From Forbes Magazine:
The rate on an average 10-year fixed-rate private student loan plummeted to near record lows last week, reaching 5.47%, according to data from Credible.
This is down from 5.70% the week prior and 5.87% a year ago, nearly tying the record low rate of 5.46% set on June 7, 2021. The 5-year variable-rate student loan, on the other hand, saw an increase to 3.49%, up from the initial rate of 2.98% last week and 2.84% last year. For comparison, these rates hit a record low of 1.84% in February.
If you’re thinking about refinancing your private student loan, now is a good time to consider financing your student loan balance into a 10-year fixed-rate student loan to reduce your rate. It can lower the total amount you pay over the life of the loan beyond the principal, and also lowers student loan payments. Here is the rest of the article….