Our goal here at Credible Operations, Inc., NMLS number 1681276, hereinafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote products from our partner lenders that reward us for our services, all opinions are our own.
Interest rates for well-qualified borrowers using the credible marketplace Refinance student loans fell this week for 5-year adjustable rate loans and rose for 10-year fixed rate loans.
For borrowers with a credit score of 720 or higher who used Credible’s marketplace during the week of February 6, 2023 to select a lender:
- Interest rates on 10-year fixed rate refinancing loans averaged 6.22%, down from 6.45% the week before and up from 3.71% a year ago. Interest rates for this term hit their lowest level in 2022 in the week of January 10, when they stood at 3.44%.
- Interest rates on 5-year adjustable rate refinancing loans averaged 4.79%, down from 5.40% the week before and up from 2.78% a year ago. Interest rates for this term hit their 2022 low in the week of July 4th, when they stood at 2.51%.
Weekly student loan refinance interest rate trends
If you are curious about what type of student loan refinance rates you may qualify for, You can use an online tool like Credible Compare offers from different private lenders. Reviewing your rates will not affect your credit score.
Current student loan refinancing rates by FICO score
To alleviate the economic impact of the COVID-19 pandemic, federal student loan interest and payments have been suspended for this year, potentially for up to 30 days after June 30, 2023. While this relief exists, there is little incentive to do so Refinance federal student loans. But many personal student loan borrowers are taking advantage of the low-interest-rate environment to refinance their educational debt at lower rates.
If you qualify for student loan refinance, the interest rate you may be offered may depend on factors such as your FICO score, the type of loan you want (fixed or variable rate), and the loan repayment period.
The chart above shows that good credit can help you get a lower rate, and interest rates tend to be higher on loans with fixed rates and longer repayment terms. Since each lender has their own way of rating borrowers, it’s a good idea to request interest rates from multiple lenders so you can compare your options. A student loan refinance calculator can help you estimate how much you could save.
If you want to Refinancing with bad credit, you may need to apply with a co-signer. Or you can work on improving your credit score before applying. Many lenders allow children to refinance Parent PLUS Loans on their own behalf after graduation.
You can Use Credible to compare prices from multiple private lenders at once without hurting your credit score.
How student loan refinance rates are determined
The interest rates that private lenders charge for refinancing student loans depend, among other things, on the economy and the interest rate environment, but also on the loan term, the type of loan (fixed or variable), the creditworthiness of the borrower and the operating costs and profit margin of the lender.
Credible is a multi-lender marketplace that enables consumers to discover financial products that best fit their unique circumstances. Credible’s integration with leading lenders and credit reporting agencies allows consumers to quickly compare accurate, personalized loan options — without compromising their personal information or compromising their credit score. The credible marketplace offers an unparalleled customer experience, which is reflected in over 5,000 positive Trustpilot reviews and a TrustScore of 4.7/5.