Private Student Loan Rates: April 16, 2024—Loan Rates Rise [Forbes]
NerdWallet, Inc. (NRDS)
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Source: Forbes
Despite the rise, rates still remain relatively low, providing borrowers with an opportunity to fill in financial gaps in higher education costs. For borrowers with a credit score of 720 or higher who prequalified on Credible.com's student loan marketplace from April 8 to April 13, the average fixed interest rate on a 10-year private student loan was 9.40%. On a five-year variable-rate loan, the rate was 7.39%, according to Credible.com. These rates are accurate as of April 8, 2024. Related: Best Private Student Loans Fixed-rate Loans The average fixed rate on 10-year loans last week increased by 2.03% to 9.40%. The week prior, the average stood at 7.37%. 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 7.65%, 1.75% lower than today's rate. If you were to finance $20,000 in student loans at today's average fixed rate, yo
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