Interest Rates

[jolyssa]

I applied for a private loan through ACCESS and was approved for LIBOR Rate + 3.75% at an interest rate of 6.6 %.  I thought I wouldn't get approved based on my credit and would need to co-sign with my parents and get a better rate.  Would you happen to know if I can still co-sign with my parents, even if I can get apporved based on my credit alone, to get a better interest rate?
Thanks in advance.

[SleepyGuyYawn]

Actually I just applied today and got the same rate.

I asked them if I could have my parents co-sign, and they said that they only allowed a cosigner if students weren't eligible.

[jolyssa]

Thanks...

I wonder if I can get a better rate using other lenders.  I guess it's time to shop around...

[SleepyGuyYawn]

I shopped around a little bit.  But Access is no fee and it's an interest rate based on LIBOR.  And that means, as far as I understand, that your overall interest rate will go up less than if your interest rate was based on prime.  So I went with access.

[superhero]

I shopped around a little bit.  But Access is no fee and it's an interest rate based on LIBOR.  And that means, as far as I understand, that your overall interest rate will go up less than if your interest rate was based on prime.  So I went with access.

I'm not too sure about that idea.  See link...

http://www.briefing.com/morningstar/mtgdata/prm_lbr.htm