How to Increase a Student Loan Rate
- 1). Pay after the due date. If you miss a payment or are late with one, you run the risk of raising your interest rate.
- 2). Extend your payment plan. Although your monthly payment is reduced, the amount you pay on the loan increases over time, as does your interest rate.
- 3). Pay under the full amount that is due. If you don't pay your full amount, your monthly payment is recorded as late and the interest rate increases.
- 4). Opt for a variable interest rate student loan. Although most student loans come with a fixed rate, some do start with a lower monthly payment and then increase the further you are into the repayment period.