A fixed rate student loan is a type of student loan that has an interest rate that does not change over the life of the loan. This is in contrast to a variable rate student loan, which has an interest rate that can fluctuate over time. Fixed rate student loans are often considered to be a safer option than variable rate student loans, as the borrower knows exactly how much they will be paying each month.
Fixed rate student loans typically have higher interest rates than variable rate student loans. However, they can be a good option for borrowers who are concerned about the possibility of interest rates rising in the future. Fixed rate student loans can also be a good option for borrowers who want to budget their monthly payments carefully.