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Private student loan interest rates skyrocket for 5- and 10-year loans

Posted on AllSides January 10th, 2024
From The Right

The average private student loan interest rates spiked for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out 10-year fixed-rate loans and 5-year variable-rate loans the week of June 12, 2023. 

10-year fixed rate: 7.39%, up from 7.16% the week before, +0.23

5-year variable rate: 12.73%, up from 6.95% the week before, +5.78

For 10-year fixed-rate loans, interest rates rose 0.23 percentage points, while 5-year variable-rate loans saw a staggering increase of 5.78 percentage points. Rates for both loan terms are higher than they were...

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