Private Student Loan Rates: June 11, 2024—Loan Rates Start To Increase [Forbes]
NerdWallet, Inc. (NRDS)
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Source: Forbes
Overall, rates remain fairly low, making private student loan a worthwhile option for borrowers looking to make up a gap in college funding. From June 3 to June 8, the average fixed interest rate on a 10-year private student loan was 7.85% for borrowers with a credit score of 720 or higher who prequalified on Credible.com's student loan marketplace. On a five-year variable-rate loan, the average interest rate was 8.89% among the same population, according to Credible.com. These rates are accurate as of June 3, 2024. Related: Best Private Student Loans Fixed-rate Loans Last week, the average fixed rate on a 10-year loan rose by 0.19% to 7.85%. The average stood at 7.66% the week prior. Borrowers currently in the market for a private student loan will receive a higher rate than they would have at this time last year. At this time last year, the average fixed rate on a 10-year loan was 7.02%, 0.83% lower than today's rate. If you were to finance $20,000 in student loans at
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