loan.
So if you are looking for the best equity loan rates consider the above ideas and factors and you will be able to have a competitive loan rate in the industry.