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Say goodbye to student loan debt by refinancing
Student loans can often take years to pay off, especially if you have a large balance, a high interest rate, multiple loans — or all three.
But if you refinance your student loans, you could reduce your repayment time and get out of debt much faster.
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
- 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%.
How could refinancing shorten my repayment time?
When you refinance, you might qualify for a lower interest rate. If you also choose a shorter repayment term, the total cost of repaying your student loans will fall.
This means you could repay your loans in a shorter amount of time for less money — and be debt-free sooner.
Best of all, private student loan interest rates have fallen dramatically, which means you might qualify for a historically low interest rate if you refinance right now.
See how drastically rates have dropped
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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 Dec. 31, 2020.
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) |
|---|---|---|
 | 4.54%+ | N/A |
 | 2.70%+ | 1.93%+ |
 | 2.97%+¹ | 1.99%+¹ |
 | 3.34%+2 | 3.24%+2 |
 | 2.79%+3 | 2.39%+3 |
 | 3.46%+4 | 2.51%+4 |
 | 3.05%+ | 3.05%+ |
 | 2.99%+ | 2.19%+ |
 | 3.19%+ | N/A |
 | 2.99%+5 | 2.25%+5 |
| 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 Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5SoFi 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.
