The average interest rate on 10-year fixed-rate private student loans dropped last week. For many borrowers, that means rates continue to be low enough to make private student loans a decent option, especially if you have good credit. According to Credible.com, from January 19 to January 24, the average fixed interest rate on a 10-year private student loan was 9.08%. It was 7.37% on a five-year variable-rate loan. That’s for borrowers with a credit score of 720 or higher who prequalified on Credible.com’s student loan marketplace.

 

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