interest rate on federal student loans
for the 2023-2024 school year is 5.5% for undergraduates and 7.05% for graduates.
The interest rate on private student loans can range from just under 4% to almost 15%.
The average fixed interest rate on a 10-year private student loan is 7.85%.
average variable rate
on a five-year private student loan is 10.17%.
The interest rate on your student loan will depend on the type of loan you have, the lender, and your credit score.
These rates are fixed for the entire loan term, which is typically 10 years for undergraduates and 20 years for graduates.
You can save money on interest by making larger payments or by paying off your loan early.
There are a variety of repayment options available, so you can choose one that fits your budget.