can someone take a look at this student loan

[zixxer]

I have a state funded scholarship that pays for all of my tuition - however - I'm working way too much and would like to be able to work a little less and focus on school a little more. I currently have no other student loans - I owe on a motorcycle payment and my house.

Sallie Mae offered me this:

Interest Rate: 14.25% The interest rate is variable and may change monthly. The rates and fees are based upon the date of first disbursement. (Prime + 6.00 %) The current monthly prime interest rate is 8.250%.

Fee at Disbursement: 0.00%

Fee at Repayment: 3.00%



That seems high, no?

 

[FoBoT]

holy crap that is high % for a student loan

 

[zixxer]

arg okay... i guess im going to go by my fin aid office and see what they can do/say

 

[HomeBrewerDude]

you'll be paying that off for years... don't do it!

 

[Lonyo]

Holy crap that's high for a loan.
You can get credit cards that are only slightly worse than that.