The average interest rate on a 10-year fixed-rate private student loan increased last week, reaching 7.95% for borrowers with credit scores of at least 720 who prequalified through Credible.com’s marketplace.
Forbes Advisor reported that the average rate was 7.91% the previous week. The figures cover applications from Oct. 19 through Oct. 24, 2026, and describe rates offered to borrowers who met the marketplace’s credit-score threshold. Private lenders set rates based on factors that can include a borrower’s credit profile and the loan’s terms.
Fixed and variable rates
The average rate for a five-year variable-rate private student loan also moved higher, rising to 8.25% from 8.22% the week before. Unlike a fixed rate, a variable rate can change during the repayment period.
- The average 10-year fixed rate was 7.95% for the week of Oct. 19.
- The average five-year variable rate was 8.25%.
- The previous year’s average 10-year fixed rate was 15.19%.
Although the 10-year fixed average rose by 0.04 percentage points from the prior week, it remained below the comparable average from a year earlier. Forbes Advisor said the year-over-year difference was 7.24 percentage points.
What the averages show
For a loan of $20,000 at the reported average fixed rate, Forbes Advisor’s student-loan calculator estimated payments of about $242 per month and roughly $9,055 in total interest over 10 years. The calculation describes an example based on the average rate, not a guaranteed offer for an individual borrower.
Private student loans are separate from federal student loans and are issued by private lenders. The rates in this data set apply to borrowers who prequalified through a loan marketplace with credit scores of 720 or higher. Offers can differ from the averages based on the borrower, lender and loan agreement.
Forbes Advisor also listed example rate ranges from several private lenders. Those advertised ranges extended from rates below 4% to rates above 17%, depending on whether the loan was fixed or variable and on the terms offered. The rate data was accurate for the week beginning Oct. 19, 2026.
