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However, it can happen when federal loan borrowers opt for income-driven repayment plans.

Under these plans, the monthly payment is based on a person’s income, not on a repayment schedule.

All federal student loans disbursed since July 1, 2006, have fixed interest rates, meaning the interest rate will never change.

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That means the lender charges 5.05% of the unpaid loan balance per year.When interest on a student loan goes unpaid, the balance of the loan grows over time.To provide more complete comparisons, the site features products from our partners as well as institutions which are not advertising partners.While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products."Advertiser Disclosure Tuesday, May 22, 2018Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.A higher interest rate will mean a higher monthly payment, and a lower interest rate will mean a lower monthly payment.

Some variable-rate loans will have maximum interest rates.When the LIBOR increases, the variable interest rate on a student loan increases.When it decreases, the interest rate on a student loan decreases.Looking into student loans to pay for college or graduate school?Before you take on debt, it’s important to understand how the interest on student loans work, so you can make smart decisions before you borrow and when it comes time to repay the debt.Many people have heard stories of student loan borrowers who have faithfully made regular payments for decades but have barely made a dent in their balance or owe more money today than when they graduated from college.