Current student loan interest rates
|2019-20||4.53% interest 1.06% fee||6.08% interest 1.06% fee|
|2018-19||5.05% interest 1.06% fee||6.60% interest 1.06% fee|
|2017-18||4.45% interest 1.07% fee||6.00% interest 1.07% fee|
|2016-17||3.76% interest 1.07% fee||5.31% interest 1.07% fee|
Similarly one may ask, is Sallie Mae trustworthy?
Is Sallie Mae legit? Sallie Mae is a highly recognized name in the private student loan industry. With multiple programs, including ones for part-time students, and its 95% approval rate for students who use a cosigner, many students should be able to find a solution that works for them through Sallie Mae.
In this manner, what is the current Sallie Mae interest rate?
Parent and student loan comparison chart
|Smart Option Student Loan® for Undergraduate Students||Sallie Mae Parent Loan|
|Variable rate*||1.13% APR to 11.23% APR2||3.37% APR to 12.99% APR3|
|Fixed rate*||3.50% APR to 12.60% APR2||5.49% APR to 13.87%3|
What is the student loan interest rate for 2021?
Federal student loan interest rates 2020-2021
2.75% for undergraduates. 4.30% for graduate students. 5.30% for parents and graduate students taking out PLUS loans.
Subsidized loans offer many benefits if you qualify for them. While these loans are not “better” than unsubsidized loans, they offer borrowers a lower interest rate than unsubsidized loans. The government pays the interest on them while a student is in school and during the six-month grace period after graduation.
The Problem With Sallie Mae or Navient Loans
They are private loans. Sallie Mae and Navient offer few to no options for repayment and do not offer any kind of income-based repayment plans. … No student loan is protected by bankruptcy—not private loans, not federal loans, none of them.
The interest rates on federal student loans are set by Congress and can change each year. For the 2021-22 academic year, the interest rates on federal Direct Loans will be rising.