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 wait to refinance
Interest and payments on federal student loans have been suspended through Dec. 31, 2020. Since it’s impossible to get a better rate than 0%, there’s little incentive to refinance federal student loans at the moment.
But it’s still never been a better time to consider refinancing your private student loans. Why? Because private student loan interest rates have fallen dramatically — and you can take advantage of them right now.
See how drastically rates have dropped
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Refinancing consolidates your federal and private student loans into one new loan with a private student loan lender. You can also refinance only part of your debt if you’d prefer.
By refinancing your student loans, you might qualify for a much lower interest rate than what you currently have. This could reduce how much you pay over the life of the loan. Or you could extend your repayment term to dramatically lower your monthly payment and loosen up your monthly budget.
- Rates on 10-year fixed-rate loans averaged a record low of 4.31%, down 29% from a May 2018 peak of 6.09%
- Rates on 5-year variable-rate loans averaged 3.17%, up from a previous record low of 2.82% seen in June, but down 37% from a 2018 high of 5.05%.
Keep in mind that if you refinance your federal loans, you’ll no longer have access to federal programs, such as income-driven repayment, deferment, and student loan forgiveness.
Where do 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:
| Lender | Fixed rates from (APR) | Variable rates from (APR) |
|---|---|---|
 | 4.9%+ | 5.31%+ |
 | 6.79%+1 | 7.06%+1 |
 | 6.99%+2 | 6.99%+2 |
 | 6.0%+5 | 8.03%+5 |
 | 5.23%+3 | 5.28%+3 |
 | 5.9%+4 | 8.12%+4 |
 | 4.49%+ | 5.02%+ |
 | 5.75%+ | N/A |
 | 5.79%+ | N/A |
| 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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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.
