Average Student Loan Refinance Rate

Best student loan rates in september 2020.

Average student loan refinance rate. In 2008 the average student loan interest rate was 6 0 for undergraduates and 6 8 for graduate students. Student loan refinancing variable rate loans for 5 7 and 10 year terms are capped at 8 95 apr 15 and 20 year terms are capped at 9 95 apr. Parent plus loan rates are 5 30 and graduate plus loans are 4 30. 6 17 average starting rate for 5 year private student loans with variable rates per credible borrower analysis 7 64 average fixed rate for 10 year private student loan private student loan rates can be lower.

Sofi is perhaps best known as a student loan refinance lender but it also makes loans to undergraduates graduate students law and business students and parents. 119 8 billion 5 5 million borrowers direct loan in. The sofi 0 25 autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction ach from a savings or checking account. When the fed cut interest rates in spring 2020 many private student loan companies lowered their interest rates on both fixed and variable products.

Variable rates start at 3 95 to 4 25 apr while fixed rates start around 5 21 to 5 49 apr. Median student loan payment. 222 student loan delinquency or default rate. Its undergraduate student loan.

10 8 90 days delinquent direct loans cumulative in default. Grad students and plus loan applicants interest rates remained stable from 2006 to 2012 then experienced a general downward trend. Private student loans can be used to pay for the costs of higher education but they originate with private entities such as banks credit unions and. The average student loan interest rate changes periodically and has varied substantially over time with rates starting of around 6 94 or greater for different types of student loans when variable interest rates were first introduced for student loans in the early 90s and then dropping down to below 4 for some loans in the 2010 year.