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This 2-Minute Trick Could Help You Get Out of Student Loan Debt Faster

Student loan rates have fallen to an all-time low. If you refinance your student loans and qualify for one of these lower interest rates, you might be able to pay off your loans more quickly.

Ashley Harrison Ashley Harrison Updated September 15, 2020

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."

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
According to an analysis of a representative sample of 60,000 rate requests submitted to the Credible marketplace, during August:

  • 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:

LenderFixed rates from (APR)Variable rates from (APR)
advantage education loan consolidation4.54%+N/A
brazos student loan refinancing2.95%+1.89%+
citizens student loans2.89%+¹ 2.19%+¹
college ave student loans3.34%+23.24%+2
elfi student loans2.79%+32.39%+3
mefa refinancing3.47%+42.47%+4
invested refinancing3.05%+3.05%+
penfed purefy student loan consolidation2.99%+2.15%+
rhode island student loan authority refinancing3.19%+N/A
sofi refinancing2.99%+62.85%+6
Compare personalized rates from multiple lenders without affecting your credit score. 100% free!

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Trustpilot

All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5Iowa Student Loan Disclosures | 6SoFi 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.

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 » This 2-Minute Trick Could Help You Get Out of Student Loan Debt Faster

Student Loan Refinancing Basics


  • How to Refinance Student Loans
  • Refinancing Federal Student Loans
  • Refinancing Private Student Loans

👇 CARES Act Info 👇

  • COVID-19 Student Loan Relief

Refinancing Guides

  • When to Refinance Student Loans
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  • How to Lower Your Monthly Payment
  • How to Lower Your Interest Rate
  • How to Refinance with Bad Credit

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