Student loan refinance interest rates edge down for 5-year variable-rate loans

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Our extremity present astatine Credible Operations, Inc., NMLS Number 1681276, referred to arsenic "Credible" below, is to springiness you nan devices and assurance you request to amended your finances. Although we do beforehand products from our partner lenders who compensate america for our services, each opinions are our own.

The latest trends successful liking rates for student indebtedness refinancing from nan Credible marketplace, updated weekly. (iStock)

Rates for well-qualified borrowers utilizing nan Credible marketplace to refinance student loans roseate this week for 10-year fixed-rate loans and fell for 5-year variable-rate loans.

For borrowers pinch in installments scores of 720 aliases higher who utilized nan Credible marketplace to prime a lender during nan week of Feb. 20, 2023:

  • Rates connected 10-year fixed-rate refinance loans averaged 6.75%, up somewhat from 6.22% nan week earlier and up from 3.71% a twelvemonth ago. Rates for this word deed their lowest constituent of 2022 during nan week of Jan. 10, erstwhile they were astatine 3.44%.
  • Rates connected 5-year variable-rate refinance loans averaged 4.95%, down from 5.81% nan week earlier and up from 2.92% a twelvemonth ago. Rates for this word deed their lowest constituent of 2022 during nan week of July 4, erstwhile they were astatine 2.51%.

Student indebtedness refinancing play complaint trends


If you're funny astir what benignant of student indebtedness refinance rates you whitethorn suffice for, you tin usage an online instrumentality for illustration Credible to comparison options from different backstage lenders. Checking your rates won't impact your in installments score.

Current student indebtedness refinancing rates by FICO score

To supply alleviation from nan economical impacts of nan COVID-19 pandemic, liking and payments connected national student loans person been suspended done this year, perchance arsenic agelong arsenic 30 days past June 30, 2023. As agelong arsenic that alleviation is successful place, there’s small inducement to refinance national student loans. But galore borrowers pinch backstage student loans are taking advantage of nan debased liking complaint situation to refinance their acquisition indebtedness astatine little rates.

If you suffice to refinance your student loans, nan liking complaint you whitethorn beryllium offered tin dangle connected factors for illustration your FICO score, nan type of indebtedness you’re seeking (fixed aliases adaptable rate) and nan indebtedness repayment term. 


The floor plan supra shows that bully in installments tin thief you get a little complaint and that rates thin to beryllium higher connected loans pinch fixed liking rates and longer repayment terms. Because each lender has its ain method of evaluating borrowers, it’s a bully thought to petition rates from aggregate lenders truthful you tin comparison your options. A student indebtedness refinancing calculator tin thief you estimate really overmuch you mightiness save. 

If you want to refinance pinch bad credit, you whitethorn request to use pinch a cosigner. Or, you tin activity connected improving your in installments earlier applying. Many lenders will let children to refinance genitor PLUS loans successful their ain sanction aft graduation.

You tin use Credible to comparison rates from aggregate backstage lenders astatine erstwhile without affecting your in installments score.

How rates for student indebtedness refinancing are determined

The rates backstage lenders complaint to refinance student loans dangle successful portion connected nan system and liking complaint environment, but besides nan indebtedness term, nan type of indebtedness (fixed- aliases variable-rate), nan borrower's creditworthiness and nan lender's operating costs and profit margin.  

About Credible

Credible is simply a multi-lender marketplace that empowers consumers to observe financial products that are nan champion fresh for their unsocial circumstances. Credible’s integrations pinch starring lenders and in installments bureaus let consumers to quickly comparison accurate, personalized indebtedness options – without putting their individual accusation astatine consequence aliases affecting their in installments score. The Credible marketplace provides an unrivaled customer experience, arsenic reflected by complete 5,000+ affirmative Trustpilot reviews and a TrustScore of 4.7/5.