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The latest private student loan rates from the Credible marketplace, updated weekly. (iStock)
During the week of September 16, 2024, average private student loan interest rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out a five-year adjustable rate loan spiked, while they fell for 10-year fixed rate loans.
10-year fixed rate: 7.99%, down from 8.57% last week, -0.585 10-year floating rate: 10.31%, up from 8.61% last week, +1.70
Through Credible, you can compare private student loan interest rates from multiple lenders.
Ten-year fixed private student loan rates fell by 0.58 percentage points, while five-year adjustable student loan rates increased by 1.70 percentage points.
Borrowers with good credit may be able to get lower interest rates on private student loans than some federal loans. Federal student loan interest rates for the 2024-25 school year will range from 6.53% to 9.08%. Borrowers with good to excellent credit may be able to get lower interest rates on private student loans at this time.
Federal loans offer certain benefits, such as the availability of income-contingent repayment plans, so be sure to exhaust all your federal student loan options before turning to private student loans to fill financial gaps. Private lenders, including banks, credit unions, and online lenders, offer private student loans. You can use a private loan to pay for education or living expenses that aren’t covered by a federal education loan.
Private student loan rates and terms vary depending on your financial situation, credit history, and the lender you choose.
Private Student Loan Rates (Graduate and Undergraduate)


Who sets federal and private interest rates?
Federal student loan interest rates are set annually by Congress. This fixed rate varies depending on the type of federal loan you take out, your dependent status, and the number of years you are in school.
Interest rates on private student loans can be fixed or variable and vary depending on your credit score, repayment term, and other factors. As a general rule, the higher your credit score, the lower your interest rate is likely to be.
Credible allows you to compare interest rates from multiple student loan lenders.
How is student loan interest calculated?
Interest is a percentage of your loan that is added to your balance periodically and is essentially your borrowing cost. Interest is one way that lenders make money from your loan. Typically, your monthly payment pays interest first, with the remainder going towards the amount originally borrowed (principal).
Getting a lower interest rate can help you save money over the life of your loan and pay off your debt faster.
What is the difference between fixed and adjustable rate loans?
The difference between fixed and variable interest rates is as follows:
With a fixed interest rate, your monthly payments will remain the same over the life of the loan. With a variable interest rate, your payments can go up or down as interest rates change.
Credible makes comparison shopping for private student loan interest rates easy.
Calculate your savings
A student loan interest calculator can help you estimate the monthly payments and total amount you’ll pay over the life of your federal or private student loan.
Once you enter your information, you’ll see your estimated monthly payments, the total interest you’ll pay over the life of your loan, and the total amount you’ll pay in total.
About Credible
Credible is a multi-lending marketplace that helps consumers find the best financial products for their circumstances. Credible is integrated with major lenders and credit bureaus so consumers can quickly compare accurate, personalized loan options without risking their personal information or affecting their credit score. The Credible marketplace delivers an unparalleled customer experience, as reflected by over 7,700 positive Trustpilot reviews and a TrustScore of 4.8/5.