REFINANCE STUDENT LOANS

Pay Less on Student Loans. Get More out of Life.
Compare prequalified student loan refinancing rates from up to 8 lenders without affecting your credit score. 100% free!

How to Refinance Your Student Loans with Credible

1
Fill out a quick simple form (2 mins)
  • One form to access options from top lenders
  • Checking your rates won't affect your credit score
  • Your information is not shared with lenders at this point
2
Choose an option you like (2 mins)
  • Easily compare your prequalified options in one place
  • Use our comprehensive tools to quickly find a plan for you
  • Get actual rates based on your credit profile, no estimates
* Actual results may vary
3
Provide your loan details (3 mins)
  • Use our easy import tools to add the loans you want to refinance
  • Provide some additional details about yourself
  • Get your final offer in as little as 1 business day
Join thousands of others who have already saved by refinancing.

Compare Options for Student Loan Consolidation and Refinancing

lender
rates from (apr)
loan term
eligible degrees
Advantage
Education Loans
Fixed:
10, 15, 20 yrs

Undergrad & Graduate

Brazos
Fixed: Variable:
5, 7, 10, 15, 20 yrs

Undergrad & Graduate

Citizens Bank
Fixed: 1Variable: 1
5, 7, 10, 15, 20 yrs1

Undergrad & Graduate

EDvestinU
Fixed: Variable:
10, 15, 20 yrs

Undergrad & Graduate

ELFI
Fixed: 3Variable: 3
5, 7, 10, 15, 20 yrs3

Undergrad & Graduate

MEFA
Fixed: Variable:
10, 15 yrs

Undergrad & Graduate

PenFed
Fixed: Variable:
5, 8, 12, 15 yrs

Undergrad & Graduate

RISLA
Fixed:
5, 10, 15 yrs

Undergrad & Graduate

All APRs reflect autopay and loyalty discounts where available
Citizens Bank Disclosures
1
See personalized rates from multiple lenders in 2 minutes.
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Student loan refinancing allows qualified borrowers to adjust the interest rate and repayment terms on their private and federal student loans by taking out a new loan that pays off some or all of their existing education debt.

Borrowers may refinance student loans through a number of private lenders. As each lender's rates and criteria vary, it's important to shop around to find the best lender for you. Credible makes it easy to compare multiple lenders in just a few minutes. We use a soft credit pull to provide prequalified rates without hurting your credit score.

Depending on the interest rate and number of years it will take to pay off your new loan, refinancing can reduce your monthly payment, your total interest paid, or both.

Refinancing student loans can lower your interest rate, saving you thousands in total interest and enabling you to make monthly payments that pay off your loans faster. It can also give you peace of mind by allowing you to reduce your monthly payment, lock in a fixed interest rate, or remove a parent as the cosigner of a private loan.

Whatever your goal, you should weigh your options carefully. Here are some of the options that may be available to you:

  • Pay off loans faster
  • Reduce your monthly payment
  • Reduce interest charges and monthly payment
  • Relieve your co-signer of their obligations
Read more: Why you should refinance your student loans

The best time to refinance your student loans is typically after graduation, when you've landed a job and established strong credit.

To be eligible to refinance at an attractive interest rate, you'll typically need a history of earnings and a credit score that gives lenders the confidence that you'll be able to repay your student loan debt.

If you don't qualify to refinance right after graduation on your own, you may be eligible with a creditworthy cosigner. Or, you can try again when your financial situation improves. If you earn a raise or manage to pay down credit card debt, your chances of qualifying will improve. Not sure if you qualify? Credible makes it easy to see if you prequalify for rates in just two minutes.

Many borrowers decide to refinance once they can qualify for lower interest rates than those on their existing loans. But some borrowers with variable-rate loans may choose to refinance into a fixed-rate loan with a higher student loan interest rate to avoid a potentially bigger increase in their interest rate and monthly payment.

Try out: Credible’s student loan refinancing calculator

Student loan refinancing differs from federal student loan consolidation in several important ways.

Student loan refinancing, sometimes referred to as private student loan consolidation, is only offered by private lenders. However, both private and federal student loans may be refinanced by qualified borrowers, often at lower interest rates. All student loan refinancing lenders on Credible accept both federal and private student loans.

Federal student loan consolidation, or a Direct Consolidation Loan, is offered by the Department of Education, and allows borrowers to combine two or more federal loans so that they have a single monthly loan payment. Private student loans are not eligible for consolidation, and borrowers do not get a lower interest rate.

Read more: Private student loan refinancing vs federal student loan consolidation

Refinancing your student loans through a private lender not only allows you to consolidate several loans into a new, single loan, but you may also be able to get a low interest rate and adjust your repayment term, which can save thousands in interest charges.

But borrowers who refinance federal student loans also give up benefits provided by federal loans, including access to income-driven repayment programs that may qualify them for loan forgiveness after 10, 20, or 25 years of loan payments. Some lenders will accommodate borrowers who have temporary difficulties repaying their loans, but few offer income based repayment plans or loan forgiveness. Public Service Loan Forgiveness is only available to federal student loan borrowers.

Consolidating federal student loans through the government provides the convenience of a single monthly payment, but will not lower your interest rate. However, you could lower monthly payments by qualifying for income-driven repayment options that stretch out your payments over a longer period of time. Borrowers who do not qualify for student loan forgiveness may end up paying considerably more in interest payments.

Read more: Student Loan Refinancing Risks

The choice often comes down to your tolerance for risk. While you may start off with a lower rate if you choose a variable interest rate, the rate can go up and down, along with your monthly payment.

Refinancing into a fixed-rate loan often means starting at a higher interest rate, but that rate is locked in for the life of the loan.

All of Credible's student loan refinance partner lenders offer fixed-rate loans. Most of Credible's partner lenders also offer borrowers the choice of refinancing into a variable-rate loan.

Read more: How to Choose Between a Fixed-Rate or Variable-Rate Student Loan

Nothing. Credible’s partner lenders do not charge prepayment penalties, loan application fees, or origination fees.

Using Credible is free. Although our partner lenders do pay us a fee, the fee does not affect your loan terms or the loan amount you pay the lender.

Qualifying to refinance student loan debt can depend on a number of factors including your credit and earnings history, credit report, the school you graduated from, and the size of the loan you want to refinance.

Credible’s data show the most common reason borrowers are turned down for refinancing is not their credit score, but excessive debt-to-income ratio, or “DTI.” If you have a limited or poor credit history, there are proven steps you can take to improve it.

Adding a creditworthy cosigner can improve your chances of prequalifying for a loan. The Credible marketplace allows you to request rates with a number of different cosigners, so you can see which helps you prequalify with the best rates. Many lenders offer cosigner release once borrowers have made a minimum number of on-time monthly payments and can demonstrate they are ready to assume full responsibility for repayment of the loan on their own.

Take two minutes to fill out our form, and if you're eligible you’ll see personalized, prequalified rates on your dashboard from each partner lender you qualify for. Requesting these prequalified rates will not affect your credit score, and your personal information is not shared with lenders unless you see an opportunity you wish to proceed with.

These are Credible’s best companies to refinance or consolidate student loans:
  • Advantage Education Loan
  • Brazos
  • Citizens Bank
  • EdvestinU
  • Elfi
  • MEFA
  • Penfed
  • RISLA
Read more: Student Loan Refinancing Lender Reviews
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