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1.90% to 8.90%
APR
None
Max. Loan Amount
Good to excellent credit
Min. Credit Score
Product Name | Credible Student Loan Refinancing |
---|---|
Minimum Loan Amount | $5,000 |
Max. Loan Amount | None |
APR | 1.90% to 8.90% |
Interest Rate Type | Variable |
Minimum Loan Term | 5 years |
Maximum Loan Term | 20 years |
Requirements | $5,000+ of student debt from a qualifying US educational program, 18+ years old, US citizen or permanent resident — or have a cosigner that meets this criteria |
Review by
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
Credible is ideal for graduates looking to refinance their student debt who don’t have the time to sift through dozens of providers. With just one online form, you can get connected to lenders in its network you qualify with — saving you sweat and tears. Plus, you can bring on a cosigner if you want to qualify for the best rates. You don’t even need to have completed your degree to qualify — something you can’t say about many other lenders.
However, if you plan on refinancing your federal loans, be aware that you’ll lose the benefits that come with them — such as income-based repayments and loan forgiveness. And since Credible isn’t a direct lender, dealing with any loan disputes through them can be frustrating. If you don’t want extraneous layers of communication when refinancing, consider looking elsewhere.
Want to explore other credible options? Check out our list of other student loan refinancing providers that might be a better fit for you.
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 prequalified rates from multiple lenders instantly.
Loan rates and terms through Credible vary based on the lender you prequalify with. All participating lenders can refinance federal and private loans, and most can refinance 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 need to have at least $5,000 in student loan debt to qualify. And you’ll also need to be at least 18 years old and a US citizen or permanent resident — or have a cosigner that meets this criteria.
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.
BBB accredited | Yes |
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BBB rating | A+ |
BBB customer reviews | 1 out of 5 stars, based on 2 customer reviews |
Trustpilot Score | 4.7 out of 5 stars, based on 3,988 customer reviews |
Customer reviews verified as of | 16 October 2020 |
Credible can be a helpful tool for comparing multiple prequalified offers at once. To be eligible, you need to meet the following criteria:
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:
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.
You can compare additional student loan refinancing lenders to get what’s best for you.