A. Federal student loan interest rates are set by congress at a low fixed rate. To find out what the current interest rate is for federal student loans, visit: https://studentaid.gov/understand-aid/types/loans/interest-rates

Private student loans, on the other hand, are often variable which means that payments could increase over time. They could also be more expensive with rates as high as 16%. If you choose to take out a private student loan it is important to shop around and compare different loan offers. Private student loan lenders will always advertise very low interest rates, but those interest rates are for borrowers with best credit.