Negotiate Private student loans?
I wanted to know if it was possible to negotiate with a private student loan lender to get the rate down? I havn’t signed anything yet, I got a 8.25% prime + 3% rate, and a 3% supplemental fee. I have a credit-worthy co-signer and my credit is decent. I’ve done the FAFSA and grants and recieved the max. I don’t want to add up enquiries to my credit so I wanted to know if I had any negotiating power and if so how do I go about it? Thanks for your help!!
Very unlikely. While it never hurts to ask, your interest rate and fee is based on your’s and your co-signer’s credit history. The bank has guidelines based on this information as to what they will charge you on the loan.
