The reference rate of a student loan is the 12-month Euribor. The 12-month Euribor is a variable rate, which means that the interest rate of your student loan is reviewed once a year (every 12 months). On the review date, the interest rate of your loan will be reset to match the current interest rate level and it will stay the same for the next 12 months. Currently, the Euribor rates are high, but borrowers may benefit from a variable-rate loan later when interest rates start to fall. The bank’s margin of about 0.50% is also added to the student loan.