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Private Student Loan Rates: June 10, 2025 – Loan Rates Start To Increase
- 10-year fixed-rate private student loan rates increased last week, with the average rate at 7.31% for borrowers with a credit score of 720 or higher on Credible.com.
- The average interest rate on a five-year variable-rate loan was 10.00% for the same population.
- The average rate on 10-year loans rose by 0.50 percentage point to 7.31% last week, up from 6.81% the previous week.
- Borrowers seeking private student loans today are receiving lower rates compared to a year ago.
- Choosing between fixed and variable rates is essential; fixed rates offer stability, while variable rates can fluctuate over time.
- Federal student loans are generally advisable due to lower interest rates and broader repayment options.
- When applying for private student loans, consider the overall cost, lender assistance, and having a qualified co-signer if needed.
- Borrowing within your means and exploring federal aid options before private loans is recommended.
- Private loans may offer more flexibility in borrowing amounts, disbursal speeds, and competitive interest rates for those with good credit.
- Some private lenders cater to international students who are ineligible for federal aid, providing financial support for U.S. college education.
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