Hanna Renaldi's Blog: Student Loan Refinancing with Credible: How Lenders Compare

You graduated from college and survived the job search, and now you’re living the dream as an employed 20-something — who shells out hundreds of dollars a month in student loan payments. With a solid income, job history and credit score, though, you might be eligible to refinance your loans to get a lower interest rate, which will save you money over time.

Through NerdWallet’s partnership with refinancing marketplace Credible, you can compare refinancing offers from the lenders who participate in Credible’s platform so you don’t have to shop around. We broke down the differences among the eight lenders available so you can see how they compare.

But first, let’s make sure you understand what refinancing your loans could mean for you.

MORE: 10 Questions You Should Ask Before Refinancing Your Student Loans

What is refinancing?

Refinancing means a private lender pays off your student loans and issues you a new loan based on your current financial profile, or on that of your co-signer if you choose to use one. You’ll receive a new interest rate and repayment term, and you’ll make your loan payments to a new lender each month.

Nerd note: Most lenders will let you refinance both your private and federal student loans together. But federal loans offer protections that your refinanced loan may not: access to interest-free deferment on subsidized federal loans, Public Service Loan Forgiveness and income-driven repayment options. Consider the benefits and drawbacks of refinancing before you pursue it.

Lender	APR ranges	Eligible loan balances	Credit score	Minimum income requirement
	Fixed: 4.74% to 8.89% Variable: 2.34% to 6.98%	Undergrads: $10,000 to $150,000 Graduate students: Up to $170,000	No minimum	$24,000
	Fixed: 3.74% to 6.49% Variable: 1.95% to 4.94% Hybrid (fixed for the first five years, then variable for the next five years): 4.22% to 5.64%	$10,000 and up; no maximum	N/A	$80,000 without a co-signer; if you use a co-signer, he or she must earn at least $80,000.
	Fixed: 3.95% to 6.25% Variable: 2.75% to 4.45%	$20,000 to $350,000	700 (no co-signer) 670 (co-signer)	$42,000 (no co-signer) $25,000 (co-signer)
	Fixed (with co-signer): 6.22% to 7.99% Fixed (without co-signer): 7.21% – 9.04%	Undergrads: $25,000 to $100,000 Graduate students: Up to $150,000	620-680 (needs co-signer)	$24,000
	Variable: 1.92% to 7.85%	Undergrads: $7,500 to $125,000 Graduate students: Up to $175,000	680	$24,000
*	Fixed: 5.87% to 16.96%	$3,000 to $25,000 loans offered.	660	No minimum, but you must have a job, a job offer or plans to complete a course, which could include coding bootcamps.
	Fixed with co-signer: 4.24% to 5.74%, depending on length of loan Fixed without co-signer: 5.49% to 6.99%, depending on length of loan	$7,500 to $140,000	680	$40,000
	Fixed: 4.99% to 6.99%	Graduates of law, medical, dental, business or osteopathic programs: $250,000 maximum All other graduate programs: $100,000 maximum	720	No minimum. Your monthly income will be $250 more than your monthly student loan payment.
	Fixed: 4.37% to 9.07% Variable: 3.30% to 6.94%	Undergrads: $5,000 to $125,000 Grad students or those with a doctorate: $150,000 maximum MBA or law school grads: $175,000 maximum Health professions grads: $225,000	740	$24,000 without a co-signer; if you use a co-signer, he or she must earn at least $24,000.
*Pave isn’t a traditional refinancing lender. It offers personal loans to help you pay down debt, including student loans. You’ll receive a one-time loan you can use to pay off high-interest student loans, then pay it back over two or three years.

Hanna Renaldi's Blog

Tuesday, October 20, 2015

Student Loan Refinancing with Credible: How Lenders Compare

What is refinancing?

Who can refinance with Credible?

*Pave isn’t a traditional refinancing lender. It offers personal loans to help you pay down debt, including student loans. You’ll receive a one-time loan you can use to pay off high-interest student loans, then pay it back over two or three years.

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