What’s the difference between fixed rates and variable rates?

The interest rate on a loan is the base cost of borrowing money for the duration of your loan and is a percentage of the principal loan amount. It can be fixed (it will not change over time) or variable (it can change over time). Variable interest rates can increase or decrease throughout the life of your loan, which may result in your monthly payment changing. All Ascent bootcamp loans are fixed rates, so you can be confident your rate won’t go up over the life of your loan.