Diving into the world of student loans can be challenging and understanding them is important for financing your education. Private student loans provide the necessary funds to cover tuition, fees, and other educational expenses when personal savings, scholarships or federal student loans fall short. They play a vital role in making higher education accessible to more people.
Choosing the right type of interest rate for your private student loan is essential for your long-term financial health. Interest rates can be either fixed or variable, and each comes with its own set of advantages and disadvantages.
Understanding Fixed and Variable Interest Rates
When it comes to private student loans, comprehending the nature of fixed and variable interest rates is important for making informed financial decisions. Let's take a closer look at these two types of interest rates.
Definition of a Fixed Interest Rate
A fixed interest rate on a student loan is one that remains constant throughout the entire term of the loan. This means that from the moment you take out the loan until the day it's fully repaid, the interest rate you agreed upon will not change.
Characteristics of a Fixed Interest Rate:
- Stability: Since the rate doesn't change, your monthly payments remain predictable and consistent, making it easier to budget and plan for the future.
- No surprises: You are protected from market fluctuations, ensuring that if interest rates rise in the broader market, the rate on your loan won't follow suit.
Definition of a Variable Interest Rate
In contrast, a variable interest rate can change over the life of the loan. These rates are typically tied to a specific index or benchmark, such as the Secured Overnight Financing Rate (SOFR).Characteristics of a Variable Interest Rate:
- Fluctuation: Your interest rate—and hence your monthly payments—can go up or down based on changes in the market or the benchmark index.
- Potential for lower initial rates: Variable interest rates often start lower than fixed rates, which can make them appealing in the short term.
- Risk of rate increases: There's always the possibility that rates could increase over time, resulting in higher payments.
Understanding these characteristics can help you decide which type of interest rate might be more advantageous for your financial situation. Whether you value the predictability of fixed rates or are willing to take on the risk—and potential reward—of a variable rate, knowing the pros and cons of each is a valuable step in managing your student loan debt effectively.
Pros and Cons of Fixed Interest Rates
When considering a fixed interest rate for your student loan, it's important to weigh the pros and cons to determine if it fits your financial needs.
Pros of Fixed Interest Rates:
- Predictability: One of the main advantages of fixed interest rates is the certainty they provide. Your monthly payments will remain the same throughout the life of the loan, allowing for straightforward, predictable financial planning.
- Easier budgeting: This predictability translates to easier budgeting since you won't have to adjust your financial plans to accommodate fluctuating interest costs.
- Protection against rising interest rates: With a fixed rate, you're safeguarded against potential increases in interest rates. Even if the market sees significant rate hikes, your rate—and your monthly payment—stays unwaveringly stable.
Cons of Fixed Interest Rates:
- Potentially higher initial rates compared to variable options: Fixed interest rates often start higher than variable rates. This means you could be paying more in interest at the beginning of your loan term compared to a variable rate loan.
- Limited benefit if market rates decline: If market interest rates fall, those with fixed rate loans won't benefit from the reduced rates, potentially missing out on savings they could have gained with a variable rate.
Pros and Cons of Variable Interest Rates
Evaluating the pros and cons of variable interest rates can help you determine if this type of interest rate is suitable for your student loan needs.
Pros of Variable Interest Rates:
- Potentially lower initial rates: One of the appealing features of variable interest rates is that they often start lower than fixed rates. This can lead to reduced initial borrowing costs, making your monthly payments more manageable in the short term.
- Opportunity to benefit from declining market rates: If market interest rates decrease, the interest rate on your loan could also drop. This can result in lower monthly payments and overall interest costs, providing potential savings over the life of the loan.
Cons of Variable Interest Rates:
- Uncertainty in monthly payment amounts: A major drawback of variable interest rates is the uncertainty they bring. Since the rates can fluctuate based on market conditions, your monthly payments can vary, making it more challenging to predict and plan your finances.
- Risk of increased payments if interest rates rise: The flip side of potentially benefiting from declining rates is the risk of increased payments if interest rates go up. This could lead to higher monthly payments and increased overall costs, potentially straining your budget.
- More challenging to budget for long-term financial planning: Due to the variability in interest rates, long-term financial planning can become more complex. The unpredictability might make it difficult to set and maintain a consistent budget.
Weighing these pros and cons can assist you in deciding whether a variable interest rate loan aligns with your financial strategy. While they offer the potential for initial savings, the associated uncertainties require careful consideration and a willingness to adapt to changing financial conditions.
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- Competitive APRs starting at 3.59%1
- Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum) 2
- Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
- Flexible payment terms ranging from 5, 8, 10, and 15 years3
- No origination, application and processing fees, no fees for early repayment
- Apply online in 3 minutes and get an instant credit decision
- Applying with a cosigner can increase your chances of getting approved and could result in a lower interest rate
College Ave's student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
2As certified by your school and less any other financial aid you might receive. Minimum $1,000.
3This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/01/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
- Choose the #1 Private Student Loan Lender in the Nation. Sallie Mae is trusted by more families than any other private student loan lender.
- Variable Rates: 5.04% APR - 15.21% APR. Fixed Rates: 3.49% APR - 15.49% APR. Lowest rates shown include 0.25 percentage point interest rate discount with auto debit payments.1
- Applying online is easy - you could receive a credit result in about 10 minutes.2
- Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty2
- Last year, students were 4x more likely to be approved with a cosigner3 and it may help you get a better rate.
- Borrow up to 100% of school-certified expenses, whether you're online or on campus4
Borrow Responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
2Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2022 to September 30, 2023.
4For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.
Information advertised valid as of 10/25/2024.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Sallie Mae Loans are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
© 2024 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.
- AFFORDABLE fixed rates starting at 3.69% APR with Automatic Debit Discount*
- 1% CASH BACK Graduation Reward*
- NON-COSIGNED option may be available for eligible undergraduate juniors and seniors.
- PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
- FORGET FEES – No application, origination or disbursement fees. No late fees and no prepayment penalty if you choose to pay your loan off early.
- COVER UP TO 100% of your tuition and eligible living expenses.
* Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Rates displayed above are effective as of 11/1/2024 and reflect an Automatic Payment Discount of 0.25% for credit-based college student loans and 1.00% discount on outcomes-based loans when you enroll in automatic payments. The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions.
The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
- Check your eligibility in just 2 minutes
- Flexible repayment options you can choose from
- No fees for origination, disbursement, prepayment, or late payment3
- Skip a payment once per year (once repayment period restarted)4
- Will cover up to 100% of the school's certified cost of attendance
- 9-month grace period (3 months more than most lenders)2
- Apply over the phone with the Client Happiness Team
- Call 866-492-1222, Monday through Friday, 5 A.M. - 5 P.M. PST
- Mention us when you call in to start your application
This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.94% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 17.10% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
The information provided on this page is updated as of 09/10/2024. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107
Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
© 2024 Earnest LLC. All rights reserved.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
- Simple application process
- See your rate in minutes without affecting your credit score2
- Auto debit savings3
- Flexible repayment plans and multiple loan terms available
- No application fees and no origination fees
- Easy cosigning options
Nelnet Bank (Member FDIC)
Lowest rates shown already include an auto debit discount.
1 Fixed interest rates range from 3.69% APR (with auto debit discount) to 9.36% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan. Variable interest rates range from 5.83% APR (with auto debit discount) to 10.32% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 4.86% as of November 1, 2024. The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.
2 Credit Score: Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.
3 Auto Debit: Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest), interest only and fixed pay are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.
Student Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. All applicants must be the legal age to enter into binding contracts in their state of residence or territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at least half-time at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.
Undergraduate Loan Amounts*:
Minimum loan amount: $1,000
Maximum loan amount: $125,000
Graduate Loan Amounts*:
Minimum loan amount: $1,000
Maximum Loan amount:
- Graduate or doctorate degree: $175,000
- MBA or graduate law degree: $175,000
- Graduate health professions degree: $500,000
*Maximum loan amounts are subject to limits on total student loan debt
This referral partner is not the creditor of Nelnet Bank loans and may receive compensation from Nelnet Bank for the referral of Nelnet Bank loan customers.
Before taking out a private student loan, make sure to take advantage of any federal student loans, grants, or scholarships you have access to. Federal student loans often include benefits and lower interest rates, so be sure to consider all of your options before applying for a private student loan.
- Prequalification: Prequalify to estimate your rate without affecting your credit score
- Online Application Process: Submit online application in minutes
- Flexible Repayment Options: ELFI offers immediate, interest only, partial payment, and fully deferred repayment options
- No Fees: No application fees, origination fees, or prepayment penalties
- Low Rates: Fixed rates from 3.69% to 14.22% and variable rates from 5.00% - 14.22%*
- Award winning Customer Service: Individually paired Student Loan Advisor to guide you through the application process
*ELFI is a nationwide student loan provider offered by Tennessee based SouthEast Bank. ELFI is designed to assist students financially with receiving their education. Subject to credit approval. See Terms & Conditions. Interest rates current as of 10-01-2024. Variable interest rates may increase after closing but will never exceed 18.00%. Interest rates may also differ from the rates shown above. The term of your loan, financial history, and other factors, including your cosigner’s (if any) financial history can affect the interest rate. For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.
- All online, all easy.
- SoFi covers 100% of school-certified costs.
- No fees. Period.
- Repay your way with flexible repayment options (find the monthly student loan payment and rate that fits your budget).
- Applying with a cosigner may increase your chances of approval and getting a better rate.
- Over 1 million students have chosen SoFi.
Interest Rates: Eligibility and Important Details. Fixed rates range from 3.54% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 5.54% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 11/20/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 8/5/24 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org)
Considerations When Deciding Between Fixed and Variable Rates
Choosing between fixed and variable interest rates for your student loans involves careful evaluation of several factors. Here are some key considerations to help guide your decision:
Financial Stability:
Assess your personal risk tolerance and overall financial security. If steady, predictable payments fit better with your budget and financial planning, then a fixed interest rate might be the better choice. On the other hand, if you have a stable income and some financial flexibility to handle potential payment increases, a variable rate could offer savings opportunities.
Market Trends:
Take a close look at both the current and projected interest rate environments. If the market indicates that interest rates are likely to rise in the near future, a fixed rate can offer protection against those increases. Conversely, if the forecast shows that rates may decline or remain low, a variable rate could benefit you with lower payments over time.
Loan Duration:
Consider the length of your repayment plan. For short-term loans, the lower initial rates of a variable interest loan could result in significant savings before rates have a chance to rise substantially. However, for long-term loans, the stability and predictability of a fixed rate might provide peace of mind and easier financial management over the years.
Personal Preferences:
Think about your personal preference for financial stability versus your willingness to accept risk for potential savings. A fixed rate offers the comfort of consistent payments, simplifying budgeting and planning. Alternatively, if you're open to the possibility of fluctuating payments with the hope of lower overall costs, a variable rate could be appealing.
By considering these factors, you can make a more informed decision that best suits your financial goals and personal circumstances. Balancing stability, market trends, loan duration, and your own financial comfort level is crucial in selecting the right interest rate type for your student loan.