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Low interest student loans are more readily available to student with excellent credit histories, or who have a co signer with excellent credit to co-sign the private student loan for them. Student loan interest rates vary with each lender and with each applicant. If a college student has an excellent history, the more likely they are to receive the lowest interest rate student loan available.

Alternative Student Loans for College Financial Aid


Student loan low interest rate information


Student consolidation loan.
The Federal Consolidation Loan has a fixed interest rate, based on the weighted average of the interest rates of the loans being consolidated, excluding Health Education Assistance Loans (HEAL), rounded up to the nearest 1/8th% or 8.25%, whichever is less. The weighted-average rate calculation is based on the official interest rates for the loans being consolidated, exclusive of any borrower benefit or other rate special rate discounts.

Private education loan Interest rates vary with different lenders listed here.

Current interest rates on Federal loans. Student loan interest varies greatly dependent upon the loan program. Rates offered through the U.S. Department of Education are unarguably the best rates available to borrowers. With excellent credit, borrowers can also secure attractive interest rates on private student loans. The following is a quick breakdown of student loan interest rates for popular federal and private loan programs.

Stafford Loan
Stafford loans disbursed after July 1, 2006 boast a fixed rate of 6.8 percent. Loans disbursed between July 1, 1998 and June 30, 2006 feature variable student loan interest rates. These rates are subject to change annually on July 1 and will never exceed 8.25 percent. As of July 1, 2007, the current interest rate for loans dispersed during the July 1, 1998 to June 30, 2006 timeframe is 7.22 percent. Stafford loans include both Direct and FFEL loans.

Federal Student Loan Consolidation
Federal student loan consolidation packages offer various fixed rates for students who combine their federal student loans. The student loan interest rate depends upon the consolidated loans but ranges betweens 4.75 percent and 6.125 percent (note the consolidated rate is lower than the Stafford interest rate). The rate is determined by the borrowers underlying loans primary rates.

The interest rate on PLUS loans initially dispersed after July 1, 2006, is 8.5 percent. The rate for loans first dispersed between July 1, 1998, and June 30, 2006, is subject to change on July 1 of each year. The rate, however, is never to exceed 9 percent. As of July 1, 2007, the current PLUS loan interest rate is 8.02 percent.

FLASHBACK: Talk about low interest student loans : Federal Loan Interest rates from 2002-03

Loan name Rate in effect July 1, 2002 through June 30, 2003 Maximum loan amount
Stafford Loans*
(subsidized and unsubsidized)
In-school, grace,
deferment: 3.46%
Repayment: 4.06%
Undergraduate Subsidized/
Unsubsidized: $23,000+
Graduate Subsidized: $65,500
Graduate Unsubsidized: $138,500++
PLUS Loans* 4.86% N/A
Federal Consolidation Loan - Fixed interest ratevaries from borrower to borrower but generally expected to range from 3.5% to 5.5%. Consolidation rate is based on weighted average of current interest rates of loans consolidated, rounded up to the nearest 1/8th%, capped at 8.25%. N/A
Perkins Loan 5% (Fixed rate) Undergraduate: $15,000
Graduate: $40,000
NSL 5% (Fixed rate) N/A
HEAL Relief Account Based on weighted average of refinanced loans, at the 91-day T-bill plus between 1.75% and 3.00%, rounded up to nearest 1/8th%. N/A


Student Loan sites
School Loan companies wanted, to appear on this website. Reputable companies see our contact us page. Students, did you know... to consolidate loans you must be within 6 months of graduation or already out of school.
Copyright 2010, Alternative student loans for college education. Updated 2010. All student loan lenders have been screened and approved before being indexed in our free loan directory. Visit our New pages for: Alternative Loan Info for College and University students.






Find helpful information on current interest rates for student loans, it is wise to take your time, sit down with your parents and browse, the official website from the U.S. Department of education. Get educated and know you have a right in choosing your lender, be it a private student loan or federal Stafford loan