What are the lowest private student loan rates you can get right now?
Private student loan rates are surprisingly low right now, but getting the lowest rates takes more than applying.
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August 25, 2026 / 3:43 PM EDT / CBS News
Paying for college has changed substantially for borrowers over the last few years — and some big changes went into effect recently. Last month, new federal student loan rules took effect , reshaping how students and families can borrow for higher education. And for those who still have a funding gap after scholarships, grants and federal aid, private student loans may be one of the remaining ways to cover it.
But borrowing privately can come with a wide range of costs. Unlike federal student loans, which generally carry standardized rates for each loan type, private student loan rates are based heavily on both the interest rate environment and the applicant's financial profile. As a result, two students borrowing the same amount for the same school could receive offers with dramatically different interest rates.
That makes the rate-shopping process important before committing to a private student loan . So, what are the lowest private student loan rates available now, and what could it take to qualify? That's what we'll examine below.
Compare your top private student loan options online now .