# What does interest rate mean?

### INTEREST RATE

Because lenders give students the ability to borrow sums of money, they charge interest on the amount of the loan up until the time that money is repaid. An interest rate is the percentage of the total amount borrowed that a lender charges a borrower for the loan. Interest rates are determined by a number of factors, and there are different interest rates for each type of loan. Some loans have fixed interest rates and some are variable.

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## Details

Article ID:
3426

Created

Thu 2/17/22 12:16 PM

Modified

Thu 2/17/22 12:16 PM