Private student loan rates tumble as October begins

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 fell for both fixed rates and variable rates during the week of Oct. 4, 2021.

  • 10-year fixed rate: 6.00%, down from 6.18% the week before, -0.18
  • 5-year variable rate: 3.14%, down from 3.36% the week before, -0.22

Through Credible, you can compare private student loan rates from lenders without affecting your credit score.

Private student loan rates fell last week for both 10-year fixed rates and five-year variable rates. Five-year variable rates haven’t been lower in four weeks — rates for this term climbed nearly every week of September, but have now fallen for two weeks in a row. Ten-year fixed rates have also been trending downward for the last two weeks. Borrowers can take advantage of savings with either fixed or variable rates right now.

You should always exhaust federal student loan options first before turning to private student loans to cover any funding gaps. Private lenders such as banks, credit unions and online lenders provide private student loans. You can use private loans to pay for education costs and living expenses, which might not be covered by your federal education loans.

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

Take a look at our partner lenders’ rates for borrowers who used the Credible marketplace to select a lender during the week of Oct. 4…Read more>>



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