Just curious if anyone has ever qualified for top-tier interest rates/terms/fees on private student loans without a co-signer.
I tried applying to Discover and Sallie Mae, seeing that they offer rates slightly lower than federal loans, however, I was given one of their worst rates. For points of reference: Discover offers a fixed rate from 5.99% - 9.99%, and Sallie Mae offers a fixed rate options between 5.74% and 8.56% APR, depending on creditworthiness. I was given 8.99% for Discover, and 8.00% for Sallie Mae.
I currently work full-time and am attending grad school on a half-time basis. I'm asking for only $5,000 for the duration of the entire program (annual cost of attendance roughly $30k/year for 3 years). All 3 of my FICOs are north of 760+. Specifically, Eq, TU, and EX scores of 767, 772, and 762.
I figured since I know I have an excellent credit profile and strong FICOs, I would apply on my own. However, this has me thinking if there is something more to how private lenders determine the interest rate, or if it is even possible to get the top-tier rates advertised without any co-signer.
Thoughts?
Starting Score: EQ 773, TU 766