Are student loan interest rates fixed or variable?

In South Carolina, student loan interest rates are usually fixed. This means that once a loan is taken out, the interest rate of that loan will remain the same for the life of the loan. This is beneficial because it allows the borrower to know ahead of time how much they will be paying each month and how much the loan will end up costing in the end. A fixed interest rate also helps protect the borrower from interest rate fluctuations. Variable interest rates are also available for student loans in South Carolina, though they are often more expensive. With a variable interest rate, the interest rate is always changing. This means the monthly payments and the total cost of the loan can also change, which can be a riskier option compared to a fixed rate loan. Overall, South Carolina student loans are usually taken out with fixed interest rates, though variable rates are available. Borrowers should take the time to compare their options and consider the risks of each before making a decision.

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Are student loan interest rates fixed or variable?

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