Best answer from question by Michael R.:
Answer by librarian
Student loan interest rates and fees really depend on the type of loan you’re taking out. It also depends on your credit rating.
Generally speaking, a fixed interest rate for Stafford Loan is at 6.8%. A PLUS loan is currently at 8.5%.
A Student Signature loan’s rate is based on the prime rate (and rates can be +/- 1%)
Everything I’ve seen right now seems kind of high, so you’ll probably want to consolidate all of your student loans at some point.
Right now, loan consolidation products run from about 4.75% to 6.125%.
Best answer from question by Cosmetic Counter:
Answer by Sallie Mae
The federal consolidation loan has a fixed interest rate, based on the weighted average of the interest rates of the student loans being consolidated, excluding Health Education Assistance Loans (HEALs), rounded up to the nearest 0.125% or 8.25%, whichever is less.
The weighted-average interest rate calculation is based on the official interest rates for the student loans being consolidated, exclusive of any borrower benefit or other special rate discounts.
By law, all lenders are required to use the same interest rate formula for federal consolidation loans. Instead, you should consider customer service, flexible repayment options, online account access and applications, reputation and industry experience when selecting a lender.
Best answer from question by MKD:
Answer by NotAnyoneYouKnow
MKD:
Qualified borrowers of federal student loans are permitted to apply for economic hardship deferments one year at a time, for a period not to exceed 3 years in total.
If you haven’t already exceeded three years, you should apply to your lender to have your deferment renewed for another year. You can review the requirements for approval of your request on this Department of Education page here: https://www.dl.ed.gov/borrower/DefermentFormList.do?cmd=doViewRequirements&wizardName=Economic%20Hardship%20Deferment
Good luck – I hope that helped – and best wishes on finding a great job, soon.