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REFINANCE STUDENT LOANS
Written by
Jamie Young
Student Loan Editor
Jamie Young is a Credible authority on personal finance. Her work has appeared on some of the best-known media outlets including Time, CBS News, Huffington Post, Business Insider, AOL, MSN, and more.
Written by
Student Loans Editor
Matt Carter is a writer and editor for Credible. His work has been featured by CNBC, CNN Money, Consumer Reports, Money, USA Today, The New York Times, The Wall Street Journal, The Washington Post, and more.
Written by
Student Loans Editor
Dennis Wentworth is a Credible student loan expert with more than 30 years experience in the industry. Prior to joining Credible, he headed up national sales teams for Sallie Mae, Next Generation Insurance and Ascent Student Loans.
Updated March 26, 2023
Federal loan forgiveness plans and payment pause have been extended into 2023. Read our guide
COMPARE TOP LENDERS
How to Refinance Your Student Loans Through Credible
- 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
- 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
- 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
Compare Options for Student Loan Consolidation and Refinancing
- Lenders & Rates
- Eligible Loans
- 100% Free
| Lender | Rates From (APR) |
|---|---|
Brazos | Fixed: 4.40% Variable: 4.67% |
Citizens | Fixed: 5.39%1 Variable: 5.39%1 |
College Ave | Fixed: 5.99%2 Variable: 5.99%2 |
EDvestinU | Fixed: 7.41%3 Variable: 7.39%3 |
ELFI | Fixed: 5.08%4 Variable: 4.53%4 |
INvestEd | Fixed: 5.61%5 Variable: 6.61%5 |
ISL Education Lending | Fixed: 6.94%6 Variable: N/A |
LendKey | Fixed: 4.49% Variable: 4.76% |
MEFA | Fixed: 5.50% Variable: N/A |
RISLA | Fixed: 5.29% Variable: N/A |
- Federal Student Loans
Our lenders can refinance some or all of your federal student loans into a private loan.
- Private Student Loans
Lenders also refinance private student loans from banks, credit unions or schools.
- Parent PLUS Loans
If you took out Parent PLUS loans for a student, you can refinance them through Credible.
- Service fee
Using Credible is 100% free. Get your actual rates and amazing customer support.
- Origination fee
None of our partner lenders charge loan origination fees when you refinance.
- Prepayment penalty
There's no prepayment penalty if you'd like to pay off your loans faster.
Student Loan Refinance FAQs
Written by
Student Loans Editor
Jamie Young is a Credible authority on personal finance. Her work has appeared on some of the best-known media outlets including Time, CBS News, Huffington Post, Business Insider, AOL, MSN, and more.
Written by
Student Loans Editor
Matt Carter is a writer and editor for Credible. His work has been featured by CNBC, CNN Money, Consumer Reports, Money, USA Today, The New York Times, The Wall Street Journal, The Washington Post, and more.
Updated March 26, 2023
Written by
Student Loans Editor
Dennis Wentworth is a Credible student loan expert with more than 30 years experience in the industry. Prior to joining Credible, he headed up national sales teams for Sallie Mae, Next Generation Insurance and Ascent Student Loans.
Editorial disclosure: 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."
This mainly depends on what type of student loans you have.
If you have private student loans, refinancing might get you a lower interest rate or reduced monthly payment (or both), which could help you more easily manage your loans during the COVID-19 pandemic. You can check rates and potentially prequalify for a much lower rate than what you have right now.
If you have federal student loans, it’s likely better to wait for updates on the CARES Act and forgiveness plans before consolidating with a private lender. Due to the pandemic, federals student loan payments and interest accrual have been suspended during the pandemic into 2023. If you refinance your federal student loans, you’ll lose access to this suspension as well as other federal benefits and protections, such as income-driven repayment plans and student loan forgiveness programs.
Learn more: Federal Student Loans and COVID-19: What You Need to Know
Refinancing your student loans is when you take out a new loan to pay off your old loans, leaving you with just one loan and payment to manage. Depending on your credit, you might be able to lower your interest rate through refinancing — which could save you money on interest and even help you pay off your loan faster.
Or you could opt to extend your repayment term through refinancing, which could reduce your monthly payments and lessen the strain on your budget. Just keep in mind that choosing a longer repayment term means you’ll pay more in interest over time.
There are several types of student loans that are eligible for refinancing, including loans for undergraduate, graduate, and professional studies. These loan types include:
Federal student loans are offered by the U.S. Department of Education and have their interest rates set by Congress. They also provide benefits and protections that don’t come with private loans, such as access to federal deferment and forbearance, income-driven repayment plans, and student loan forgiveness programs.
Private student loans are offered by private lenders, including traditional banks and credit unions as well as online lenders. The interest rates on these loans vary by lender and are determined by market conditions. While private loans don’t offer federal protections, they do offer benefits like potentially