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Interest rates on educational loans in Chicago vary according to who the loan was taken out with. It is best to get repayment quotes from all providers, making sure everything payable has been factored in, before making your final decision on who to borrow from.

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Q: What is the average interest rate on an education loan in Chicago?
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The cost when it comes to education loans is the rate of interest you pay on the loan. Luckily the rate of interest offered is almost constant across all banks that offer these loans with probably a 0.5 to 1% difference at max. Remember that a rate of interest of 13% with no processing fee is obviously cheaper than a 12% rate of interest loan with a 2% processing fee. So, make sure that you check out the cost of the education loan and choose a bank that offers you a good deal. Education is the inevitable right of every child however making payments on student loan interest while still in school can help you avoid the debt snowball effect.


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