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REFINANCE STUDENT LOANS

Pay Less on Student Loans. Get More Out of Life.

Compare student loan refinancing rates from up to 10 lenders without affecting your credit score for free! Rates range from 3.99% to 11.97% APR.

Federal loan forgiveness plans and payment pause have been extended into 2023. Read our guide

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How to Refinance Your Student Loans Through Credible

1
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
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
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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

  • Lenders & Rates
  • Eligible Loans
  • 100% Free
LenderRates From (APR)
Brazos
Fixed:
4.40%
Variable:
4.54%
Citizens
Fixed:
5.39%1
Variable:
5.39%1
College Ave
Fixed:
5.24%2
Variable:
5.24%2
EDvestinU
Fixed:
7.41%3
Variable:
7.29%3
ELFI
Fixed:
4.83%4
Variable:
3.99%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:
4.38%
MEFA
Fixed:
5.10%
Variable:
N/A
RISLA
Fixed:
5.29%
Variable:
N/A
All APRs reflect all applicable discounts where available
View disclosures: 
4.  ELFI
6.  
ISL Education Lending
  • 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.

See personalized rates from multiple lenders in 2 minutes.
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It was very easy to get a range of offers on student loan refinancing. I'm trying to rebuild my credit and after a dozen "no" answers credible got me several offers…
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Amazing! I wished I went to this site sooner, lead me to the loans with the lowest rates, I was able to pick which one is best for me. Thanks Credible!
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Student Loan Refinance FAQs

By Jamie Young

Written by

Jamie Young

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.

Time MagazineCBSHuff Post
& Matt Carter

Written by

Matt Carter

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.

CNBCWSJNew York Times

Updated February 3, 2023

Reviewed by Dennis Wentworth

Written by

Dennis Wentworth

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.

Sallie MaeAscent

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 higher loan amounts and the ability to apply at any time with no deadline to worry about.

  • Medical school loans are available to help students pay for medical school. You might be able to get a general student loan for this purpose or a specialized medical school loan from a private lender. Some lenders also allow students to defer payments until after residency.

  • MBA loans can be used to cover your expenses while attending business school. While you can use a general student loan for this, there are also private lenders that offer specialized MBA student loans.

  • Law school loans can be used to pay for a law degree. You can take out general student loans for this or apply for a specialized law school loan from a private lender. There are also lenders that offer bar study loans to help you cover your expenses while studying for the bar exam.

Keep in mind that while you can refinance both federal and private student loans, refinancing federal student loans will cost you federal benefits and protections — such as access to income-driven repayment plans and student loan forgiveness programs. You’ll also no longer be eligible for the payment and interest suspension under the CARES Act.

Refinancing offers several potential benefits. Here are a few to keep in mind if you’re considering whether refinancing is a good idea for your situation:

  • Might get a lower interest rate: Depending on your credit, you could lower your student loan interest rate through refinancing. This could save you money on interest charges and might even help you pay off your loan faster.

  • Could reduce your monthly payments: If you choose a longer repayment term, you could reduce your monthly payments. Just remember that doing so means you’ll pay more in interest over time.

  • Can combine multiple loans: If you refinance your student loans, you’ll be left with just one loan and payment to worry about.

  • Can remove cosigners: If you’d like to remove a cosigner from your student loan, you can do so through refinancing as you’ll be paying off the old loan. This will release your cosigner from sharing responsibility for your loan.

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While refinancing could be a smart move in some cases, there are also some potential downsides to consider:

  • Fewer options for bad credit: If you have poor or fair credit, it could be harder for you to get approved for refinancing. Additionally, you might not qualify for the best interest rates if you have less-than-perfect credit.

  • Loss of federal benefits: If you refinance federal student loans into a private loan, you’ll no longer have access to federal benefits and protections — such as student loan forgiveness programs and federal forbearance options. However, keep in mind that if you’re refinancing private student loans, you won’t have to worry about this risk.

  • Lack of repayment options: Private student loan repayment options are generally much more limited compared to federal loans. For example, private refinanced loans typically don’t offer income-driven or extended repayment plans.

Learn more: When Student Loan Refi Is a Good Idea and When to Reconsider

The requirements to qualify for refinancing can vary by lender. However, there are a few common eligibility criteria you’ll likely come across, including:

  • Good credit: You’ll typically need good to excellent credit to qualify for refinancing — a good credit score is usually considered to be 700 or higher. While some lenders offer refinancing for bad credit, these loans generally come with higher interest rates compared to good credit loans.

  • Verifiable income: Some lenders have a minimum required income while others don’t — but in either case, you’ll likely need to provide documentation showing proof of income.

  • Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the amount you owe in debt payments each month compared to your income. Lenders typically like to see a DTI ratio of 50% or below — though keep in mind that some lenders might require lower ratios than this.

  • Loan information: The lender will need information regarding each of the student loans you want to refinance, such as loan balances, your current lenders, and what schools you attended.

If you’re struggling to get approved for refinancing on your own, consider applying with a cosigner to improve your chances. A cosigner simply needs to be someone with good credit — such as a parent, other relative, or trusted friend — who’s willing to share responsibility for the loan.

Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

If you’re ready to refinance your student loans, follow these four steps:

  1. Research and compare lenders. Be sure to compare as many lenders as possible to find the right loan for you. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements.

  2. Pick your loan option. After you’ve compared lenders, choose the loan option that best suits your needs.

  3. Complete the application. Once you’ve picked a lender, you’ll need to fill out a full ap