student loans

[Lilith]

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[Toolie]

The only fixed-interest rate loans I've been able to secure are federal Stafford loans (http://en.wikipedia.org/wiki/Stafford_loan), which didn't even become fixed-interest rate loans until mid-2006. I took two private Signature student loans (http://salliemae.com/get_student_loan/find_student_loan/undergrad_student_loan/private_student_loans/signature/) out through Sallie Mae two years ago. They are adjustable interest rate loans based on the current Prime Rate (http://en.wikipedia.org/wiki/Prime_rate). Just last month I took out a private loan through MyRichUncle (http://myrichuncle.com/) and that too has a variable interest rate.

A PLUS (http://en.wikipedia.org/wiki/PLUS_Loan) loan is probaby a good option and common for many students, but that's only if you have a credit-worthy cosigner (unless you have fabulous credit). The interest rates are slightly higher than Stafford loans, but they are fixed interest as well (as of 2006).

If your parents (or you) have super-duper credit, then there are probably better private options available with fixed-interest rates lower than a PLUS loan, but that's a realm that I'm completely unfamiliar with. If you're in my boat and denied the PLUS loan, then I think it's going to be hard to find a fixed interest loan in a climate where the prime rate is climbing as high as it is.

[Lilith]

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[Toolie]

I think you may be thinking of a Stafford loan which is given on a need basis. The PLUS loan requires a credit-worthy cosigner, and unfortunately is not given on a need basis. The reason I was denied was because my parents have horrible credit, massive debt, and a bankruptcy. Which left me needing to take out private loans at undesirable interest rates.

*EDIT*
And to answer your question, my parents make less than $50k or so combined per year, from what I understand.