Skip nav to main content.
×
cover-art

LifeCU Mobile

Free - On the App Store

×
cover-art

LifeCU Mobile

Free - On the App Store

What’s the difference between fixed and variable interest rates?

Student Loan

  • A variable interest rate means that the rate will change as market interest rates change. As a result, your payment amounts will vary as well.

    A fixed interest rate means the rate will remain fixed for that loan’s entire term, no matter what market interest rates do. This also means your payments will be the same over the entire term.

  • An origination fee is charged by a lender upon entering into a loan agreement to cover the cost of processing the loan. The Sallie Mae program does not charge origination fees for student loans.

  • Yes. In fact, if a parent or other creditworthy individual cosigns the loan with you, it may give you a better chance of approval.

  • No. In fact, we encourage you to explore other funding options first, and then use a student loan to pay the rest, if needed. Be sure to search out scholarship opportunities and grants, since you won’t ever need to repay those. To get started, we recommend exploring Sallie Mae’s college planning section. We also encourage you to apply for Life CU’s own scholarship.