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Fixed student loan refinance rates set a new record low during the week of Dec. 13, which means that borrowers have the opportunity to reduce their monthly payments, pay off their loans faster and save more money on their college debt. ( iStock )
Fixed student loan refinance rates have fallen to a new record low, giving borrowers the opportunity to save more money on their student debt than ever before.
Interest rates on 10-year fixed-rate refinance loans averaged 3.33% for the week of Dec. 13, according to Credible. This is the lowest fixed student loan rates have been since Credible started collecting this data in .
Variable interest rates for the 5-year refinancing term rose significantly during the same week, to 2.82%. Still, the variable rate is much lower than it was during the same time last year, when they were 3.20% on average.
With student loan refinance rates at historic lows, student loan borrowers have the opportunity to reduce their monthly payments, pay off their debt faster and save money on total borrowing costs over the life of the loan.