Recently, student loans have been all over the news. Some members of Occupy Wall Street are calling for the government to forgive student loan debt, and many young people are concerned about finding a job that will help them pay off their student loans.
In response to these growing concerns, Wells Fargo announced late last week that it will be offering lower fixed interest rates on loans for undergrads as well as lower rates for parents, community and career college students, and consolidation loans. With the new program, undergrad loan interest rates can be as low as 7.24 percent.
It may sound like a good deal, but Wells Fargo might not be the right choice for everyone even with the interest rate cut. As with all loans, consumers with better credit will get lower interest rates, and Wells Fargo’s student loans can still have interest rates up to 13.99 percent. Shopping around for the best rates is vitally important in today’s economy, whether a consumer has good credit or poor credit. Otherwise, lenders can end up spending more money than necessary.
Approved Loan Store is a great place to start looking for a student loan. They make it easy to find the best student, home, and car loans available. Click on the Student Loans tab above to learn more about finding the right student loan for your needs, and don’t forget to like Approved Loan Store on Facebook!