Federally guaranteed loans
Federal law sets maximum interest fee/rate on federally-guaranteed loans that prevents lenders form
over charging borrowers.
A lender may charge any interests rate they wish on federally-guaranteed loans. So long
as the rates or falls below or meets the maximum federally set rates. There is nothing
preventing lenders from lowering their fees and rates. In fact many lenders often offer
education loan discounts, to attract borrowers.
Statistically only a small percentage of students can afford to pay for collage without
some sort of financial help. So unless you received a scholarship or a grant you’ll need
to find a financial institute that is willing to give you a loan.