According to Credible.com, from September 6 to September 10, the average fixed interest rate on a 10-year private student loan was 6.11%. In contrast to fixed rates, variable interest rates fluctuate over the course of a loan term. Variable rates may start lower than fixed rates, especially during periods when rates are low overall, but they can rise over time. Related: How To Get A Private Student LoanGetting a Private Student LoanIf you reach the annual borrowing limits for federal student loans or if you’re otherwise ineligible for them, private student loans may be a good option. When shopping for a private student loan, you’ll generally need to apply directly through a non-federal lender.

Source: Forbes September 16, 2021 21:56 UTC