Prime Rate for Private Loan | 01.23.09
Can you believe how low the prime rate has dropped? The cost of borrowing funds is lower than a limbo specialist right now. I just love me a good recession.
As of today the prime rate currently stands at the bargain basement price of 3.25%. The last time the prime was this low Dwight Eisenhower was our commander and chief. The primes 50-year low makes private loan products very attractive right now.
For those students who’ve exhausted federal loan options and are in need of a private loan (click here). The interest rate is based off the prime which ranges from ½ point below prime, for those with stellar credit, to 4.75 points above prime for those with less than spectacular FICO scores. Keep in mind that a co-signer is required.
In addition, like a federal Stafford loan the loan is fully deferrable until six months after school.
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