Current Federal Student Loan Interest Rates

The interest rate on federal student loans for the 2023-2024 school year is 5.5% for undergraduates and 7.05% for graduates.

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The interest rate on private student loans can range from just under 4% to almost 15%.

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The average fixed interest rate on a 10-year private student loan is 7.85%.

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The average variable rate on a five-year private student loan is 10.17%.

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The interest rate on your student loan will depend on the type of loan you have, the lender, and your credit score.

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These rates are fixed for the entire loan term, which is typically 10 years for undergraduates and 20 years for graduates.

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You can save money on interest by making larger payments or by paying off your loan early.

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There are a variety of repayment options available, so you can choose one that fits your budget.

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