Credible student loan refinancing review

6 April 2018

Student loans can become a burden if you’re paying high interest.

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Life can get hectic as you get your life in order after college graduation. Once the grace period ends, student loans become a reality. You may realize that the interest you’re being charged is just unaffordable. That means it’s time to refinance. Credible may be able to help.

What makes Credible student loan refinancing unique?

Credible isn’t a direct lender, but a marketplace. The benefit for you is some time saved in applying for refinancing. With one form, you’ll get your information sent to multiple lenders at once.

What is Credible student loan refinancing?

Loan rates and terms through Credible vary based on the lender you prequalify for. All participating lenders can refinance federal and private loans and Parent PLUS loans that were used to fund approved US undergrad and graduate programs.

However, there are a few restrictions to be mindful of. You must no longer be enrolled in school to apply, and you have student loan debt totaling more than $5,000. You’ll also need to be 18 years or older and an American citizen or a permanent resident of the US.

What are the benefits of Credible student loan refinancing?

• No origination and repayment fees. One fee that you’ve probably seen when comparing loans is an origination fee. If you get a loan with any of the providers through Credible you won’t pay an origination. You also won’t get slammed for making extra repayments, which could save you hundreds of dollars in interest.
• Cosigners allowed. If your credit less than perfect or you otherwise don’t completely qualify on your own, you can apply with a cosigner.
• Multiple lenders. Submitting one form will get you prequalification results from multiple lenders at once. This can save you time and frustration by avoiding having to input the same information on multiple websites.
• No cost offers. Using Credible is completely free. Instead of making money off of you or affecting your rates, Credible makes a commission from referring you to the lenders in its network.

What to watch out for

Credible is a handy tool to save time, but it’s not flawless. While some of these drawbacks are generally applicable to any privatization of federal loans, there are also some more general drawbacks.

• Loss of federal benefits. Federal loans carry certain benefits. Some of those benefits, like income-based repayment plans, won’t transfer if you refinance privately. While some lenders may offer similar benefits like unemployment protection, it’s not a guarantee. You may want to check with any potential providers before you accept an offer.
• Middle man. Sometimes less is more. Dealing with an intermediary to get a problem fixed can be frustrating and time-consuming, no matter how good the service is.
• Prequalification does not mean guarantee. Prequalifying for a loan doesn’t necessarily mean that your application will be accepted. When you’re looking over the initial offers presented by Credible, it’s important to keep in mind that you may need to have a backup or two ready.
• Limited selection. Getting your information to multiple providers at once is a timesaver, but there are many more lenders out there than those in Credible’s network. It may be beneficial to compare other student loan providers to get a rounded picture of how competitive offers can be.

Compare more student loan providers

Am I eligible?

Credible can be a helpful tool for comparing multiple prequalified offers at once. To qualify you must:

• Have debt from a qualifying US educational program.
• Have at least $5,000 of student debt.

• No longer be enrolled in school.
• Be an American citizen or a permanent resident of the US.

• Be 18 years or older.

How do I apply?

Expect to supply your personal and contact information, information about your former school and the amount you want to refinance. Once you’ve gathered everything and are ready to move towards getting in control of your student debt, follow these simple steps:

1. Click the Go to site button on this page to be directed to Credible’s student loan refinancing application form
2. Fill out the requested education and financial information
3. Review the prequalified options
4. Provide your existing loan details to get a final refinancing offer

I got student loan refinancing through Credible. Now what?

Now that you’ve made a big step towards financial wellness, you can keep that forward momentum going. There are just a few things you’ll want to keep in mind.

Setting up payments will vary between lenders. Most providers offer online solutions, including autopay to help you avoid late and missed payment fees. It’s important to only choose this option if you’re able to keep enough money in your account to avoid nonsufficient funds (NSF) fees.

Lenders may also have additional resources for you, like free credit scores. You can explore the website or contact the lender directly to learn more about any additional services offered.

Bottom line

Getting your finances in line and streamlined can seem like an overwhelming task. The good news is that it doesn’t have to be. Credible is an option for whittling away some of the extra legwork.

While it’s a great resource, it may not be able to cover all of your potential offers. You don’t have to settle, though. You can compare additional student loan lenders to get what’s best for you.

Frequently asked questions about Credible student loan refinancing

• Do I have to accept an offer that I receive?

  No. An offer is not an obligation, and you don’t have to accept it.

• Can I refinance with Credible if my loans are in forbearance?

  No. Any loans that are in forbearance are ineligible for refinancing.

• Do I need to have a degree or graduated from school?

  No. If you didn’t graduate, but you are no longer in school, you can refinance through Credible.

• What if I don’t receive any offers?

  There could be additional information the lenders need before approving your application. You could still get an offer by just sending in some additional documentation or by adding a creditworthy co-signer.