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Sallie Mae Cuts Student Loan Interest Rates

Huffington Post

May 16, 2011

Sallie Mae is lowering the interest rates it charges on its student loans. But the price cut likely won't attract a surge of new borrowers. Sallie Mae offers education loans with variable interest rates that tend to be higher than the rates on federal government student loans. Most federal loans come with a fixed rate of 6.8 percent. As a result, private student loans are widely regarded as a last resort in paying for college. The new cap on Sallie Mae's rate will be 9.875 percent plus LIBOR, which is the interest rate that banks charge each other for loans.

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