Debt · Guide

Student Loan Debt: payoff guide

What makes student loan debt different from other debts, and the best approach to paying it down.

Typical rate: ~5.5% APR

Federal student loan rates are set by Congress and currently range from 5.5% (undergrad) to 8.05% (graduate PLUS loans). Private student loans vary widely — some below 5%, others above 12%. Federal loans have income-driven repayment, deferment, and forgiveness options that private loans lack.

Key tip: Always exhaust federal loan options before taking private student loans. Federal loans' income-driven repayment protections have real financial value that isn't captured in the interest rate alone.

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