What are the lowest private student loan rates you can get right now?
Private student loan rates are surprisingly low right now, but getting the lowest rates takes more than applying.
Recent changes to federal student loan rules have created new opportunities for students to borrow privately. Unlike federal loans, private student loans have variable rates based on an applicant's financial profile, making the borrowing process more complex. The lowest advertised rates currently start at just under 2% APR but can range from roughly 2% to 18%, depending on factors like credit history and income.
To qualify for a lower rate, borrowers can consider applying with a cosigner or improving their credit profile. It's essential to compare multiple lenders and consider all loan terms, not just the advertised rate, to find the most affordable option.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
