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Credible Market’s latest private student loan interest rates, updated weekly. (Stock)
The average private student loan rates for borrowers with credit scores of 720 or higher who used the Credible Marketplace to take out student loans went in different directions during the week of June 28, 2021. Rates for fixed-rate loans with longer repayment terms 10-year loans fell, while five-year floating rate loans rose.
- 10-year fixed rate: 5.47%, vs. 5.70%, -0.23
- 5-year variable rate: 3.49%, vs. 2.98%, +0.51
Student Loan Weekly Rate Trends
With Credible, you can compare private student loan rates from lenders without affecting your credit score.
Private student loan interest rates for the week of June 28, 2021 are comparable to rates for the same period last year. Throughout 2021, private student loan rates have remained relatively stable, with only minor fluctuations from week to week.
You should always exhaust federal student loan options before turning to private student loans to cover any funding shortfalls. Private lenders such as banks, credit unions, and online lenders offer private student loans. You can use private loans to pay for education and living expenses, which may not be covered by your federal student loans.
Private student loan interest rates and terms may vary depending on your financial situation, credit history and the lender you choose.
Discover the rates of our partner lenders in the table below.
Private student loan rates (diploma and undergraduate)
Who sets the interest rates for federal and private student loans?
Congress sets interest rates for federal student loans each year. These fixed interest rates depend on the type of federal loan you take out, your dependent status, and your year of study.
Private student loan interest rates can be fixed or variable and depend on your credit, repayment term and other factors. Generally, the better your credit score, the lower your interest rate is likely to be.
You can compare rates from multiple student lenders using Credible.
How does student loan interest work?
An interest rate is a percentage of the loan periodically added to your balance – essentially the cost of borrowing money. Interest is a way lenders make money from loans. Your monthly payment often pays interest first, with the rest going to the amount you originally borrowed (the principal).
Getting a low interest rate could help you save money over the term of the loan and pay off your debt faster.
What is a fixed rate or variable rate loan?
Here is the difference between a fixed rate and a variable rate.
- With a fixed rate, your monthly payment amount will stay the same for the life of your loan.
- With a variable rate, your payments can go up or down as interest rates change.
Comparative purchases for private student loan rates is easy when you use Credible.
Calculate your savings
Using a student loan interest calculator help you estimate your monthly payments and the total amount you will owe over the term of your federal or private student loans.
Once you’ve entered your information, you’ll be able to see what your estimated monthly payment will be, the total you’ll pay in interest over the term of the loan, and the total amount you’ll repay.
Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,300 positive Trustpilot reviews and a TrustScore of 4.7/5.