The average interest rate on 10-year fixed-rate private student loans moved up last week. For many borrowers, this still means rates continue to be low enough to make private student loans a decent option, especially if you have good credit.For borrowers with a credit score of 720 or higher who prequalified on Credible.com’s student loan marketplace from May 25 to May 30, the average fixed interest rate on a 10-year private student loan was 8.20%. On a five-year variable-rate loan, the rate was 6.84%, according to Credible.com.

 

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