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

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...