College Ave, the Wilmington, DE-based private student loan lender, has changed the interest rates on their private student loan product, according to LendEDU.
The rate changes impact a few lending products, including undergraduate student loans, graduate student loans, and parent student loans. All changes to the interest rates were made effective yesterday, August 29th.
For undergraduate student loans, the new fixed interest rate range is between 5.46 percent and 12.52 percent. The previous range was between 4.70 percent and 11.76 percent, so both the low-end and high-end have increased with the new changes.
College Ave’s variable interest rate range for undergraduate student loans has not changed and remains between 2.93 percent and 10.10 percent.
For graduate students, fixed interest rates range from 5.46 to 11.58 percent, up on both ends from the previous range of 4.70 percent and 10.89 percent.
Graduate students looking for a variable interest rate on their student loans from College Ave will still deal with a rate between 2.93 percent and 9.25 percent.
For parents looking to take out private student loans for their children, College Ave has made changes to both the variable rates and fixed rates. The current fixed rate range is now between 6.62 percent and 11.58 percent. The previous range had been anywhere from 6.36 percent and 10.82 percent.
After the August 29th interest rate range changes, parents looking for a variable rate will now face an interest range of 4.07 percent on the low-end and 9.05 percent on the high-end. The range before the changes had been between 4.58 percent and 9.05 percent.
Just last Friday, LendEDU reported that two student loan companies, LendKey and Earnest, had just recently changed their interest rates for student loan refinancing. LendKey’s interest rate changes for student loan refinancing represented an increase on both ends of the spectrum. For Earnest, the company slightly decreased the refinance interest rate on the high-end, while the low-end remained the same.
Author: Mike Brown
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