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What are the interest rates on my student loans?

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
  • 5 percent for Perkins loans

For interest rates for federal student loans issued before July 1, 2016, contact your loan servicer, visit the U.S. Department of Education’s website , or log in to the National Student Loan Data System .

Interest Rates on Private 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 lender’s website or call your loan servicer to find out your interest rate information.

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