Powered by Jitbit .Net Forum free trial version. dismiss

HomeGeneral

Anything related to NetworthShare, finance, investing, etc.

Student Loan interest rates 

IntoTheFire
Posts: 5

view IntoTheFire's Portfolio
2/2/2021
IntoTheFire
Posts: 5
I actually don't have loans anymore, I paid them off, but I had one federal PLUS loan of $2400 for my undergraduate year(s) from 7/1/2004 to 5/31/2005. I think it went into grace period and I had to repay it 2/1/2009 (maybe?) and it was 5% interest but I don't think I was charged any interest since it was paid off at the end of the grace period.
link
FatStacks
Posts: 28

view FatStacks's Portfolio
1/7/2021
FatStacks
Posts: 28
Dang, I didn't realize rates were that high for education loans. Ours were low, so I wrongly assumed that that was normal.

I thought they'd be around [whatever the prime rate is at that time]. I can only imagine what private loan rates are at.
link
girlnextdoor
Posts: 31

view girlnextdoor's Portfolio
1/4/2021
girlnextdoor
Posts: 31
I don't have student loans anymore, but I took out about 20k in 2009-2010 for a one year master's program. Whatever the max unsubsidized allowed was. Federal loans at 6.8%. I paid them off in less than 3 years, due to a much higher income post grad school (while continuing to live like a grad student) and feeling sick about the interest rate.
link
FatStacks
Posts: 28

view FatStacks's Portfolio
12/9/2020
FatStacks
Posts: 28
I'll start.
3.5% in 2003. Federal. (It was 3.5% originally, but I got a 1% discount if I enrolled in automatic payments so I'm really at 2.5%)
link
FatStacks
Posts: 28

view FatStacks's Portfolio
12/9/2020
FatStacks
Posts: 28
Just curious...for those that currently have student loans, what are your interest rates?

(if you know, please also include if they are Federal loans or not, and about what year they were initiated)

A fried told me that her loans were at like 9 or 10% and that blew my mind. She didn't have any other information, so I'm trying to understand why the rates are so high. (Like, is that a loan-shark deal, or is that legitimately what the rates are these days?)
Thanks in advance!
link