Hello friends,
Does anyone know the current interest rate for the Student Federal Stafford Loan? I am looking to study for a master’s degree and would need to take out a loan. Currently I do have a home equity line of credit at an interest rate of about 8% and would be enough for the master’s degree for $50,000.
Should I stick with my home equity line of credit or better to open a loan from Federal Stafford?
Thanks
Brian
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As of today, Stafford Loans are at 6.8%.
DEPENDENT Subsidized Total
UNDERGRADUATES2 (Subsidized & Unsubsidized)
First Year $2,625 $2,625
Second Year $3,500 $3,500
Third Year and Beyond $5,500 $5,500
INDEPENDENT UNDERGRADUATES
and dependents whose parents are
unable to borrow under the PLUS program)
First Year $2,625 $6,625
Second Year $3,500 $7,500
Third Year and Beyond $5,500 $10,500
GRADUATE AND $8,500 $18,500
PROFESSIONAL STUDENTS
AGGREGATE LIMITS3
DEPENDENT $23,000 $23,000
UNDERGRADUATES
INDEPENDENT UNDERGRADUATES $23,000 $46,000
and dependents whose parents are
unable to borrow under the PLUS program)
GRADUATE AND $65,500 $138,500
Also look into additional fees with the home equity loan. Stafford is not a credit based loan so you can certainly apply for it without the ‘hit’ on your credit report and get a good idea of what you’re looking at that way.
If you don’t like it, you can walk away, no obligations or questions asked.
The interest rate on Stafford loans first disbursed beginning July 1, 2006 is fixed at 6.8%.
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