<p>So my son will be a freshman next month and we need 5k per semester in additional loans. I thought the Plus Loan would be better than private but it looks like these private loans may be a better deal. The Plus loan rate is 7.9% AFTER a 3% origination fee. </p>
<p>Here is what I found on bankrate.com Should he apply at discover??? What am I missing??</p>
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<pre><code> Private Loan Chase Bank
</code></pre>
<p>6.54 Private Loan Rate is an average of 3-mo LIBOR plus a margin of 3.32% to 9.22% depending on credit. Discounts may be available with a co-signer. Minimum loan amount: $500. </p>
<p>Private Loan Sallie Mae</p>
<p>5.81 Private Loan Rate is an average between 2.25% and 9.37% depending on credit. Securing a creditworthy co-signer increases the likelihood of being approved and may help lower the rate. Minimum loan amount $1,000. </p>
<p>Private Loan Discover Student Loans</p>
<p>3.25 Private Loan P + 0.00%</p>