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Home Student Loans Private Student Loans What Is the Average Student Loan Interest Rate?
  • Contents
  • Current Student Loan Interest Rates
  • Average Private Student Loans Interest Rate 2023
  • Average Federal Student Loan Interest Rate
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  • What to Read Next

What Is the Average Student Loan Interest Rate?

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By Edvisors Network
Updated on September 23, 2022
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If you’re planning to take out student loans, or you are comparing private and federal student loans, you’re probably curious as to what the “average student loan interest rate” is.

The average student loan interest rate is different for federal student loans and private student loans. Federal student loan rates are fixed and rates are updated once a year, whereas private student loan rates may change at any time, offer fixed and variable rates, and actual rate will be based on a borrower’s credit history.

Current Student Loan Interest Rates

Loan Type Interest Rate
Private Student Loans Starting at 4.49% to 14.50%
Federal Direct Stafford Student Loans for undergraduate students 4.99% for loans first disbursed between July 1, 2022 through June 30, 2023
Federal Direct Stafford Student Loans for graduate or professional students 6.54% for loans first disbursed between July 1, 2022 through June 30, 2023
Direct PLUS Loan 7.54% for loans first disbursed between July 1, 2022 through June 30, 2023

Average Private Student Loans Interest Rate 2023

For the period of 2022 through 2023, we estimate the average private student loan interest rate to be 7.12%. This estimate is based on the past two years of publicly available data (primarily weighted average borrower interest rates published in investor reports*).

Current variable private loan APR rates are as low as 4.49%. Rates may be very different from one lender to the next, and usually variable rates have a lower starting point than fixed rates. A creditworthy cosigner may help you qualify for a lower rate.

Compare Featured Lenders

College Ave Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 4.49% APR1

Fixed rates as low as: 4.49% APR1

Repayment Terms

5, 8, 10 or 15 years2

Apply Now More Info
College Ave Student Loans
  • Competitive fixed and variable APRs starting at 4.49%1
  • Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
  • Flexible payment terms ranging from 5, 8, 10, and 15 years2
  • Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
  • No origination, application and processing fees, no fees for early repayment
  • Apply online in 3 minutes and get an instant credit decision

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 02/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

Cosigner Recommended

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable Rates: 5.37% APR - 15.70% APR1

Fixed Rates: 4.50% APR - 14.83% APR1

Repayment Terms

N/A

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: 5.37% APR - 15.70% APR. Fixed Rates: 4.50% APR - 14.83% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
  • Apply online in minutes and receive an instant credit result2
  • Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
  • Last year, students were 4x more likely to be approved with a cosigner4 and it may help you get a better rate.
  • Borrow up to 100% of school-certified expenses, whether you're online or on campus5

Borrow Responsibly

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

2In 2021, instant credit decisions were provided to 97% of applicants.  Other applications typically received credit decisions in 3 to 5 business days.

3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner during a rolling 12-month period from October 1, 2020 through September 30, 2021. 

5Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

Information advertised valid as of 01/25/2023

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.

Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

© 2023 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.

Ascent offers loans that power bright futures

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 5.74% APR1

Fixed rates as low as: 4.62% APR1

Repayment Terms

5, 7, 10, 12 and 15 years

Apply Now More Info
Ascent offers loans that power bright futures
  • AFFORDABLE variable rates starting at 5.74% APR with Automatic Debit Discount*
  • 1% CASH BACK Graduation Reward*
  • NON-COSIGNED option may be available for undergraduate juniors and seniors.
  • PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
  • FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
  • COVER UP TO 100% of your tuition and eligible living expenses.

* Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs

Rates are effective as of 2/01/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates

1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner.  Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.  

Earnest Private Student Loan

Recommendation
Best for Private Loans
Interest Rates

Graduate Rates

Fixed: 4.79% - 13.85% APR1

Variable:4.79% - 11.99%APR1 

Undergraduate Rates

Fixed: 4.79% - 13.70%APR1

Variable: 4.79% - 13.50%APR1 

Repayment Terms

5, 7, 10,15 or 20 years

Apply Now More Info
Earnest Private Student Loan
  • Check your eligibility in just 2 minutes
  • Flexible repayment options you can choose from
  • No fees for origination, disbursement, prepayment, or late payment3
  • Skip a payment once per year (once repayment period restarted)4
  • Will cover up to 100% of the school's certified cost of attendance
  • 9-month grace period (3 months more than most lenders)2

This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.04% APR to 14.10% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.04% APR to 13.75% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

 

1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.

4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

The information provided on this page is updated as of 01/27/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information.

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

 

 

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 4.99% APR (with autopay)*

Fixed rates as low as: 4.49% APR (with autopay)*

Repayment Terms

Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: Starting variable rates range from 4.99% APR - 13.13% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
  • Fixed Rates: Fixed rates range from 4.49% APR to 13.98% APR (with autopay)*
  • Easy online application!
  • No origination fees, late fees, and no insufficient fund fees. Period
  • Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
  • 0.25% discount when you set up autopay*

*UNDERGRADUATE LOANS: Fixed rates from 4.49% to 13.98% annual percentage rate ("APR") (with autopay), variable rates from 4.99% to 13.13% APR (with autopay). GRADUATE LOANS: Fixed rates from 5.25% to 13.60% APR (with autopay), variable rates from 5.49% to 13.07% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 13.98% APR (with autopay), variable rates from 6.32% to 13.13% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 01/30/2023.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

PNC Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 5.64% APR1

Fixed rates as low as: 4.49% APR1

Repayment Terms

5, 10, 15 years1

Apply Now More Info
PNC Student Loans
  • Variable rates as low as 5.64% APR1; Fixed rates as low as 4.49% APR1
  • Rates include 0.50% automated payment discount1, 2
  • Displayed rates are for well-qualified applicants who choose the immediate repayment option at a 5-year term1
  • 5, 10 or 15-year repayment terms available (rates may vary)1
  • No application fees or origination fees.
  • An easy student loan application with a preliminary decision in minutes.
  • Cosigner Release option available.3
  • Get the money you need for tuition, room and board, books and other expenses.
  • Applying with a creditworthy cosigner may increase chances of approval.

Important Disclosures

PNC Solution Loans are subject to credit approval. Certain restrictions and conditions apply. PNC reserves the right to modify or discontinue the terms of these program at any time. You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan.

A cosigner is typically required for undergraduate students: a creditworthy cosigner is required for 17-year old students. 

1 Annual Percentage Rates (APRs): APRs include a 0.50% interest rate discount for automated payments and may vary by repayment term and other factors (refer to additional details below). Rates are for the immediate repayment option, effective as of February 1, 2023, and are subject to change at any time.

Fixed APRs: APRs range 4.49% to 9.24% for a 5-year, 7.34% to 12.09% for a 10-year and 7.49% to 12.24% for a 15-year term. Fixed rates are based on the creditworthiness of the borrower and cosigner, if any.

Variable APRs: APRs range 5.64% to 10.39% for a 5-year, 8.49% to 13.24% for a 10-year and 8.64% to 13.39% for a 15-year term. Variable rates are based on the Prime Rate index plus a margin depending on the creditworthiness of the borrower and cosigner, if any. The Prime index, adjusted monthly, is equal to the Prime Rate as published in the “Money Rates” section of The Wall Street Journal ‘(Eastern Edition)’ on the first business day of the immediately preceding calendar month. The Prime index is currently 7.50%. If the index increases or decreases, your rate will increase or decrease accordingly. The rate will not exceed 18%.

The lowest APR is available to well-qualified applicants. Your actual APR will be based on your credit qualifications, loan program, interest rate option, repayment term, repayment option and whether you elect the automated payment feature.

Loan Payment Examples: The monthly payment per $10,000 borrowed at a fixed-rate range of 7.34% APR to 12.09% APR for 10 years means you would make 120 payments that may range from $118.22 to $144.71. The monthly payment per $10,000 borrowed at a variable-rate range of 8.49% APR to 13.24% APR for 10 years means you would make 120 payments that may range from $124.36 to $151.55 For the variable-rate loan, monthly payment may increase or decrease if the interest rate increases or decreases. Estimated loan payment examples assume 30 days to first payment and are for the immediate repayment option. Payments vary for other rates, loan amounts and repayment terms.

2 Automated Payment Discount: During repayment, an interest rate discount of 0.50% is available for automated payments. Borrower must be making scheduled payments that include both principal and interest. Interest-only payments do not qualify for the 0.50% interest rate discount. The rate discount will be applied at the time automated payment is established. If automated payment is discontinued at any time, the discount will be removed and the rate will increase by 0.50%.

3 Cosigner Release: Requires that the borrower has made at least forty-eight (48) consecutive timely payments of principal and interest with no periods of interruption within that 48-month timeframe. To qualify, the borrower must submit a request, meet the consecutive timely payment requirements, provide proof of income and pass a credit check.

4 Repayment Options: Three repayment options are available - Immediate repayment of principal & interest, interest-only payments while in school and full deferment of principal & interest until six months after graduating or ceasing to be enrolled at least half-time in school. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment period.

Loan Types: PNC offers Student Loans for Undergraduates, Graduates, Health Professions, Residency and Bar Study.

PNC Solution Loan is a registered mark of the PNC Financial Services Group, Inc.

Sallie Mae Private Student Loans

Recommendation
Best for Private Funding
Interest Rates

Fixed: 7.49% APR - 12.99% APR (not including 0.5% ACH discount)*

Repayment Terms

10 years

$20 minimum/month OR interest-only payments while in school

Apply Now More Info
Sallie Mae Private Student Loans
  • Up to $15,000 per academic year with no cosigner required
  • Fixed Rates (APR) from 7.99% to 12.49% (plus an additional 0.5% discount for ACH auto-payments)*
  • No origination fee. No late payment fees. No prepayment penalties.
  • Quick prequalification and rate check that won’t impact your credit
  • Multiple repayment options
  • Dedicated loan officer for every borrower

New student loans of $3,001 up to $15,000 per school year will be granted to residents of eligible states enrolled as undergraduates in bachelor’s degree or equivalent- granting programs at eligible schools.

Funding U offers fixed interest rate loans, without a cosigner, to students who are serious about their academic success and post-grad career. Eligibility is determined by several factors, including: school graduation rate, class hours completed, estimated graduation date, academic record, major; employment or internship experience; and, other academic and non-academic activities that demonstrate the borrower is working hard towards academic and professional goals and is on track to be able to repay debt accrued.

Eligibility is also limited by state of permanent residence. Terms and conditions vary by state. Not all loans are available in all states. Loan amounts available may vary by state.

DISBURSEMENT All Loan proceeds will be sent to the student borrower’s school around the time classes begin, on the date your school prefers. Funding U will require documentation to verify your registration and certify your loan need prior to disbursement. Your school must also certify your loan need. Your loan may be adjusted based upon the amount of need certified by your school.

REPAYMENT TERMS New Undergraduate loans for the 2021-2022 school year will have an Annual Percentage Rate (APR) of 7.49% to 12.99%. All loans have a fixed interest rate range of 7.49%* to 12.99% (before consideration of ACH discount). There is no origination fee. Interest accrues while students are in school.

In-school partial payments: Students may choose either $20 monthly as a “Fixed Payment” while enrolled in school or “Interest Only” payments. These payments will be reported to credit agencies like other student loans. All loans have a 10-year repayment term (paid monthly over 120 months starting 6 months after graduation). Both In-School payment options may not be available in all states. Student’s electing to make Interest-Only payments will receive a 0.5% interest rate discount.

PREPAYMENT PENALTIES There is no prepayment penalty on your loan.

Additional details, terms & conditions will be included in each loan offer.

*The lowest rate shown is available only to juniors & seniors with outstanding academic performance and is not typical of the rates offered to most borrowers. Your actual rate will depend on creditworthiness and other factors, such as your school year and GPA.

Income Based Repayment

Edly

Recommendation
Best for Private Funding
Interest Rates

Variable: 0.00% APR - 23.00% APR1

Repayment Terms

5-12 years

Apply Now More Info
Edly
  • MUST BE a US citizen or permanent resident
  • MUST BE a college junior, college senior, or grad student
  • No co-signer required
  • Get approved in minutes. Pre-qualify without affecting your credit score
  • Income-based repayment with built-in protections, like deferred payments if you lose your job

Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.

Loans from $5,000 - $15,000 per academic year ($25,000 lifetime) with repayment terms of 60 or 84 months depending upon loan product. Example: $10,000 IBR Loan (60 month repayment term) with a 7% gross income payment percentage for a senior student making $65,000 annually throughout the life of the loan. Payments deferred for the first 12 months during final year of education. After which, $270 Monthly payment for 12 months. Then $379 Monthly payment for 44 months. Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan. 

About this example: The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make in this example is 60 (loan with a 60-month repayment term). You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.

*Investor reports reviewed include, Sallie Mae, Wells Fargo, Citizens, PNC, SunTrust/Truist, Nelnet, Sofi, and College Ave

Average Federal Student Loan Interest Rate

Interest rates on federal student loans are fixed and based on degree level and the type of Direct Loan you borrow. Fortunately, in recent years, rates have dropped annually. See the chart below for current rates in effect for the 2022-2023 academic year. You can also check out our companion article on student loan interest rates dating back to the 2014-15 academic year.

Federal Student Loan Interest Rates for the Past 5 Years:

Academic Year Direct Loans (Undergraduate) Direct Loans (Graduate) Direct PLUS Loans (Parents and Graduate/Professional Students)
 2022-23  4.99%  6.54%  7.54%
 2021-22  3.73%  5.28%  6.29%
 2020-21  2.75%  4.3%  5.30%
 2019-20  4.53%  6.08%  7.08%
 2018-19  5.05%  6.6%  7.6%

Student Loan Refinance Interest Rates: An Option to Lower Your Interest Rate

If you feel you’re interest rate is too high and you would like to lower it, you may achieve that through refinancing your student loans. Refinancing is the only way to lower your interest rate. Refinancing allows you to include one or more private and/or federal student loans into one new loan. Your new interest rate will be determined by current market rates and the creditworthiness of you or your cosigner. The stronger your credit history, the lower the interest rate you will be eligible for. Most young borrowers qualify for lower rates when they apply with a creditworthy cosigner.

This differs from how interest works when you consolidate your federal student loans with the Direct Consolidation Loan Program. The federal consolidation loan program is for federal student loans only. When you consolidate your student loans your new interest rate will be the weighted average interest rate for all of the loans you included in your consolidation.

Best Student Loan Refinance Lenders

Lender

College Ave Student Loans

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable as low as: 5.24% APR1

Fixed as low as: 5.24% APR1

Repayment Terms

5, 10, or 15 years2

Apply Now More Info
College Ave Student Loans

College Ave Student Loans

  • Variable rate range: 5.24% – 9.99% APR1
  • Fixed rate range: 5.24% – 9.99% APR1
  • No application or prepayment fees
  • Apply in 3 minutes or less for instant credit decision

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a refi borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3$5,000 is the minimum requirement to refinance. The maximum loan amount is $250,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.

Information advertised valid as of 02/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

Lender

ELFI Student Loan Refinance

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable as low as: 3.99% APR1

Fixed as low as: 4.83% APR1

Repayment Terms

5 - 20 years2

Apply Now More Info
ELFI Student Loan Refinance

ELFI Student Loan Refinance

  • Customers are saving an average of $309 every month and an average of $20,936 in total savings after refinancing their student loans with Education Loan Finance1
  • Variable and fixed rates starting from 3.99% APR and 4.83% APR2
  • Prequalify in as little as two minutes
  • Award winning customer service from your dedicated Student Loan Advisor who is matched to you from the moment you sign up
ELFI Student Loan Refinance

1Average savings calculations are based on information provided by SouthEast Bank/ Education Loan Finance customers who refinanced their student loans between 8/16/2016 and 10/25/2018. While these amounts represent reported average amounts saved, actual amounts saved will vary depending upon a number of factors.

2Rates accurate as of 1/01/23. The interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. To qualify for refinancing or student loan consolidation through Education Loan Finance, you must have at least $10,000 in qualified student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary Education Loan Finance institution. Education Loan Finance Parent Loans are limited to a maximum of the 10-year term.

Lender

SoFi Student Loan Refinance

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable as low as: 5.09% APR1

Fixed as low as: 4.49% APR1

Repayment Terms

5, 7, 10, 15, 20 years

Apply Now More Info
SoFi Student Loan Refinance

SoFi Student Loans

  • Rates as low as 5.09% variable and 4.49% fixed1
  • No fees or prepayment penalties
  • Unemployment protection

Private student loans lenders: SoFi Student Loan Refinancing

1Fixed rates range from 4.49% APR to 8.99% APR with a 0.25% autopay discount. Variable rates from 5.09% APR to 8.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.

Lender

Splash Financial Logo

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable as low as: 4.47% APR1

Fixed as low as: 4.47% APR1

Repayment Terms

5, 10, or 15, 20 years

Apply Now More Info
Splash Financial Logo

Splash Financial Refinance Loan

  • Rates as low as 4.47%1 Variable APR and 4.47%1 Fixed APR
  • No pre-payment penalties, origination, or application fees
  • See rates in 3 minutes without affecting your credit score2

1The rates displayed may include a 0.25% autopay discount.

2To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Lender

refinance student loans with earnest

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable as low as: 4.47% APR (with Autopay)*

Fixed as low as: 4.47% APR (with Autopay)*

Repayment Terms

5, 10, 15, or 20 years

Apply Now More Info
refinance student loans with earnest

Earnest Student Loan Refinancing

  • Variable rates starting at 4.47% APR (including 0.25% Auto Pay discount)*
  • Fixed rates starting at 4.47% APR (including 0.25% Auto Pay discount)*
  • Choose your own monthly payment
  • No fees of any kind and exceptional customer service for the life of your loan
  • Check your rate in under 2 minutes
refinance student loans with earnest

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.64% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 4.64% APR to 9.19% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

*Auto Pay Discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance. Not all borrowers will qualify for our lowest rates, and your rate will be based on creditworthiness at time of application.

The information provided on this page is updated as of 02/01/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

 

Compare Student Loan Rates

If you’re borrowing loans to pay for college, it is always a good idea to compare current interest rates in the federal student loan program against private student loans. This is particularly true when it comes to the PLUS Loan program. Whether you are a graduate/professional student, or a parent looking to borrow on behalf of your son or daughter, interest rates for a Direct PLUS Loan are typically higher than other loan types. And they come with an origination fee.

In comparison, private student loans can be highly competitive with lower rates and zero origination fees. Since both loans do require a credit check, if you are eligible for a loan with a lower rate and better terms, it may be worth taking the time to shop around. 

How Student Loan Interest Rates Work

When it comes to federal student loans, the current interest rate is set by Congress and is based on the final 10-year Treasury notes auction held in May, with an added percentage.

When it comes to private student loans, historically most lenders have used the one-month or 3-month LIBOR (London Inter-Bank Offered Rate) as the basis for the interest rates they offer. Some lenders may use the Prime Rate, and you may also start to see the Secured Overnight Financing Rate (SOFR) used. Whichever index your interest rate is tied to, the lender will add a markup on top of it. The amount of the markup will be based on your credit and other factors. Ultimately, this will determine your Annual Percentage Rate (APR).

To get an idea of how student loan interest adds up on your student loans, we’ve got you covered. We go more in depth here.

Historical Student Loan Interest Rates

For a deeper history on student loan interest rates, we recommend checking out this great resource from the Federal Student Aid website. They track rates as far back as 2006. Understanding historical interest rates may be helpful if you have prior outstanding loans that you’ve lost track of, and you need to understand whether refinancing could save you some money today.

Student Loan Calculator

By using a student loan calculator (such as the one on this website), can give you an estimate of your monthly payment. Simply input the type of loan you have, the estimated loan balance, and your interest rate and loan term if you know them (estimate if you need to). And you’ll notice that we included helpful tips on the right-hand side, along with advanced options at the bottom to add more details or loans.

 

What to Read Next

Best Private Student Loans for February 2023

Undergraduate Student Loans

Private Student Loan Interest Rates

How Does Student Loan Interest Work

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