Student Loans

[sky5]

I am an international student and will be beginning my medical school in this fall. I applied for a private student loan and got an interest rate as high as 13%. Do you think I should go ahead with it or maybe apply with a different lender? Also, how should I compare the different lenders?

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[TragicalDrFaust]

I'm a domestic student and honestly my rate isn't superb. Maybe 7.9%? I would shop around. I'm not sure how to answer how to compare them. Just compare the numbers and make sure you understand the terms, ie fixed vs variable, how frequently the interest compounds. You might want to do some sample calculations (what would this loan amount to over a 15 year period assuming all payments are made, etc) or consider speaking with an accountant if you aren't comfortable evaluating the terms of the loan yourself.

 

[sky5]

I'm a domestic student and honestly my rate isn't superb. Maybe 7.9%? I would shop around. I'm not sure how to answer how to compare them. Just compare the numbers and make sure you understand the terms, ie fixed vs variable, how frequently the interest compounds. You might want to do some sample calculations (what would this loan amount to over a 15 year period assuming all payments are made, etc) or consider speaking with an accountant if you aren't comfortable evaluating the terms of the loan yourself.

Thanks for the advice, I’ll try doing that.