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Borrowers with excellent credit seeking refinance student loans During the week ending Jan. 11, 2021, could lock in low rates on 10-year fixed rate loans with competing lenders in the Credible market.
For borrowers with a credit score of 720 or higher who have used the Credible Marketplace to select a lender, during the week ending January 11:
- 10-year fixed-rate loan rates averaged 3.78%, down from 3.83% the week before and 4.85% a year ago.
- 5-year floating rate loan rates averaged 3.29%, unchanged from 3.29% the week before, but down from 3.70% a year ago.
If you are curious about what type of student loan refinance rate you may be entitled to, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.
Current rates for refinancing student loans by credit score
If you are eligible for refinancing a student loan, the interest rate you will be offered may depend on factors such as your credit rating, the type of loan you are looking for (fixed or variable rate) and the repayment term. of the loan.
The chart above shows that a good credit score can help you get a lower rate, and that the rates tend to be higher on longer term, fixed interest rate loans. Since each lender has their own method of evaluating borrowers, it is a good idea to apply for student loan refinance rates from multiple lenders so that you can compare your options.
You can use Credible to compare student loan refinancing rates from multiple private lenders at once without affecting your credit score.
Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible Marketplace offers an unparalleled customer experience as evidenced by more than 3,700 positive reviews on Trustpilot and a 4.7 / 5 Octoberscore.