When you’re refinancing a student loan, you’ll see a lot of numbers contained in your loan documents. One of these is your annual percentage rate (APR), which includes your interest rate as well as any fees that come with your loan. Another number to be aware of is your interest rate. There are two types of interest rates available for refinanced loans: A fixed interest rate will stay the same throughout the life of your loan. This also means your monthly payment won’t ever change. Fixed rates often start out higher than variable rates. However, they offer stability for your loan costs, which can make them a better choice if you plan to pay off your loan over several years. A variable interest rate can fluctuate according to the market conditions — which means your payment could go up in the future. While a variable rate can be lower than a fixed rate to start, there’s no guarantee your rate won’t change as time goes on. However, a variable rate might be a good idea if you plan to pay off your loan quickly before the rate can change too much.