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fed rate cut affecting private loans?
Started by johnstoner
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actually ALL student lending is tightening up and many mechanisms for loans will likely vanish. This is actually GOOD for students because as history has taught us, schools will rachet up tuition and fees when they know students can borrow it. The danger is schools will begin a private loan system of their own to screw students charging crazy interest rates with lots of penalities(they already have something on a small scale, eg-my med school lent me around 8K at 8.15%, insanely high given Sallie Mae was 3.15%).
Yes, it will if you have a private loan that is a variable rate tied to prime or libor (the two normally associated with private loans). But it also depends on WHEN your rate changes as well. You'd have to read your terms on your loan (promissory note) for further details.
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