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Ignoring Low Student Loan Rates Could Be Costing You — Here’s How Refinancing Can Help

If you ignore how far student loan rates have dropped, you might end up paying thousands extra in interest charges. But if you refinance your student loans, you can make sure you’re only paying as much as you have to.

Ashley Harrison Ashley Harrison Edited by Jamie Young Updated October 7, 2021

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."

Don’t overpay on your student loans

Private student loan interest rates have fallen dramatically, which means your current interest rate might be costing you. By refinancing your student loans, you could qualify for a much lower interest rate — and save yourself from paying more on your student loans than you need to.

Take a look at this chart to see how drastically rates have dropped:

Why you should refinance today

Refinancing lets you consolidate all or part of your student loan balance into a new private loan.

When you refinance, you could get:

  • A lower interest rate, which could reduce your overall cost
  • A lower monthly payment, which could reduce the strain on your monthly budget

If you refinance right now, you might qualify for a historically low interest rate. Don’t wait — check your rates today to make sure you have the best deal on your student loans.

According to an analysis of a representative sample of 60,000 rate requests submitted to the Credible marketplace, during the week of Sept. 27, 2021:

  • Rates on 10-year fixed-rate loans averaged a record low of 3.36%, down slightly from 3.41% the week before and 4.09% a year ago. The record low for the term is 3.36%, set on September 27, 2021.
  • Rates on 5-year variable-rate loans averaged 2.65%, down from 2.93% the week before and 3.25% a year ago. The record low for the term is 2.53%, set on August 23, 2021.

Keep in mind that if you refinance federal student loans, you’ll no longer have access to federal programs, such as income-driven repayment, deferment, and student loan forgiveness.

It also might not be a good idea to refinance right now as interest and payments on federal student loans have been suspended through Jan. 31, 2022.

Tip: If you’re wondering how competitive your loan is, the loan score tool below can help. Just enter your APR, credit score, monthly payment, and remaining balance (estimates are fine) to see how your loan stacks up.
Loading widget - loan-score-tool

Learn more: Cost to Refinance Student Loans: Fees & Discounts Explained

Where should you start?

Student loans can be overwhelming, but refinancing them doesn’t have to be. That’s why Credible’s here to help. We let you compare rates for FREE and as a bonus:

  • It can take just 2 minutes
  • Checking prequalified rates won’t impact your credit score1
  • You can compare multiple lenders at once to find your perfect fit

The student loan refinancing companies in the table below are Credible’s approved partner lenders. Credible will receive compensation if you use Credible’s marketplace to obtain a loan from these lenders. Our compensation does not affect placement on the table below.

You can compare prequalified rates from all of them by filling out a single form:

LenderFixed rates from (APR)Variable rates from (APR)
advantage education loan consolidation 2.94%+ N/A
brazos student loan refinancing 2.35%+ 2.45%+
citizens student loans 3.74%+1 1.99%+1
college ave student loans 3.49%+2 3.44%+2
edvestinu student loan consolidation 3.41%+5 3.46%+5
elfi student loans 2.73%+3 1.86%+3
mefa refinancing 3.47%+4 2.45%+4
lendkey 2.69%+ 2.14%+
invested refinancing 3.45%+ N/A
penfed purefy student loan consolidation 4.49%+ N/A
rhode island student loan authority refinancing 4.29%+ N/A
Compare personalized rates from multiple lenders without affecting your credit score. 100% free!

Compare Now

Trustpilot

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

1 To check the rates and terms you qualify for, Credible or our partner lender(s) conduct a soft credit pull that will not affect your credit score. However, when you apply for credit, your full credit report from one or more consumer reporting agencies will be requested, which is considered a hard credit pull and will affect your credit.

Find out: Refinancing Consolidated Federal Student Loans: Can You and Should You?

About the author
Ashley Harrison
Ashley Harrison

Ashley Harrison is a Credible authority on personal finance who enjoys helping people become debt-free.

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Home » All » Student Loan Refinancing » Ignoring Low Student Loan Rates Could Be Costing You — Here’s How Refinancing Can Help

Student Loan Refinancing Basics


  • How to Refinance Student Loans
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Refinancing Guides

  • How to Refinance Student Loans
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