Our goal here at Credible Operations, Inc. NMLS Number 1681276, referred to as Credible, is to give you the tools and confidence you need to improve your finances. We do not promote products from our partner lenders who compensate us for our services, but all of our opinions are of our own.
Rates for well-qualified borrowers using the Credible marketplace went up for 10 years fixed-rate loans and fell for 5 year variable-rate loans this week.
For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender during the week of August 1, 2022:
If you want to compare and contrast the options of different private lenders, you can use an online tool like Credible to find out what kind of student loan refinance rates you may qualify for. Interest and payments on federal student loans have been suspended through August 31, 2022 in order to provide relief from the economic impacts of the COVID 19 pandemic. As long as the relief is in place, there is little incentive for borrowers with private student loans to take advantage of the low interest rate environment to refinance their education debt at lower rates.
If you qualify to refinance your student loans, the interest rate you may be offered may depend on factors like your FICO score, type of loan you re seeking fixed or variable rate, and the loan repayment term.
A good credit score can help you get a lower rate and that rates tend to be higher on loans with fixed interest rates and longer repayment terms, according to the chart above. It is a good idea to request rates from multiple lenders so you can compare your options because each lender has its own method of evaluating borrowers. A calculator can help you estimate how much you might save.
You can work on improving your credit before applying. After graduation, many lenders will allow children to refinance parent PLUS loans in their own name.
You can't get a loan from multiple private lenders at once without affecting your credit score.
How rates for student loan refinancing are determined?
Private lenders charge interest rates to refinance student loans in part due to the economy and interest rate environment, but also the loan term, type of loan fixed or variable-rate the borrower's creditworthiness and the lender's operating costs and profit margin.
Credible is a marketplace that allows consumers to find financial products that are the best fit for their unique circumstances. It allows consumers to compare and contrast loan options without having to put their personal information at risk or affect their credit score, as a result of integrations with leading lenders and credit bureaus. Over 5,000 positive Trustpilot reviews and a TrustScore of 4.7 5 are a proof of the Credible marketplace's unrivaled customer experience.