10 years variable private student loan rates went up for borrowers with good credit scores

The average private student loan rates went up for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out 10 year variable-rate loans and 5 year variable-rate loans during the week of March 120, 2023.

You can compare private student loan rates from multiple lenders without affecting your credit score, through Credible.

Private student loan interest rates went up for bot 5 year variable rate loans and 10 year fixed-rate loans. Rates for 5 year loans went up less than half a percentage point, while rates for 10 year loans went up about a quarter of a percentage point. It's worth noting that borrowers with good credit may find a lower rate with a private student loan than with federal loans. Federal student loan rates will range from 4.99% to 7.54% for the 2022 -- 23 academic year. Private student loan rates for borrowers with good to excellent credit can be lower right now.

You should always exhaust federal student loan options first before you use private student loans to cover funding gaps because federal loans come with certain benefits, like access to income-driven repayment plans. Private student loans are provided by private lenders such as banks, credit unions and online lenders. You can use private loans to pay for education costs and living expenses that might not be covered by your federal education loans.

Interest rates and terms on private student loans can be different depending on your financial situation, credit history, and the lender you choose.

For borrowers who used the Credible marketplace to select a lender during the week of March 13: take a look at Credible partner lenders rates.

The federal student loan interest rate is set by Congress each year. The type of federal loan you take out, your dependency status and your year in school are some of the factors that determine interest rates.

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.

An interest rate is a percentage of the loan that is tacked onto your balance, essentially the cost of borrowing money. There is a way that a loan can make money. Interest is one of the ways that lenders can make money. Your monthly payment will pay interest first, with the rest going to the amount you initially borrowed the principal. Getting low interest rates can help you save money over the life of the loan and pay off debt faster.

Here is the difference between a fixed and a variable rate:

Comparison shopping for private student loan rates is easy when you use Credible.

You can estimate your monthly payments and the total amount you owe over the life of your federal or private student loans by using a student loan interest calculator.

Once you enter your information, you will be able to see what your estimated monthly payment will be, the total you ll pay in interest over the life of the loan and the total amount you ll pay back.

Credible is a multi-lender marketplace that allows consumers to find financial products that are the best fit for their unique circumstances. Consumers are able to compare and contrast loan options without putting their personal information at risk or affecting their credit score by integrating with leading lenders and credit bureaus. The Credible marketplace provides an unrivaled customer experience, as reflected by over and a TrustScore of 4.7 5.