Comparing variable-rate loans can be tricky because some private student lenders tie rates to the prime rate while others use the one-month or three-month London interbank offered rate, or Libor.

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The interest rate on the loan will be based on the London Interbank Offered Rate (lately, the 12-month LIBOR rate has been 2.3%), plus 2.3% to 2.8%.

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Still there was some good news as the overnight London interbank offered rate (LIBOR)--a critical measure of credit availability-- fell to 2.47%, from 5.09%, on Thursday.

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The three-month London Interbank Offered Rate, or LIBOR, dropped to 4.50 percent from Wednesday's 4.55 percent.

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The London Interbank Offered Rate (LIBOR) hit a 10-month high of 0.53781%.

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The overnight London interbank offered rate jumped to 3.94% from 2.37%, while three-month Libor inched up to 4.32% from 4.29%, illustrating the unwillingness of banks to lend among themselves.

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Like its more-prominent cousin Libor the London interbank offered rate Euribor has come under scrutiny about whether banks have manipulated the rate.

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The overnight London interbank offered rate jumped again to 3.94% from 2.37%, while three-month Libor inched up to 4.32% from 4.29%, illustrating the unwillingness of banks to lend among themselves.

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