You should shop for the best interest rate and pick the bank or credit union with the best rate. Oh, PLEASE be sure to get a degree in college in a field that has a HIGH rate of hiring students after graduation. Or you will just have the debt, the degree, and no job (or way of paying back the loan)
The interest rate on your loan is the percentage of the principal, or overall loan amount, that you'll have to pay back to the lender on top of the principal.
This is calculated many times over the life of your loan on the total amount you owe, including the interest and fees. That's why you won't owe only $10,600 after taking out a $10,000 loan with a 6% interest rate. According to
this federal repayment estimator, you'll actually be on the hook for $13,332 on a standard 10-year payment plan. That's why even a slightly lower interest rate can save you a lot of money in the long run.
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