Borrowers with excellent credit seeking to refinance student loans through the Credible marketplace saw average rates on 10-year fixed-rate loans fall to a new record low of 3.82% during January 2021. (iStock) Many borrowers seeking to refinance student loans in January 2021 locked in record low rates on 10-year fixed-rate loans offered by lenders competing through the Credible marketplace. Continue Reading Below For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender, during January 2021: The chart above shows average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender. The chart shows average monthly rates for the last 3 years. If you're curious about what kind of rates you may qualify for, you can use an online tool like Credible to compare options from different private lenders. Checking your rates won't affect your credit score. To provide relief from the economic impacts of the COVID-19 pandemic, interest and payments on federal student loans have been suspended through at least Sept. 30, 2021. As long as that relief is in place, there’s little incentive to refinance federal student loans. But many borrowers with private student loan debt are taking advantage of the low interest rate environment to refinance their education debt at lower rates. For those who qualify for student loan refinancing, the interest rates offered by lenders can depend on factors like your credit score, the type of loan you’re seeking (fixed or variable rate), and the loan repayment term. The chart above shows how the borrower’s credit score and the loan term affect rates. Rates tend to be higher on loans with fixed interest rates and longer repayment terms. Because each lender has its own method of evaluating borrowers, it’s a good idea to request student loan refinancing rates from multiple lenders so you can compare your options. You can use Credible to compare student loan refinancing rates from multiple private lenders at once without affecting your credit score. Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow 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, as reflected by over 3,700 positive Trustpilot reviews and a TrustScore of 4.7/5. Source: Read Full ArticleAbout Credible