Sallie Mae cuts interest rates on student loans


Sallie Mae is lowering the interest rates it charges on its student loans. But the price cut likely won’t attract a surge of new borrowers, the Associated Press reports. Formally known as SLM Corp., Sallie Mae offers education loans with variable interest rates that tend to be higher than the rates on federal government student loans. Most federal loans come with a fixed rate of 6.8 percent. As a result, private student loans are widely regarded as a last resort in paying for college, after scholarships, grants and federal loans have been exhausted…

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