1. Score well on your entrance exams. Most lenders provide a lowered interest rate for education loans if you have exceptional entrance exams results. So it makes sense to study well and give your best when appearing for such tests. Not only will it unlock some of the best universities, but it will also ensure you have something to leverage in order to get the best rates on your student loan. 2. Use your academic record. If you’ve been a standout student throughout your life, it makes sense to leverage this fact to get lowered rates. Many lenders will give you preferential rates if you have a stellar academic record. Though the reduction in the rate might be minimal but even this help you save significant amounts of money over the repayment tenure of your loan. 3. Borrow as little as possible. Most education loans these days provide 100% financing eliminating any need for a down payment or margin money. However, you should opt for complete financing only if your financial situation demands it. If you can save up some money and borrow less, it will be beneficial as you will end-up paying less interest overall. Also, some lenders increase the interest rate as the loan amount increases. Therefore, a smaller loan amount should also invite smaller interest rate. 4. Refinancing. You can get lower interest rate for education loans after borrowing the loan, yet it is possible! All you have to do is find a lender that’s providing lower rates than your current lender. If you do, just transfer your outstanding balance to the new lender through a process called refinance. Before doing so, you could try haggling a lowered risk out of your current lender, in a bid to hold on to you as a customer, they might just relent with a lowered rate. 5. Prepayments. Though this is not a way to reduce the interest rate for education loans, it will still help slash the total interest payable. Because, when you make prepayments, you bring down the outstanding principal amount. Since the interest rate is calculated on this amount, a reduced outstanding amount will result in lower interest amounts payable. So even though prepayment does help bring down rates, it serves the ultimate goal of reducing the burden of interest payments. If you have any doubts regarding these pointers, the easiest way to get clarity would be to get in touch with one of the many lenders out there. They will be more than happy to provide answers to any of your questions, after all, they want to get you onboard as a customer. Hope this has been helpful, good luck and all the best!

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