The rates on student loans have stayed the same over the past week. Private student loan lenders are offering fixed rates as low as 2.69% APR and variable rates starting as low as 3.28% APR as of February 3, 2026. The rates vary according on the borrower’s credit history, degree programme, and repayment duration. Best Student Loan Rates for February 3, 2026
This week, Ascent Student Loans has the lowest fixed rate loan of all the lenders. Right now, Student Choice has the lowest variable rate student loan on the market.
Congress sets the interest rates on federal student loans every year, while private lenders change their rates based on market conditions and Treasury yields. Keeping up with these developments can save borrowers hundreds or even thousands of dollars over the life of a loan.
1. Abe℠ Student Loans – Abe offers private student loans to undergraduate, graduate, and post-bachelor graduate certificate students, with flexible repayment options and no origination, late payment, or forbearance fees. Rates start as low as 2.75% APR. Read our full Abe Student Loans review. Best Student Loan Rates for February 3, 2026
2. Ascent – Ascent Student Loans is a solid choice as a private lender – as they offer both cosigner and non-cosigner loans for undergraduate and graduate students. Rates start as low as 2.69% APR. Read our full Ascent Student Loans Review.
3. College Ave – College Ave Student Loans offers some of the lowest fixed rates on student loans on the market today. They are one of the largest private student loan lenders and have highly competitive rates on their loans. Rates start as low as 2.74% APR. Read our full College Ave Student Loans review.
4. Sallie Mae – Sallie Mae is probably one of the most well-known lenders on this list. By loan volume, they are the nation’s largest private student loan lender. As a result, they also offer some of the most competitive private student loans and parent loans out there. Rates start as low as 2.89% APR. Read our full Sallie Mae review. Best Student Loan Rates for February 3, 2026
5. Student Choice – Student Choice is a service that works with a huge network of credit unions nationwide to match you with low cost student loans offered by credit unions. They currently have some of the lowest variable rate student loans on the market. Rates start as low as 2.99% APR for fixed rates and 3.28% APR for variable rate loans. Read our full Student Choice Student Loans review.
Federal Loans: Remember, the federal student loan interest rates are fixed. They won’t change again until the next academic year.
- Undergraduate Direct: 6.39%
- Graduate Direct: 7.94%
- Parent PLUS Loans: 8.94%
Fixed vs. Variable Rates: Which Should You Choose?
Borrowers dislike the uncertainty of variable rates, which can make sense, but in a declining rate environment, variable rates also offer the potential for future savings. Here’s what to know:
- Fixed rates stay the same for the life of the loan, offering predictable monthly payments. They’re better for borrowers who plan to repay over many years.
- Variable rates can change with market conditions, starting lower but carrying risk if the Fed raises rates again. They can make sense for borrowers who expect to pay off loans quickly. Best Student Loan Rates for February 3, 2026
Most private lenders allow you to check rates without affecting your credit score. Always compare both options before signing.
What To Know Before Borrowing
Before taking out a private student loan, please ensure you fully understand the terms and conditions involved.
- Cosigner rules: Most undergraduates need a cosigner – which is someone (usually a parent) that is just as legally responsible for the loan. Check for early cosigner release after consistent on-time payments.
- Repayment flexibility: Look for lenders offering in-school deferment, interest-only options, or income-based repayment.
- Discounts: Many lenders provide 0.25% off for autopay.
- Fees: Compared to federal loans, private loans offer fewer fees – including no origination fees.
- Safety: Federal loans offer loan forgiveness and income-driven repayment plans. Exhaust federal options before turning to private loans. Best Student Loan Rates for February 3, 2026
For most families, borrowing federal student loans first makes the most sense. However, for parents looking at parent PLUS vs. private loans, private loans can make more sense. Best Student Loan Rates for February 3, 2026
How We Track And Verify Student Loan Rates
At The College Investor, our editorial team reviews student loan rates daily from more than a dozen major lenders. We verify data using official lender disclosures, regulatory filings, and real-time rate sheets.
We only include lenders offering loans to U.S. citizens and permanent residents. All rates are updated regularly and represent the lowest available APRs with autopay discounts applied.
Our coverage is independent and not influenced by compensation. While we may earn a referral fee when you open a loan through certain links, this never affects our editorial recommendations. Our goal is simple: to help you find the most affordable path to borrow responsibly. Best Student Loan Rates for February 3, 2026
FAQs
How often do private student loan rates change?
Lenders can adjust daily based on bond market movements and Federal Reserve actions, as well as their own competitive goals.
Are private student loans fixed or variable?
You can choose either. Fixed rates offer stability, while variable rates change with the market.
Do private student loans qualify for forgiveness?
No. Only federal student loans are eligible for forgiveness programmes like PSLF or IBR.
Is a cosigner always required?
Not always, but most undergraduate borrowers will need one to qualify. Best Student Loan Rates for February 3, 2026
Can I refinance later if rates drop?
Yes. Refinancing can reduce your rate and monthly payment, though you’ll lose federal benefits if you refinance federal loans. Best Student Loan Rates for February 3, 2026