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What Every Student Must Know About Student Loans

By the early 2010s, about 12 million students were borrowing money to attend American higher education every year, with around 37 million active borrowers in the system. Estimates for student loan debt went as high as $1 trillion by 2011. By the beginning of 2012, the average student loan balance had risen to $24,301. For the most expensive types of education and training, loan balances rose to above $100,000.

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Getting the Best Interest Rate

Getting a good interest rate on personal loans can be tricky. For starters, most people aren’t really sure what a good interest rate is, and they often place too much trust in loan officers. To get the best interest rate, you only need do a little research up front and then negotiate for the best deal.

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Lenders Offer New Personal Loan Terms

In a tough economy, businesses do what they need to do in order to stay competitive. Because lenders are struggling right now, many are offering new personal loan terms that may be attractive to borrowers who have less than stellar credit. Understanding a little bit about those personal loan terms will help you be ready when you approach your lender.