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The latest trends in interest rates for refinancing student loans in the Credible market, updated weekly. (iStock)
Borrowers with excellent credit who seek to refinance student loans during the week ending January 11, 2021 may experience low rates on 10-year fixed-rate loans with lenders competing in the Credible market.
For borrowers with a credit score of 720 or higher who used the credibility market to select a creditor, during the week ending January 11:
- The rates on 10-year fixed rate loans averaged 3.78%, compared to 3.83% the previous week and 4.85% a year ago.
- The rates on 5-year variable rate loans averaged 3.29%, unchanged from 3.29% the previous week, but below 3.70% the previous year.
If you are curious to know what type of student loan refinancing rates you may qualify for, use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.
Current student loan refinancing rates by credit score
If you qualify for student loan refinancing, the interest rate that can be offered may depend on factors such as your credit score, the type of loan you are looking for (fixed or variable rate) and the loan repayment term.
The chart above shows that a good credit score can help you get a lower rate and that rates tend to be higher for loans with fixed interest rates and longer repayment terms. Since each lender has its own method of assessing borrowers, it is a good idea to apply for student loan refinancing rates from various lenders so that you can compare your options.
You can use Credible to compare student loan refinancing rates from several private lenders at the same time, without affecting your credit score.
About credible
Credible is a market with several creditors that enables consumers to discover the most suitable financial products for their specific circumstances. Credible’s integrations with major creditors 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 market offers an unparalleled customer experience, reflected by more than 3,700 positive reviews from Trustpilot and a TrustScore of 4.7 / 5.