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Student loan refinance rates are important to monitor so you can know if you’ll save money on interest and lower your monthly payment. (Shutterstock)
Multiple Federal Reserve interest rate hikes this year have pushed student loan refinance rates higher.
While private student loan refinancing providers generally set their own rates, they’re based on market trends that increase and decrease at different times. If you’re looking to refinance your student loans, interest rates are one of the most important factors to consider.
By visiting Credible, you can learn more about student loan refinancing and compare rates from multiple private student loan lenders.
Student loan refinance rates can be fixed or variable and are always subject to change. Rates for five- and 10-year fixed-rate student refinance loans have started trending upward. Typically, the longer your repayment term, the higher rate you can expect.
Credit scores also play a key role in determining who can refinance student loans at the most competitive rate. As part of a COVID-19 relief initiative, the CARES Act pauses payments for federal student loan borrowers and sets the interest rate to zero through Aug. 31, 2022.
But the CARES Act relief doesn’t apply to private student loans. Refinancing your private loans for a lower interest rate could help you save money and even manage your payments better. Since private student loans can accrue interest while you’re in school or even during your grace period, it’s important to monitor how much you’re spending on loan repayment over time.
Here’s a look at current student loan refinance rates by credit score for five- and 10-year loan terms:
A variety of factors, including federal interest rate changes, affect private student loan rates.
The following factors help determine what interest rate you’ll receive on a student loan refinance:
Private student loan lenders want to see that you have a good credit score and enough income to make consistent loan payments in addition to your other regular expenses and debt payments.
You can easily compare prequalified rates from multiple lenders using Credible.
Refinancing your student loans is a very personal decision since it depends on your unique situation. Refinancing student loans isn’t always the best option for everyone, so ask some of these questions to determine if now is a good time to refinance:
If you’re thinking about refinancing your student loans, the process is simple and can be completed in five steps:
From there, you’ll start making payments on your newly refinanced student loan with your new lender.
Refinancing student loans may be a solid option if you have good credit, a steady income, and want to take advantage of better rates or a lower payment. Use Credible to compare student loan refinances rates from various lenders, all in one place.
Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
This material may not be published, broadcast, rewritten, or redistributed. ©2023 FOX News Network, LLC. All rights reserved. FAQ – New Privacy Policy
