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What are typical private student loan rates?

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  1. Aug 12, 2011 #1
    Hello all. I would like to know what an average number for a private student loan (e.g., from Wells Fargo, etc.) interest rate would be right now. Ballpark would be great. I have tried googling but just got walls of information without any real numbers.

    Are we talking under 5%? 5-10%? More?
     
  2. jcsd
  3. Aug 12, 2011 #2

    FlexGunship

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    My private school loans (originated between 5 and 9 years ago) ranged in interest rates between 3% and 7%. However, private lenders are much more cautious in lending, and I suspect that you will need to have a solid credit history or a good co-signer now.

    When I applied, school loans were handed out almost without question. I have a few public loans which have slightly better rates.
     
  4. Aug 12, 2011 #3
    Roughly around the 6% mark I would say. Private loans should be a last resort and I wouldn't take out student loans to blow on things like a computer or furniture. Also check out a credit union. They may have lower interest loans if you become a customer and usually have friendlier terms for consumers.
     
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