10-year flat student loan refinancing rates remain unchanged



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The latest student loan refinancing interest rate trends in the Credible market, updated weekly. (iStock)

Rates for highly qualified borrowers using a reliable marketplace to refinance student loans on 10-year fixed rate loans rose slightly last week.

For borrowers with a credit rating of 720 or higher who have used the Credible market to select a lender during the week of August 16, 2021:

  • Interest rates on 10-year loans with a fixed interest rate averaged 3.46%, the same as a week earlier, and decreased from 4.16% a year ago. Rates hit a record low for the week since June 14, 2021.
  • Interest rates on 5-year variable rate loans averaged 2.71%, up from 2.59% a week earlier and below 3.07% a year earlier. The floating rate loans were the lowest for the year in the week of June 14, 2021.

Weekly dynamics of student loan refinancing rates


Average prequalified student loan refinancing rates for borrowers with a credit rating of 720 or higher who have used the Credible market to select lender by week, year and loan type. Source: credible.com analysis

If you are wondering what student loan refinancing rates you can qualify for, you can use an online tool like Credible compare options from different private lenders. Checking rates will not affect your credit score.

Current FICO Student Loan Refinancing Rates

To alleviate the economic fallout from the COVID-19 pandemic, federal student loan interest and payments have been increased. suspended until at least September 30, 2021… As long as there is this relief, there is little incentive for refinance federal student loans… But many borrowers with private student loans take advantage of the low interest rate terms to refinance their education debt at lower rates.

If you are eligible to refinance your student loans, the interest rate you may be offered may depend on factors such as your FICO rating, the type of loan you are looking for (fixed or variable rate), and the maturity of the loan.


The chart above shows that good credit can help you get a lower rate, and that rates are generally higher for loans with fixed interest rates and longer maturities. Since each lender has a different method for evaluating borrowers, it is a good idea to ask for rates from multiple lenders so that you can compare your options. A student loan refinancing calculator can help you estimate how much you can save.

If you want to refinancing with bad credit history, you may need to apply with the help of a consultant. Or you can work on improving your credit before applying. Many lenders allow children to refinance PLUS parent loans on their own behalf after graduation.

You can use Credible to compare rates from several private lenders at the same time without affecting your credit rating.

How are student loan refinancing rates determined

The rates that private lenders charge for refinancing student loans depend in part on the economy and the terms of the interest rates, but also on the term of the loan, the type of loan (fixed or variable rate), the borrower’s creditworthiness and the lender’s operating costs, and profitability.

About reliability

Credible is a multi-lending marketplace that allows consumers to find financial products that are best suited to their unique circumstances. Credible’s integration with leading lenders and credit bureaus allows consumers to quickly compare accurate, personalized loan options without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience with more than 4,300 positive reviews on Trustpilot and a TrustScore 4.7 / 5.


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