What Is the Average Interest Rate on Student Loans?
When it comes to student loans, one of the most important factors to consider is the interest rate. The interest rate on a student loan can have a significant impact on the total amount that you will have to pay back over time. In this article, you will take a closer look at the average interest rate on student loans and also which of the lowest student loan refinance rates are currently available.
Federal Student Loan Interest Rates
The interest rate on federal student loans is determined by the government and changes every year. For the 2021-2022 academic year, the interest rate on undergraduate federal student loans is set at 2.75%. Graduate student loans have a slightly higher interest rate of 4.30%, and parent PLUS loans have the highest interest rate at 5.30%. These rates are fixed...