Private College Student Loan

Is 5.50% an average Origination Fee for TERI loans?

I just finished my application for a TERI Undergraduate Loan. Lender - US Bank. I received some preliminary information including -- "Origination Fee: 5.500% (added to loan amount)" I know interest rates now are high - even for Education Loans. But how does this sound for origination fee? Thank you!

Public Comments

1. It sounds expensive. Direct lending orgination fee is 3% and will dimenish by 2010. There are private loans that don't have orgination fees, like Citibank
2. It's about average for average credit. Origination can go from 0% to 10%, depending on credit.