Current interest rates for student loan refinancing

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Student loan refinancing can be a good strategy for paying off education debts faster or lowering your monthly payments. But a lot depends on the interest that you can qualify for. Here are the latest interest rate trends for this student loan refinancing of the Credible market, updated monthly.

The chart above shows average prequalified rates for borrowers with credit scores of 720 or higher who have used the Credible marketplace to select a lender. The chart shows the average monthly rates for the past three years.

During the month of January 2020:

• Interest on 10-year fixed-rate loans averaged 3.82%, down from 3.89% in December and 4.84% a year ago.
• Interest rates on 5-year floating rate loans averaged 3.28%, virtually unchanged from 3.27% in December, but lower than 3.72% a year ago.

Current student loan refinancing rates based on credit score

Check your refinancing rates

If you qualify for student loan refinancing, the interest rate offered to you 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 interest rate, and rates are typically higher for loans with fixed interest rates and longer repayment terms. Since every lender has their own method of evaluating borrowers, it’s a good idea to ask rates for student loan refinancing from multiple lenders so you can compare your options.

Credible allows you to compare your pre-qualified rates from the lenders listed below without affecting your credit score.

Lender	Fixed rates from (APR)	Variable rates from (APR)	Loan terms (years)
view details	4.54% +	N / A	10, 15, 20
Fixed rates from (APR): 4.54% + Variable rates from (APR): N / A Repayment terms (years): 10, 15, 20 Redemption options: Immediate repayment, forbearance, death or disability loans Fees: No Discounts: Pay automatically Suitability: Must be a US Citizen or Permanent Resident Customer service: Phone Soft credit check: No Release of Cosigner: After 24 – 36 months Min. creditworthiness: Does not disclose Max. Amount of the balance of undergraduate loans: $ 250,000 – $ 500,000 Max. Amount of graduated loan balance: $ 250,000 – $ 500,000 Parent PLUS Refinancing Offers: Yes
view details	2.95% +	1.90% +	5, 7, 10, 15, 20
Fixed rates from (APR): 2.95% + Variable rates from (APR): 1.90% + Repayment terms (years): 5, 7, 10, 15, 20 Redemption options: Military procrastination, tolerance Fees: Late compensation Discounts: Pay automatically Suitability: Must have a credit score of at least 720, a minimum income of $ 60,000, and be a Texas resident Customer service: Email, phone Soft credit check: Does not disclose Release of Cosigner: No Min. creditworthiness: 690 Max. Amount of the balance of undergraduate loans: $ 100,000- $ 149,000 Max. Amount of graduated loan balance: $ 200,000- $ 249,000 Parent PLUS Refinancing Offers: Does not disclose
view details	2.97% + ¹	1.99% + ¹	5, 7, 10, 15, 20
Fixed rates from (APR): 2.97% + ¹ Variable rates from (APR): 1.99% + ¹ Repayment terms (years): 5, 7, 10, 15, 20 Redemption options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late compensation Discounts: Autopay, loyalty Suitability: Must be a U.S. citizen or permanent resident and have a minimum of $ 10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Release of Cosigner: After 24 – 36 months Min. creditworthiness: Does not disclose Max. Amount of the balance of undergraduate loans: $ 100,000- $ 149,000 Max. Amount of graduated loan balance: Less than $ 150,000 Parent PLUS Refinancing Offers: Yes
view details	3.34% +2	3.24% +2	5, 7, 10, 12, 15, 20
Fixed rates from (APR): 3.34% +2 Variable rates from (APR): 3.24% +2 Repayment terms (years): 5, 7, 10, 12, 15, 20 Redemption options: Military deferment, forbearance, death or disability loans Fees: Late compensation Discounts: Pay automatically Suitability: All states except ME Customer service: Email, phone, chat Soft credit check: Yes Release of Cosigner: After 24 – 36 months Min. creditworthiness: Does not disclose Max. Amount of the balance of undergraduate loans: $ 100,000- $ 149,000 Max. Amount of graduated loan balance: Less than $ 150,000 Parent PLUS Refinancing Offers: Yes
view details	2.58% +3	2.39% +3	5, 7, 10, 12, 15, 20
Fixed rates from (APR): 2.58% +3 Variable rates from (APR): 2.39% +3 Repayment terms (years): 5, 7, 10, 12, 15, 20 Redemption options: Tolerance Fees: No Discounts: No Suitability: Must be a U.S. citizen or permanent resident, have at least $ 15,000 in student loans, and hold a bachelor’s degree or higher from an accredited school Customer service: Email, phone Soft credit check: Yes Release of Cosigner: No Min. creditworthiness: 680 Max. Amount of the balance of undergraduate loans: No maximum Max. Amount of graduated loan balance: No maximum Parent PLUS Refinancing Offers: Yes
view details	3.47% +4	2.47% +4	5, 10, 15, 20
Fixed rates from (APR): 3.47% +4 Variable rates from (APR): 2.47% +4 Repayment terms (years): 5, 10, 15, 20 Redemption options: Academic procrastination, military procrastination, tolerance Fees: Late compensation Discounts: Pay automatically Suitability: Must be US Citizen or Permanent Resident Customer service: Email, phone, chat Soft credit check: Yes Release of Cosigner: Yes Min. creditworthiness: 670 Max. Amount of the balance of undergraduate loans: $ 250,000 Max. Amount of graduated loan balance: $ 250,000 Parent PLUS Refinancing Offers: Yes
view details	3.05% +	3.05% +	7, 10, 15
Fixed rates from (APR): 3.05% + Variable rates from (APR): 3.05% + Repayment terms (years): 7, 10, 15 Redemption options: Military deferment, loans that are repaid upon death or disability Fees: No Discounts: No Suitability: Must be a U.S. citizen or permanent resident and have a minimum of $ 10,000 in student loans Customer service: Email, phone Soft credit check: Yes Release of Cosigner: No Min. creditworthiness: 670 Max. Amount of the balance of undergraduate loans: No maximum Max. Amount of graduated loan balance: No maximum Parent PLUS Refinancing Offers: Yes
view details	2.99% +	2.17% +	5, 8, 12, 15
Fixed rates from (APR): 2.99% + Variable rates from (APR): 2.17% + Repayment terms (years): 5, 8, 12, 15 Redemption options: Does not disclose Fees: No Discounts: No Suitability: Must be a US citizen and have at least $ 7,500 in student loans Customer service: Email, phone, chat Soft credit check: Yes Release of Cosigner: After 12 months Min. creditworthiness: 670 Max. Amount of the balance of undergraduate loans: $ 300,000 Max. Amount of graduated loan balance: $ 300,000 Parent PLUS Refinancing Offers: Yes
view details	3.19% +	N / A	5, 10, 15
Fixed rates from (APR): 3.19% + Variable rates from (APR): N / A Repayment terms (years): 5, 10, 15 Redemption options: Academic deferral, military deferment, forbearance, death or disability loans Fees: No Discounts: Pay automatically Suitability: Available in all 50 states; must also have at least $ 7,500 in student loans and a minimum income of $ 40,000 Customer service: Email, phone Soft credit check: Does not disclose Release of Cosigner: No Min. creditworthiness: 680 Max. Amount of the balance of undergraduate loans: $ 150,000 – $ 249,000 Max. Amount of graduated loan balance: $ 200,000- $ 249,000 Parent PLUS Refinancing Offers: Yes
view details	2.99% +5	2.85% +5	5, 7, 10, 15, 20
Fixed rates from (APR): 2.99% +5 Variable rates from (APR): 2.85% +5 Repayment terms (years): 5, 7, 10, 15, 20 Redemption options: Academic reprieve, military reprieve Fees: No Discounts: Autopay, loyalty Suitability: Available in all 50 states Customer service: Email, phone, chat Soft credit check: Yes Release of Cosigner: No Min. creditworthiness: Does not disclose Max. Amount of the balance of undergraduate loans: No maximum Max. Amount of graduated loan balance: No maximum Parent PLUS Refinancing Offers: Yes
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All APRs reflect autopay and loyalty discounts when available | 1Citizens Bank Disclosures 2Disclosures of College Ave 3 ELFI Disclosures 4INvestEd Disclosures 5SoFi Disclosures

About credible

Credible is a multi-lender marketplace that enables consumers to discover financial products that best suit their unique circumstances. Credible’s integrations with leading lenders and credit bureaus enable consumers to quickly compare accurate, personalized credit options – without compromising their personal information or impacting their credit score. The Credible marketplace offers an unparalleled customer experience, as evidenced by over 3,700 positive Trustpilot reviews and a TrustScore of 4.7 / 5.

About the author

Matt Carter

Matt Carter is a credible student loan expert. Analysis pieces he contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal, and The Washington Post.

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