Amid rapidly rising interest rates across many types of lending, student loan borrowers are on the hunt for the lowest rates available. Locking in a low rate at the start of your loan can net you hundreds or thousands of dollars in savings over the life of your debt.With all the recent fluctuations in the economy, it can be difficult to find deals. Here’s how to get the best student loan rates in 2023.You don’t need to do anything to nab the best rates on federal loans—all federal student loans come with fixed, standardized interest rates. Your rate isn’t based on your creditworthiness or financial background. Instead, everyone who qualifies for a federal student loan receives the same interest rate.This makes federal student loans a good choice for many borrowers, but those with excellent credit and a high income (or a co-signer with those things) may qualify for lower rates on the private loan market.
