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When the rate of return (or yield) on this note rises, you will see it reflected in rising federal student loan rates.

When it falls, student loan interest rates fall, too.

That’s why even a slightly lower interest rate can save you a lot of money in the long run.

Interest rates on undergraduate Direct Loans recently fell from 4.29% for the 2015-2016 school year to 3.76% for the 2016-2017 school year.

You must file a Free Application for Federal Student Aid (FAFSA) to be considered for federal student loans.

Private lenders offer both variable and fixed-rate loans, and the rate you’ll obtain is a direct result of your credit history (and your cosigner’s, if you have one).

I used Credible to get personalized offers for a hypothetical student graduating from my own alma mater, American University, in 2016.

Just a few minutes and a minimum amount of personal information will generate a number of options.

Private loans can make sense when you’ve borrowed all you can in federal student loans, qualify only for the highest federal interest rates, or need funds quickly.

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