Benefiting From Credit Unions

What are the Current Student Loan Interest Rates in America?

There are many students who are benefiting from credit union student loans. These students usually get financing at lower rates than they would from other private financial institutions. Of course, in many countries, loan programs exist which are funded by the government and the rates offered in these are the lowest.

You can get a loan from your credit union for educational purposes whether you are a full time or part time learner. You will need to supply documents to prove your status in either case. This is definitely one way to give yourself the peace of mind you need to be able to concentrate on your course of study.

What are the Current Student Loan Interest Rates in America?

The rates that are charged to persons who are borrowing money to pay for their tuition vary and are different from those charged to business persons. If you need financial assistance of this nature, there are several things to bear in mind when you are applying for a loan. For one, your student status will greatly affect the rate that your lender will give you. Income based repayment may also help you, so check out this option.

Here are a few other factors that affect student loan interest rates in America:

• Where you get the loan- credit unions usually have some of the best rates
• When you got the loan, that is, its disbursement date
• Whether you are getting a direct loan from a lender or a federal loan
• Whether you have a Stafford loan

Loans disbursed between July 1, 2012 and June 30, 2013 have fixed rates of between 3.4% and 7%. If you apply for financial aid as part of the Direct Loan Program you will be charged 3.4%.

Usually, if you are not already a member of a credit union, you will need to become one before you can be granted a loan. You should contact the credit unions in your area and have a talk with them if you think this form of financing can help you.