Our goal at Credible Operations, Inc. NMLS Number 1681276, referred to as Credible below, is to give you the tools and confidence you need to improve your finances. We do not sell 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 this week for both 10 year fixed-rate and 5 year variable-rate loans.
For borrowers with credit scores of 720 or higher, who used the Credible marketplace to select a lender during the week of Sep. 19, 2022:
If you want to compare and contrast options from 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 at least December 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 to take advantage of the low interest rate environment to refinance their education debt at lower rates.
If you qualify to refinance student loans, the interest rate you may be offered can depend on factors like your FICO score, type of loan you want to get fixed or variable rate, and the loan repayment term.
The chart shows that good credit can help you get a lower rate and that rates tend to be higher on loans with fixed interest rates and longer repayment terms. It is a good idea to request rates from multiple lenders so that you can compare and contrast your options, because each lender has its own method of evaluating borrowers. It will help you estimate how much you could 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 get multiple private lenders at once without affecting your credit score.
How rates for student loan refinancing are determined?
Private lenders' rates to refinance student loans depend on 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 multi-lender marketplace that allows consumers to find financial products that are the best fit for their unique circumstances. The integration with leading lenders and credit bureaus allows consumers to quickly compare and contrast their loan options without putting their personal information at risk or affecting their credit score. The Credible marketplace provides a unrivalled customer experience, as evidenced by over 5,000 positive Trustpilot reviews and a TrustScore of 4.7 5.