First of all, this is my very first thread and please understand even if the thread looks out of place. I'm writing to ask about student loan interests and thus thought Student forum was the correct place to have it on.
Now, to the point.
I got into a BSN program which starts in August at West Coast University LA. I've read many threads regarding the school, and like I felt for myself, the school program looks fine but the cost is horrible. I've applied for FAFSA and will take out Govt' loans, but, I still cannot afford most of the tuition which is around 130k overall. Therefore, I chose to take out private student loans of 48k from Sallie Mae and chose Variable Interest at around 9%. I'm deeply worried that I chose variable rate instead of the Fixed rate at around 11.5%
Should I cancel the loan since it didn't disburse any amount yet and re-apply for a fixed rate?.
I've been searching for hours and hours about fixed vs variable interest and which I should choose to go with, but, couldn't find an answer.
Please any responds will help =)
Will it be a bad call to just keep the variable interest I've applied for at 9%?
Should I choose to re-apply and aim for 11.5%ish Fixed rate?