In the Press – iMarket Reports – Private Student Loan Lender Lowers Interest Rates

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Interest rates on private student loan refinances continue to decline. The latest rate cut comes from Darien Rowayton Bank, a Darien, Conn.-based lender, which is trying to appeal to more borrowers who have student loans and are seeking to get a lower interest rate on them. The bank, which refinances student loans, lowered interest rates on three types of private student loans Friday. Its lowest interest rate on its five-year variable-rate refi loan fell to 1.97%, from 2.63%, making it among the cheapest in the market. The rate is pegged to the three-month Libor. DRB also lowered the highest rate on its 10-year and 15-year fixed-rate refi loans by a quarter of a percentage point to 5.5% and 6% respectively. Its borrowers have a FICO credit score of over 700 on average and a salary of at least $60,000. (annamaria.andriotis@wsj.com)

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