What is student loan interest?

Interest can be kind of tricky, but it’s the percentage of your loan you pay a lender (the institution you’re taking a loan from) on top of the loan. The quicker you pay off your loan, the less you pay in interest.

There are two types of interest:
✅ A “fixed” rate means that your interest rate will stay the same for the duration of your loan.

✅ A “variable” rate means that your interest rate can increase and decrease over the duration of your loan.

You can get a loan for so many things, and there’s interest for those too.

👨‍🎓 Student loans
🚙 Auto loans
🏠 Mortgage loans
🙂 Personal loans

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