Basic question: Is there a such thing as a fixed-rate (non-government) student loan any more? Or are they all variable interest?
This seems a bad time to jump into a variable interest loan (which may be the reason they seem to be so common).
I have more looking to do, but I thought I’d get some early Doper input as well.
There wasn’t really much call for them until the recent kerfuffle over raising federal loan interest rates. Very few students need more than they are able to borrow from the Feds, yet have solid enough credit to qualify for private lender loans. However, Sallie Mae and Wells Fargo both introduced fixed rate options this year.
I have several fixed-rate student loans…they have insane interest rates though! I pay on average 7.8%