Student Loan Refinance Rates: November 8, 2022


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Average interest rates on refinanced student loans hasn’t changed much in two weeks, according to Credible. 5-year undergraduate loan rates were fixed, five-year graduate loan rates fell, and 10-year loan rates increased.

The average 10-year fixed student loan rate for borrowers with a credit score below 680 is 6.70%. This rate is higher than the average rate of 5.99% for borrowers across all credit scores. Generally speaking, the higher your credit score, the lower the rate you will be able to get.

Although student loan rates haven’t changed much this week, they have increased significantly over the past 12 months. Federal student loan rates for 2022-23 are up by the most in almost 20 years. These new rates don’t directly affect private student loan rates, but private rates may go up because they don’t have to stay so low to compete with federal loan rates.

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APR

Variable: 2.49% – 8.24%, Fixed: 3.99% – 8.24%

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4.5/5
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APR

Variable: 2.50 – 8.65% with AutoPay, Fixed: 3.99 – 8.49%

Editor’s note

3.5/5
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APR

Variable: 3.24% – 7.99% APR with AutoPay, Fixed: 3.99% – 8.99% APR with AutoPay

Editor’s note

3.5/5
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Variable 5-Year Student Loan Refinance Rates

Five-year undergraduate variable rates last week were unchanged from two weeks ago. Undergraduate rates are a little higher than six months ago and significantly higher than a year ago.

Meanwhile, graduation rates are down a bit. Rates have fallen 36 basis points over the past week, but are about 30 basis points higher than they were 12 months ago.

Fixed 10-Year Student Loan Refinance Rates

10-year undergraduate loan rates were up just 8 basis points from two weeks ago. Compared to six months ago, rates are up about 1%.

If you wanted to refinance your graduate student loans last week, you would pay a rate 21 basis points higher than two weeks ago. Graduation rates are up more than 2 percentage points from a year ago.

Student loan interest rates by credit score

Your interest rate will generally improve with a better credit score. Other aspects of your financial situation also impact your rate. The table below shows 10-year fixed student loan rates by credit score:

Frequently Asked Questions

Refinance your student loans could earn you a lower rate. You can also switch from a fixed rate loan to a variable rate loan or change the term of your loan. A different term can allow you to spread the costs over a longer period for lower monthly payments. However, you will pay more in the whole interest.

In the short term, it will. Lenders will do a thorough investigation to check your credit history when you apply for a new loan. This will temporarily affect your credit score.

Also, when you refinance, your original loan is closed and a new one is opened. Part of your credit score is based on your payment history, so establishing a new record of reliable payments can be difficult.

However, if you continue to make timely and reliable payments, your credit score will likely rise accordingly.

Your credit history is the most important factor in your chances of refinancing approval. If you have a bad credit rating, it will be more difficult for you to get a new loan. But you may be able to use a co-signer to increase your chances of approval.

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