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The latest trends in interest rates for refinancing student loans from the credible market are updated weekly. (iStock)
Borrowers with excellent credit to refinance student loans during the week ending January 11, 2021, may include low rates on ten-year fixed-rate loans to lenders competing through the credible market.
For lenders with credit values of 720 or higher who have used the credible market to pick a money lender, the week ending on January 11th will be:
- The rates on fixed-rate loans for ten years averaged 3.78%, compared to 3.83% the previous week and 4.85% a year ago.
- The rates on loans with a five-year exchange rate averaged 3.29%, unchanged from 3.29% the previous week, but lower than 3.70% a year ago.
If you are curious about what kind of refinancing tax you can get, you can use an online tool like Credible to compare options from different private lenders. Checking your rates does not affect your credit score.
Current refinancing rates for student loans by credit point
If you are eligible 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 seeking (fixed or variable rate) and the repayment term of the loan.
The graph above shows that a good credit score can help you get a lower rate, and that the rates tend to be higher on loans with fixed interest rates and longer repayment terms. Since each lender has its own method of evaluating lenders, it is a good idea to apply for refinancing rates for student loans from multiple lenders so that you can compare your options.
You can use Credible to compare the refinancing rates for student loans from multiple private lenders at the same time without affecting your credit score.
About credible
Credible is a multi-lender market that enables consumers to discover financial products that are best suited to their unique circumstances. Credible’s integration with leading lenders and credit bureaus enables consumers to quickly compare accurate, personalized loan options without compromising their personal information or affecting their credit score. The credible market offers an unparalleled customer experience, reflected by more than 3,700 positive Trustpilot reviews and a 4.7 / 5 TrustScore.