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Often, the introductory rate on a variable-rate loan is lower than that of a fixed rate loan, though it has the potential to increase later.
Learn more A fixed-rate student loan guarantees a single interest rate that does not change over the lifetime of the loan.
Variable-rate student loans have interest rates that can change during the repayment period.
Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns.
Disclosure: Student Loan Hero is a free website to help student loan borrowers.
We only evaluate lenders and do not issue student loans.
Finding the right bank to refinance or consolidate your student loans is confusing.
Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation.