College Loans Interest Rates: What Borrowers Should Know
An interest rate represents how much it costs to borrow money from a lender. In return for loaning the money, the lender gets a percentage of the money loaned over a particular period of time. The subject of college loans interest rates is an important one because the amount of interest factors into how much a higher education is going to cost. Interest rates on student loans vary depending on the specific type of loan. A student loan is either federal or private. Federal loans are disbursed by the U.S. Department of Education, while private loans are offered by banks, credit unions and lending companies.
The most popular type of loan is the Stafford Loan. This federal loan features declining interest rates over time. With a subsidized Stafford Loan, the government pays the interest while the student is in school, or while the loan is in deferment. The interest rate on a subsidized Stafford loan obtained between the time period of July 1, 2008 and June 30, 2009 is 6 percent. Both subsidized and unsubsidized Stafford loans feature low rates of interest. The difference is that the borrower is responsible for paying the interest on an unsubsidized Stafford loan.
Another type of federal student loan with a low interest rate is the Perkins Loan. This loan is awarded based on student need. Although the interest rates are very low the amount of the loan is also comparatively low. Students who receive the Perkins Loan will almost always need to obtain additional funding for their education through Stafford loans, private loans, grants or scholarships. There are also Parent PLUS loans with interest rates at approximately 8 percent. Parent PLUS loans are for parents who wish to pay for their child's college education.
Interest rates from banks, credit unions and lending companies will vary depending on the company and the loan type. To find out about the college loans interest rates from private lenders, speak with their lending department. You may also want to consult with a student financial aid counselor. They can help prospective and current students and their parents find appropriate loans and financial aid programs. Some of the factors to be considered when choosing a college loan are income, assets, tuition cost and living expenses.
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