According to LendEDU.com,
94% of students borrowing from private lenders select variable rate loans
– likely because the variable rate offered by the lender is lower than the fixed rate the same lender can offer.
But variable rates change over time, especially in the current environment of rising rates! You risk having your costs rise over the life of your loan - potentially costing you thousands of dollars.
And - as an Alaskan - you have access to fixed rates that are lower than other lenders’ variable rates, through ACPE.
7.81% average private lender variable rate