What is student loan interest and how does it work?
An example of an AI chatbot conversation about understanding student loan interest.
What is student loan interest and how does it work?
Student loan interest is the cost of borrowing money for your education. It accrues on the principal amount you borrow.
How is the interest calculated on my student loans?
Interest is typically calculated based on the principal balance and the interest rate. It's usually compounded daily or monthly.
What factors affect the interest rate on student loans?
Factors include your credit score, the type of loan (federal or private), and the lender's policies.
Can I lower my student loan interest rate?
Yes, you can lower your interest rate by refinancing your loans or enrolling in income-driven repayment plans.
What happens if I miss a payment on my student loan?
Missing a payment can lead to late fees, increased interest rates, and potential damage to your credit score.
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