Fixed-rate student loan refinancing rates approaching record highs


Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

The latest interest rate trends for student loan refinancing from the Credible Market, updated weekly. (iStock)

Rates for well-qualified borrowers using the Credible Market to refinance student loans into 10-year fixed rate loans hit a new low during the week of March 22, 2021.

For borrowers with a credit score of 720 or higher and who have used the Credible Marketplace to select a lender, during the week of March 22, 2021:

  • 10-year fixed-rate loan rates averaged 3.75%, down from 3.81% the week before and 5.02% a year ago. The record low for 10-year fixed rate loans was 3.71%, during the week of February 15, 2021.
  • 5-year floating rate loan rates averaged 3.39%, down from 3.35% the week before, but down from 3.42% a year ago. Variable rate loans hit a record low of 2.63% during the week of June 29, 2020.

Trends in weekly student loan refinancing rates

If you are curious about what type of student loan refinance rate you might qualify for, you can use an online tool like Credible to compare options from different private lenders. Checking your rates will not affect your credit score.

Current student loan refinancing rates by FICO score

To alleviate the economic impacts of the COVID-19 pandemic, interest and payments on federal student loans have been suspended until at least September 30, 2021. As long as this relief is in place, there is little incentive to refinance federal student loans. But many borrowers with private student loans are taking advantage of the low interest rate environment to refinance their student debt at lower rates.

If you are eligible for refinancing your student loans, the interest rate you are offered may depend on factors such as your FICO score, the type of loan you are looking for (fixed or variable rate) and the loan repayment term. .

The chart above shows that good credit can help you get a lower rate, and that the rates tend to be higher on loans with fixed interest rates and longer repayment terms. Since each lender has their own method of evaluating borrowers, it’s a good idea to ask for rates from multiple lenders so you can compare your options. A student loan refinance calculator can help you estimate how much you could save.

If you want to refinance with bad credit, you may need to apply with a co-signer. Or, you can work on improving your credit before you apply. Many lenders will allow children to refinance Parent PLUS Loans in their own name after graduation.

You can use Credible to compare the rates of several private lenders at once without affecting your credit score.

How are student loan refinancing rates determined?

The rates applied by private lenders to refinance student loans depend in part on the economy and the interest rate environment, but also on the duration of the loan, the type of loan (fixed or variable rate), borrower creditworthiness and operating costs and profit margin.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their unique circumstances. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible Marketplace offers an unmatched customer experience, as evidenced by over 4,300 positive reviews on Trustpilot and a Octoberscore of 4.7 / 5.


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