The rate on an average 10-year fixed-rate private student loan plummeted to near record lows last week, reaching 5.47%. This is down from 5.70% the week prior and 5.87% a year ago, nearly tying the record low rate of 5.46% set on June 7, 2021. The 5-year variable-rate student loan, on the other hand, saw an increase to 3.49%, up from the initial rate of 2.98% last week and 2.84% last year. For comparison, these rates hit a record low of 1.84% in February. Read the article to find out more!