Private College Student Loan

Will any of these student loans lenders might give me trouble?

You know how when some credit cards are doing bad stuff, word gets around and people start talking online and warning others to NEVER get this card cuz rate was increased for no reason, etc and eventually they get a bad reputation, well, do any of these student loan lenders have any shady stuff in their past: Wells Fargo, Chase, Citibank

Public Comments

1. likable: The interest rates on your student loan are legally bound by the terms of the lending agreement that you sign with your lender. (in fact, the exact same thing is true about your credit cards, but almost no one bothers to actually read the disclosure notices that explain the company's right to increase your interest rates, and the circumstances that would lead to a rate increase). Read your promissory note carefully. It explains exactly how your variable interest rate is computed, and it explains the repercussions of default. Your student loan interest will not vary from the standard rate formula unless you default on the student loan itself. If you're asking about Stafford loans, the banks don't set the rates on those, no matter what lender you choose. Banks that agree to make Stafford loans must agree to make those loans according to the exact specifications determined by the US Department of Education. All Stafford lenders use the same government-created Master Promissory Note, with the same terms, and the same 6.8 fixed interest rate for the life of the loan. Nothing you do (or don't do) with any other debts will impact the interest rate on your Stafford loan. In both cases, your rates are established by the promissory note you sign as part of the application process. Be sure to read it carefully. Good luck.