Our goal here at Credible is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

Refinancing is a good idea if:

  • You want to save money. The point of refinancing your student loans is to secure a lower interest rate, so you can save money over the life of your loan.
  • Your finances are in good shape. If you have a good credit score and a steady income (or you have a cosigner with a qualifying score and income), you are a great candidate for refinancing.

Student loan refinancing calculator

Estimate how much you can save by refinancing your student loans. First, enter your current loan information. Then, estimate the rate and terms of your new loan.

STEP 1: Enter current loan information

? Enter the remaining amount of the loans you’d like to refinance $

? Enter the average annual interest rate of the loans you’d like to refinance %

? Enter the monthly amount you currently pay on your loans (or enter remaining term) $


? Enter the amount of time left to repay your loan (or enter monthly payment) mo.

STEP 2: Compare with a new loan


? Enter an estimated new interest rate. %

? Enter the monthly amount to pay on your new loan (or enter new loan term) $


? Enter the amount of time you have to repay your loan (or enter monthly payment) mo.

Lifetime Savings Increased Lifetime Cost


Monthly Savings Increased Monthly Cost


Estimated Payoff Date

Ready to start saving?

Credible simplifies refinancing by letting you compare rates from top lenders in minutes.

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How to decide if you should refinance your student loans

  1. Know how much you owe
  2. Estimate the rates you can qualify for

1. How much do you owe?

The first step to deciding if refinancing is right for you, is knowing how much you owe and what your interest rates are. Finding this out is different depending on if you have private student loans, federal student loans, or a mix of the two:

  • To find your federal student loan balance: Check the National Student Loan Data System (NSLDS) or with your school’s financial aid office.
  • To find your private student loan balance: Check your credit report to find your private lender, then contact them or login to their site to view your balance.

More Info: How to Find Your Student Loan Balance

2. What rates can you qualify for?

To be eligible to refinance your student loans at a better interest rate, you’ll typically need a good credit score and steady income. This tells lenders that you should be able to repay your student loans without an issue.

LenderRates from (APR)Min. credit scoreMin. annual income
advantage education loan consolidationFixed: 4.54%+
Variable: N/A
Does not disclose$24,000
brazos student loan refinancingFixed: 3.50%+
Variable: 3.58%+
690$30,000 with cosigner
$60,000 without
citizens bank student loansFixed: 3.20%+¹
Variable: 2.49%+¹
Does not disclose$24,000
college ave student loansFixed: 3.74%+2
Variable: 3.64%+2
Does not discloseDoes not disclose
elfi student loansFixed: 3.19%+3
Variable: 2.39%+3
invested refinancingFixed: 2.92%+4
Variable: 1.99%+4
mefa refinancingFixed: 4.65%+
Variable: 4.65%+
penfed purefy student loan consolidationFixed: 3.23%+
Variable: 2.58%+
670$24,000 with cosigner
$42,000 without
rhode island student loan authority refinancingFixed: 3.49%+
Variable: N/A
sofi refinancingFixed: 2.99%+5
Variable: 1.99%+5
Does not discloseDoes not disclose
Considering student loan refinancing?
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5SoFi Disclosures

Citizens Bank Education Refinance Loan Rate Disclosure: Citizens Bank Disclosures Citizens Bank Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2020, the one-month LIBOR rate is 0.17%. Variable interest rates range from 2.49%-8.38% (2.49%-8.38% APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.20%-8.63% (3.20%-8.63% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.

Frequently asked questions

When should I refinance my student loans?

A good time to refinance is when you can qualify for lower interest rates than those on your existing student loans. Typically, this is once you’ve graduated, have a steady job, and have established your credit.

If you don’t qualify to refinance right after graduation on your own, you could be eligible with a creditworthy cosigner (or you can try again once your financial situation improves). But if you’re still not sure if you qualify, Credible makes it easy to see if you prequalify for rates in just two minutes.

How much will refinancing my student loans save me?

According to a recent analysis of self-reported data provided by borrowers who refinanced their student loans through Credible, Credible users who refinanced into a shorter term loan saved  an average of $17,344 over the life of your new loan.1

But keep in mind the amount you save will be dependent on your specific situation.

1Click here to see how this savings was calculated.

How can I qualify for refinancing?

Qualifying for student loan refinancing depends on a number of factors like your credit score, debt-to-income ratio (DTI), the school you graduated from, and how much you want to refinance.

Adding a creditworthy cosigner can also improve your chances of prequalifying for a loan. Credible allows you to compare different cosigners, so you can see which helps you prequalify with better rates. 

Learn More: How to Improve Your Credit

Do I make enough to refinance?

Some lenders have minimum income requirements if you want to refinance your student loans with them. Although it varies by lender, the minimum income is typically $24,000 or more (this also depends on whether you have a qualifying cosigner or not).  This is generally considered by lenders as part of their debt-to-income calculation to determine if you have enough income to cover your current monthly debts.  

However, the most important thing is that you have a steady job and consistent income. This will show lenders you’re responsible and can pay your loans back.

Compare Min. Income: 10 Best Student Loan Refinance Companies

How often can I refinance my student loans?

Although many refinance their student loans just once, there’s actually no limit to how often you can refinance your student loans. In some situations, refinancing again can help you save even more money than you did when you refinanced your student loans the first time. 

Just make sure you do your due diligence to ensure it makes sense to refinance a second or even third time. Your goal is to qualify for a lower a rate so that you can save more money; if you can’t get a lower rate, it probably isn’t the best idea for you.

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About the author
Jamie Young
Jamie Young

Jamie Young is a Credible authority on personal finance. Her work has been featured by Time, Business Insider, Huffington Post, Forbes, CBS News, and more.

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