Anyone know the current interest rate for a student loan??
To answer this question correctly it all depends if you are talking about Federal Student Loans or Private Student Loans.
Right now Federal Stafford Loans are being issued with a fixed interest rate of 6.80%. Federal Perkins Loans are being issued with a fixed interest rate of 5.00%. Direct PLUS Loans are being issued with a fixed interest rate of 7.90%. Federal PLUS Loans are being issued with a fixed interest rate of 8.50%. Graduate PLUS Loans are being issued with a fixed rate of 8.50%.
When dealing with Private Student Loans, those loans are not need based like Federal Student Loans they are credit based, so your interest rate will be determined by what kind of credit you have. Private Loans normally carry with them a higher interest rate than Federal Student Loans also.
If you have Federal Student Loans issued before July 1st, 2006, than those Student Loans would have a variable interest rate; which changes every July 1st. The only loans issued before July 1st, 2006 with a fixed interest rate are the Federal Perkins Loans. For more information on current Federal Student Loan interest rates please visit the source below.
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