Copy-pasting from a similar thread:
The Spirit is, assuredly, also given to individual Christians, so that their hearts can “burn within them”
(Lk. 24:32) as they pray and prayerfully study the Scripture within the context of their own personal lives. This is why the Second Vatican Council insisted that access to Scripture be facilitated in every possible way (<Dei Verbum,> 22; 25). This kind of reading, it should be noted, is never completely private, for the believer always reads and interprets Scripture within the faith of the church and then brings back to the community the fruit of that reading for the enrichment of the common faith.
(
Interpretation of the Bible in the Church, Pontifical Biblical Commission, 1994)
The difference between individual and Magisterial interpretations, is that the Magisterium, when speaking from its official capacity, has the guarantee of the Spirit to interpret without error. The individual certainly may derive a correct interpretation, but should not presume he/she has an infallible guarantee as a charism.