What is a fixed- vs. variable-rate loan?

Before you borrow, you’ll need to decide whether you want a fixed- or variable-rate student loan. Here’s the difference between the two:

• A fixed-rate will stay the same over the course of your loan term. This also means your payments won’t ever change.
• A variable rate can fluctuate and possibly even increase over time. Because of this, your payments might rise or fall.