Private Student Loan Rates: June 25, 2024—Loan Rates Rise [Forbes]
NerdWallet, Inc. (NRDS)
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Source: Forbes
Despite the rise, if you're interested in getting a private student loan, you can still get a relatively low rate. According to Credible.com, from June 17 to June 22, the average fixed interest rate on a 10-year private student loan was 7.97%. It was 11.14% on a five-year variable-rate loan. That's for borrowers with a credit score of 720 or higher who prequalified on Credible.com's student loan marketplace. These rates are accurate as of June 17, 2024. Related: Best Private Student Loans Fixed-rate Loans Last week, the average fixed rate on a 10-year loan jumped by 0.21% to 7.97%. The average stood at 7.76% 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 7.39%, 0.58% lower than today's rate. Let's say you financed $20,000 in student loans at today's average fixed rate. You'd pay around $242 per month an
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