During the week of Oct. 30, 2023, average private student loan rates fell for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out 10-year fixed-rate loans and rose for 5-year variable-rate loans. Through Credible, you can compare private student loan rates from multiple lenders. For 10-year fixed private student loans, interest rates dropped by 0.65 percentage points, while rates for 5-year variable student loans soared by over 2 percentage points.
Private student loan interest rates can be fixed or variable and depend on your credit, repayment term and other factors. As a general rule, the better your credit score, the lower your interest rate is likely to be. You can compare rates from multiple student loan lenders using Credible. An interest rate is a percentage of the loan periodically tacked onto your balance — essentially the cost of borrowing money. Interest is one way lenders can make money from loans.
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