Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
The best student loan refinance companies provide competitive interest rates, a wide selection of loan terms, inclusive eligibility requirements, and responsive customer service.
Through Credible, you can compare your prequalified rates from all of the lenders below without affecting your credit score.
| Lender | Fixed rates from (APR) | Variable rates from (APR) | Loan terms (years) |
|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 4.39%+ | 4.34%+ | 5, 7, 10, 15, 20 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.73%+1 | 6.0%+1 | 5, 7, 10, 15, 20 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.99%+2 | 6.99%+2 | 5, 7, 10, 12, 15 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 4.15%+5 | 5.22%+5 | 5, 10, 15, 20 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 4.88%+3 | 4.74%+3 | 5, 7, 10, 15, 20 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.11%+4 | 7.49%+4 | 5, 10, 15, 20 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 4.49%+ | 4.47%+ | 5, 7, 10, 15 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.2%+ | N/A | 7, 10, 15 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 4.99%+ - 9.97%+8 | 5.990%+ - 10.280%+8 | 5, 7, 10, 15, 20, 25 years8 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.99%+ | N/A | 5, 10, 15 |
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| Compare personalized rates from multiple lenders without affecting your credit score. 100% free! |
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures | 8Nelnet Bank Disclosures |
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Let’s take a look at Credible’s partner lenders:
- Brazos: Best for Texas residents
- Citizens: Best for Citizens account holders
- College Ave: Best for repayment term variety
- EdvestinU: Best for high balances
- ELFI: Best for high balances
- INvestEd: Best for forbearance
- ISL Education Lending: Best for current students
- MEFA: Best for no degree
- RISLA: Best for income-based repayment
1. Brazos
Brazos offers refinancing to borrowers who reside in Texas. With Brazos, you’ll also have access to economic hardship forbearance, which allows borrowers to defer payments for up to 12 months over the life of the loan (up to three months per forbearance period).
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
Cons
Learn More: Brazos student loan refinance review
2. Citizens
Citizens offers refinancing to all U.S. residents and permanent residents, as well as resident aliens (with an eligible cosigner). You can refinance $10,000 to $750,000 (depending on your degree and loan type).
If you already have an account with Citizens, you could also get a 0.25% loyalty rate discount — plus another 0.25% off your rate if you sign up for autopay.
Additionally, Citizens borrowers have access to economic hardship forbearance, which allows borrowers to defer payments for up to 12 months over the life of the loan (up to two months per forbearance period).
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
Cons
Learn More: Citizens student loan refinance review
1Citizens Disclosures
3. College Ave
College Ave offers refinancing to all U.S. residents and permanent residents, except for residents in Maine.
They offer super flexible terms (a total of 15) to give you more options when it comes to repayment.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
Cons
Learn More: College Ave student loan refinance review
2College Ave Disclosures
4. EdvestinU
EdvestinU offers refinancing options to all U.S. residents who have private or federal student loans, including parent PLUS loans.
Also, unlike many private lenders, EdvestinU doesn’t require you to have earned your degree — you can refinance your student loans as long as you meet the company’s income and credit requirements.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
Cons
Learn More: EdvestinU student loan refinancing review
5EdvestinU Disclosures
5. ELFI
Education Loan Finance (ELFI) is a student loan debt consolidation program offered by SouthEast Bank. They offer temporary forbearance of up to 12 months for financial hardship.
If facing a medical difficulty, borrowers may be granted forbearance at the discretion of SouthEast Bank, as well.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
Cons
Learn More: ELFI student loan refinance review
3ELFI Disclosures
6. INvestEd
While INvestEd student loans are limited to Indiana residents and U.S. residents attending eligible Indiana schools, its refinancing program is available nationwide.
INvestEd allows borrowers to apply for cosigner release after 12 months of on-time payments. It also offers hardship forbearance for up to three months at a time, with a cumulative maximum of 24 months. There’s a limit of 2 forbearances per 12 month period.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
Cons
Learn More: INvestEd student loan refinance review
4INvestEd Disclosures
7. ISL Education Lending
ISL Education Lending offers a variety of refinancing options — which includes being able to refinance while you’re still in school.
In addition to a standard repayment plan, ISL Education Lending provides a graduated repayment plan to borrowers who choose a 10-, 15-, or 20-year term (plus seven-year terms in some cases). This type of plan starts with low payments that gradually increase over time.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
Cons
Learn More: ISL Education Lending student loan refinance review
8. MEFA
Massachusetts Educational Financing Authority (MEFA) doesn’t just offer private loans to those in Massachusetts; residents from any state can apply. With MEFA, you can refinance $10,000 up to the total amount of your qualified education debt with repayment terms of seven, 10, or 15 years.
Keep in mind that you must have attended a public or nonprofit university to refinance with MEFA — for-profit schools aren’t eligible.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
Cons
Learn More: MEFA student loan refinance review
9. RISLA
Rhode Island Student Loan Authority (RISLA) doesn’t just offer loans to those in Rhode Island; residents from any state can apply.
They also offer an income-based repayment plan to borrowers who demonstrate financial hardship. Under this plan, your payments are capped at 15% of your discretionary income, and any remaining balance will be forgiven by RISLA after 25 years.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
Cons
Learn More: RISLA student loan refinance review
How we picked the best student loan refinance companies
To find the “best companies,” Credible looked at loan and lender data points from 12 categories to give you a well-rounded perspective on each of our partner refinancing lenders.
Here’s what we considered:
- Interest rates
- Repayment terms
- Repayment options
- Fees
- Discounts
- Customer service availability
- Maximum loan balances
- Willingness to refinance parent loans
- Eligibility criteria
- Cosigner release options
- Whether the minimum credit score is available publicly
- Whether consumers could request rates with a soft credit check
Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loan that works for you, not by selling your data. This means Credible will only get paid by the lender if you finish the refinancing process and a loan is disbursed. Additionally, Credible charges you no fees of any kind to compare your refinancing options.
Other student loan refinancing lenders to consider
Here are more student loan refinancing companies we evaluated. Keep in mind that these lenders are not offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can our partner lenders.
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| Undergrad: $500,000 Grad: $500,000 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| Undergrad: $249,000 Grad: $199,000 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| Undergrad: $500,000 Grad: $500,000 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| Undergrad: $249,000 Grad: $249,000 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| Undergrad: None Grad: None |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| Undergrad: $99,000 Grad: $150,000 |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| Undergrad: No maximum Grad: No Maximum |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| Undergrad: None Grad: None |
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Check out: 4 Credit Unions for Student Loan Refinancing
How to refinance student loans
If you’re ready to refinance your student loans, follow these four steps:
- Research and compare lenders. Since each lender is likely to offer you a different rate and terms, compare as many lenders as possible to find the right loan for you. Consider not only interest rates but also repayment plans and any fees charged by the lender.
- Choose your loan option. After comparing lenders, choose the option that best suits your needs.
- Complete the application. Once you’ve picked a lender, fill out a full application on their site and submit any required documentation, such as loan verification statements, proof of employment, and proof of income.
- Manage your payments. If you’re approved, make sure to keep up with payments on your old loans until the refinance is processed. Afterward, consider signing up for autopay so you won’t miss any payments in the future — many lenders offer rate discounts for borrowers who opt for automatic payments.
Check Out: How to Refinance Your Student Loans
Requirements to refinance student loans
While eligibility criteria vary between lenders, there are common requirements for student loan refinancing that you’ll likely come across, including:
- Good credit: You’ll typically need good to excellent credit to qualify for refinancing. Generally, borrowers with strong credit can qualify for lower interest rates compared to borrowers with poor or fair credit.
- Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the percentage of your monthly income that’s required to pay expenses like your rent or mortgage, car loan, and other bills. In general, you’ll need a DTI ratio below 50% — though some lenders might require a lower ratio.
- Verifiable income: Lenders want to see that you’ll be able to afford your future loan payments. Some lenders have a certain minimum income you’ll have to meet while others don’t — but in either case, you’ll typically have to show proof of income.
Learn More: Lenders That Will Refinance Student Loans for Non-Graduates
How to get the best student loan refinance rate
Lenders review your credit to determine not only your creditworthiness but also your interest rate. In general, the best rates on student loan refinancing are reserved for borrowers with good to excellent credit.
Check Out: How to Refinance Graduate Student Loans
Calculate your potential savings
How much you could save through refinancing mainly depends on whether you can get a better interest rate as well as the repayment term you choose. For example, if you qualify for a lower interest rate you could save money on interest charges and potentially pay off your loan faster. Choosing a shorter repayment term could also get you a lower interest rate.
You can use our student loan refinancing calculator below to see how much you can save by refinancing.
Step 1. Enter your loan balance
Step 2. Enter current loan information
Step 3. Enter your new loan information to start calculating your savings
If you refinance your student loan at % interest rate, you can save will pay an additional $ monthly and pay off your loan by . The total cost of the new loan will be $.
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Checking rates won’t affect your credit score.
Learn More: Credit Unions for Student Loan Refinancing
Frequently asked questions about student loan refinancing
Here are the answers to several commonly asked questions regarding student loan refinancing.
How did the CARES Act affect student loans?
Due to the COVID-19 pandemic, payments and interest accrual were paused on federal student loans by the CARES Act. Payments and interest began again on September 1, 2023. Private student loans, on the other hand, weren’t eligible for CARES Act benefits — though many private lenders are offered various types of payment assistance to borrowers negatively impacted by the pandemic.
If you have private student loans and can qualify for a lower interest rate or more favorable repayment terms, then refinancing could be a good idea.
Can you refinance private loans?
Yes, private student loans are eligible for refinancing. Keep in mind that you can refinance more than once, which means you could refinance your private loan again if you can get a lower rate or better terms in the future.
Can you refinance federal loans?
Yes, you can refinance federal student loans. However, doing so will turn your federal student loans into a private loan — which means you’ll lose access to federal protections, such as income-driven repayment plans and student loan forgiveness programs. Refinancing is permanent and irreversible, so make sure you won’t need those benefits before refinancing federal loans.
What is federal student loan consolidation?
Federal student loan consolidation is a different process than refinancing. If you have federal student loans, you can consolidate them with a federal Direct Consolidation Loan. Your interest rate will be the weighted average of the interest rates on the loans you consolidate
Additionally, you could extend your repayment term up to 30 years through federal consolidation, which could lower your monthly payment and lessen the strain on your budget. Just keep in mind that having a longer term means you’ll pay more in interest over time.
Can you refinance more than once?
Yes, there’s no limit to how many times you can refinance. Refinancing more than once could be a good idea if you can qualify for a lower interest rate or better repayment terms, as you could save money on interest and potentially pay off your loan faster.
When is the best time to refinance?
The best time to refinance your student loans is whenever it makes the most financial sense for you to do so. For example, if you have good credit and will benefit from refinancing, then it could be a good time for you.
But if you have poor credit or unstable income, then it might be a better idea to wait to refinance.
What is the average student loan refinance rate?
On average, student loan refinancing rates have continued to drop over the past several months. As of Oct. 2, 2023, good-credit borrowers who refinanced through Credible received the following average rate offers on private student loans:
- 10-year fixed interest rate loans: Rates averaged 7.29%, up from 7.22% the week before and up from 5.49% a year ago.
- Five-year variable interest rate loans: Rates averaged 6.28%, up significantly from 5.88% the week before and up from 3.41% a year ago.
Keep in mind that your credit as well as other factors will play a role in determining the interest rates you might be offered.
Can refinancing student loans hurt your credit?
When you apply for refinancing, the lender typically performs a hard credit check to review your finances and determine your creditworthiness. This could cause a slight drop in your credit score — though usually by only five points or less.
Additionally, this is often only temporary, and your score will likely bounce back within a few months.
What is the downside to refinancing student loans?
While there are several potential benefits to refinancing, it’s also important to keep the possible downsides in mind. For example:
- Loss of federal benefits: Refinancing federal student loans means you’ll lose access to federal protections.
- Lack of repayment plans: Unlike federal student loans, private refinanced loans generally don’t offer a wide variety of repayment options to choose from, such as income-driven or extended repayment plans.
What credit score is needed in order to refinance?
You’ll generally need good to excellent credit to qualify for refinancing — a good credit score is usually considered to be 700 or higher. There are also some lenders that offer refinancing for bad credit, but these loans tend to come with higher interest rates compared to good-credit loans.
What’s the difference between refinancing and consolidation?
While refinancing and consolidation both allow you to combine your student loans, they mean something different for private and federal student loans.
- Private student loan refinancing (also known as private consolidation) is the process of taking out a new private student loan to pay off your old loans. Depending on your credit, you might get a lower interest rate through refinancing. Keep in mind that you can refinance both private and federal loans — but if you refinance federal student loans, you’ll no longer have access to federal benefits and protections.
- Federal student loan consolidation is the process of consolidating federal loans into a Direct Consolidation Loan. While this won’t change your interest rate, it will allow you to extend your repayment term up to 30 years, which could greatly reduce your monthly payments. Just remember that you’ll pay more interest over time with a longer term.
What’s the difference between a fixed rate and a variable rate?
Many refinancing lenders offer both fixed and variable interest rates on their loans. Here’s how they work:
- Fixed rates stay the same throughout the life of the loan. This means your interest and payments won’t ever change.
- Variable rates can fluctuate based to market conditions — so your interest and payments could rise or fall in the future.
Keep Reading: When to Refinance Student Loans
Methodology: Credible evaluated loan and lender data points in 12 categories to identify some of the “best companies” for refinancing student loans. We looked at interest rates, repayment terms, repayment options, fees, discounts, customer service availability, and maximum loan balances offered by 20 lenders. We also considered each company’s willingness to refinance parent loans, eligibility, cosigner release options, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check.
Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender.
Read the full Credible rating lender methodology.
Learn about Credible’s mission and promise to our readers.
