We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.
Most federal student loans
have fixed interest rates. A number of factors determine the interest rates on private student loans.
Interest Rates on Federal
Loans
Federal student loans
borrowed on or after July 1, 2006, have fixed interest rates. That means the
interest rate does not change over the life of the loan.
For federal loans
between July 1, 2016, and
June 30, 2017, the rates are:
4.76 percent
for undergraduate subsidized and unsubsidized Direct loans.
5.31 percent for graduate and professional unsubsidized Direct loans
6.31 percent for parent and graduate or professional
Direct PLUS loans
Private student loans do
not have the same interest rates as federal student loans. A private student
loan lender determines your interest rate based on factors such as your credit
history, the school you are attending, and your course of study.
Private student loans may have a variable interest rate that changes over
time, so your payments may not be the same from month to month. A fixed
interest rate loan will not change over the life of the loan, so your interest
rate and payment will not change.
Your lender must tell
you about your rates. If you already have a loan, log in to your student loan
account on your lenders website or call your loan servicer to find out your
interest rate information.
The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.
