<p>So, I've decided to take out some private loans since my school didnt give me enough. I went with Chase, and I got my conditional approval. But when I received my letter, I saw that my interest rate was 6% (index) plus 2% (margin), thats a total of 8%!!! Could I cancel this type of loan and look for another loan? Or should I just stick with this and try to pay everything off within 6 months after graduation. </p>
<p>If I cancel, will Chase charge me? Is there a charge to signing up in the first place?</p>
<p>that isn't really that bad a rate for a private loan. Is it fixed or variable rate?</p>
<p>what does that mean? i think its 6% fixed, and then the 2% was based on my cosigner's credit. really, thats not that bad? i was complaining that 6.8% from federal unsubsidized loan was bad.</p>
<p>what did you think interest rates would be?? the lowest Federal loan rate is 5% for the Perkins Loan and not all schools have much of any of that to give out. </p>
<p>FinAid</a> | Calculators | Education Loan Interest Rates</p>
<p>Did you ever look at what private unsecured loans were going for?? Even the federal Plus loan for parents is around 8%. </p>
<p>College loans aren't like the ones from the car company, 0% for 5 or 6 years</p>
<p>yiks! so i shouldnt bother looking anywhere else and just stick with what i've started huh? </p>
<p>i hate interest rates!</p>
<p>If a loan's interest rate is quoted as x + y, it will almost always be a variable rate loan, especially since you indicate there is an index. I'm 99% sure the Chase loan is variable.</p>