The average student loan interest rate is a crucial metric that affects millions of borrowers. It represents the annual percentage rate charged on student loans, determining the total amount of interest paid over the life of the loan.
Understanding the average student loan interest rate is essential for making informed financial decisions. By comparing rates from different lenders, borrowers can secure the lowest possible rate and minimize their overall loan costs. Historically, student loan interest rates have fluctuated based on economic conditions and government policies.