Private College Student Loan

How does the drop in interest rates affect my son's student loans?

My son is a college freshman. He has a FDSL loan of $3500 and a student loan from a bank/Great Lakes Educ for over $2500. Will his loan interest accumulation fluctuate with the changing interest rates? Are the drops in the interest rates which we are hearing about on the news of any benefit to college students?

Public Comments

1. NO, these lowers rates are for banks, loan institutes, and business, not those that really need the help. Sorry!
2. Read the loan documents. That is where it will specify the loan terms.
3. most likely not at all. the rate decreases are for the banks (the banks get a good deal and they turn around and screw us good.)