Is a student loan with prime plus .25% a good rate?
It’s from Citi Bank, and it’s for $7,600. I’m a junior at SDSU
It’s from Citi Bank, and it’s for $7,600. I’m a junior at SDSU. The rate listed above is the interest rate, and the APR is 8.21 %.
Well off the bat…. If you have exhausted all options like scholarships (and you worked very hard to get all the ones you were eligible for), federal aid like Pell grants, FSEOG granted, Work Study, Perkins loans, Staffod loans, PLUS loans, and you still have a balance left then good choice to try a private educational loan. Prime which I believe today is at 8.25 plus .25 is not a bad deal considering that alot of credit cards will charge you 10-15 even 20%. But alot of lenders charge different things based on prime. Some may be as good as Prime minus 1 or .25. It will depend on your credit score. And in some cases lenders will reward you even better if you have some one that is willing to cosign for you on that loan. The best people for help on figuring out where to start is your financial aid counselor.
