Current interest rates for student loan refinancing

Our goal is to give you the tools and confidence you need to improve your finances. While we receive compensation from our partner providers, which we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible”.

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.

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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)

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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
brazos student loan refinancing

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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
citizens bank student loans

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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
college ave student loans

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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
elfi student loans

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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
mefa refinancing

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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
mefa refinancing

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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
penfed purefy student loan consolidation

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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
rhode island student loan authority refinancing

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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
sofi refinancing

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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

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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