If you’re looking for a good deal on private student loans or student loan refinancing, Credible can be a smart stop on your search. Credible is not itself a lender—there are no Credible student loans issued or funded by this company.
Rather, Credible serves as a marketplace that you can use to quickly compare different lenders and student loans, and get multiple personalized student loan rates in one online dashboard. Our Credible student loan review can help you compare student loan rates to find the right lender.
- Fixed APR Range 3.53% to 14.50%
- Variable APR Range 1.24% to 13.19%
- Loan Types Private student loans for undergraduate, graduate, medical, and law students. Refinance also available.
- Repayment Terms 5 to 20 years, but varies by lender
- Pros & Cons
Prequalified loan offers with customized rates
Compare offers side by side
Soft credit inquiries won’t impact your credit
Option to apply with a co-signer
Student loan refinancing for borrowers who didn’t graduate
Open to international students
Only private student loan options
Unclear which lenders will meet your needs
Pros of Credible Loans
- Prequalified loan offers with customized rates: You won’t have to guess whether you’re eligible for a student loan or request rates on multiple lenders’ sites. Completing the Credible profile can help you shop for student loan offers from up to 10 lenders at once.
- Compare offers side by side: Once you have loan offers from Credible’s partners, you can easily compare them in the Credible dashboard. It displays each loan offer with details such as the student loan’s monthly payment, annual percentage rate (APR), loan term, and total amount repaid.
- Soft credit inquiries won’t impact your credit: Credible and its partners use soft credit checks to generate custom loan offers. These soft credit inquiries won’t affect your credit score.
- Option to apply with a co-signer: When your co-signer adds their Credible profile to your account, you can see what rates you qualify for with their help. A well-qualified loan co-signer can improve your chances of approval and help you get a better rate.
- Student loan refinancing for borrowers who didn’t graduate: Not all lenders offer this feature. Fortunately, Credible works with some partners that will refinance student loans, even for borrowers who didn’t complete their degree.
- Open to international students: While international students don’t qualify for federal student loans, they can complete a Credible profile to begin the process of applying for private student loans. They will need a U.S. citizen or permanent resident co-signer to qualify.
Cons of Credible Loans
- Only private student loan options: Credible’s lenders offer private student loans that don’t have the same protections and benefits as federal student loans, such as access to different repayment plans, deferment or forbearance, and even forgiveness. Carefully weigh the drawbacks before taking out private student loans or refinancing federal student debt.
- Unclear which lenders will meet your needs: The Credible dashboard can help you compare some, but not all, important features of each student loan offer. If you have a specific need, such as the ability to release a co-signer or defer payments if you return to school, you’d need to research each lender’s policies to find the best fit.
What Does Credible Offer?
Credible works with several lending partners to connect consumers with offers for a range of credit lines and loans, including student loans.
As of May 11, 2020, Credible student loan partners for new student loans include:
Credible student loan refinancing partners include:
- Advantage Education Loans
- Citizens Bank
- College Ave
With Credible, you can fill out a brief profile and get matched with lenders willing to extend you a student loan or refinance your student debt.
Credible Student Loan Rates & Terms
|Loan Amount||$1,000 up to full cost of attendance|
|Fixed APR||3.53% to 14.50%|
|Variable APR||1.24% to 13.19%|
|Terms Available||5 to 20 years, but varies by lender|
|Recommended Minimum Credit Score||660 or higher, though may vary by lender|
|Grace Period||Varies by lender|
|Fees||No origination fees, but other fees may vary by lender|
Credible can be a smart tool to get multiple personalized loan offers in one place and easily compare fixed and variable rates, loan terms, recommended credit scores, and more, side by side. You can also find out if you qualify for private student loans that might beat the costs of higher-interest federal options such as direct PLUS loans.
Credible is free to use, and its lending partners don’t charge any loan origination fees. Repayment terms and options will vary depending on the lender and loan offer. But Credible partners cover a wide range of choices in loan terms and repayment plans, and most provide full in-school deferment for private student loans.
If there’s a specific feature you’re interested in, such as a co-signer release, a six-month grace period, or the option for forbear student loans, then choose wisely. The terms of your Credible student loan will depend on which lender you opt for. Compare offers and research each lender’s terms and policies yourself to be sure you’re getting a student loan that meets your needs.
International students who aren’t typically eligible for federal student loans can also use Credible. Some Credible partners extend financing to international students, but they must have a U.S. address and a co-signer who is a U.S. citizen or permanent resident.
Credible Student Loan Refinancing Rates & Terms
|Loan Amount||Varies by lender—some offer up to your total student loan balance|
|Fixed APR||Starting at 2.99% with autopay|
|Variable APR||Starting at 1.99% with autopay|
|Terms Available||5 to 20 years, but varies by lender|
|Recommended Minimum Credit Score||670 or higher, though may vary by lender|
|Grace Period||Not disclosed, may vary by lender|
|Fees||No origination fees, but other fees may vary by lender|
The Credible student loan refinancing marketplace connects you with up to 10 lenders in one step. You can preview multiple loan offers at once, with customized student loan refinancing rates to simplify the loan-shopping process.
Refinancing pays off federal student loans and replaces them with a new private student loan—meaning you lose your previous federal student loan benefits. Federal student loans offer many built-in protections that private student loans don’t, such as access to forbearance, deferment, and even forgiveness. Weigh your options before refinancing.
To prequalify for student loan refinancing, you’ll need to meet Credible partners’ credit requirements. Credible states on its site that borrowers with scores around 650 to 670 or below might be rejected for refinancing. Typically, Credible partners can match borrowers with more loan offers and lower rates when they have good to excellent credit, a score of 670 or higher.
However, you can still use Credible to see if you can get approved. You can also add a co-signer to your Credible profile and even compare multiple co-signers to see how this affects your loan offers and rate quotes.
While Credible does contrast lender offers by APR, monthly payment, total amount repaid, and repayment options, it might not highlight all the features that matter to you. Some (but not all) Credible lenders offer important student loan refinancing features such as deferment or forbearance options, co-signer release, or refinancing for borrowers who didn’t finish their degrees. Research Credible lenders you’re interested in to help choose one that will help you meet your goals of refinancing student loans.
The 2020 CARES Act provides relief for borrowers with federally-owned student loans through forbearance and suspension of interest through Sept. 30, 2020. Refinanced private student loans, however, are not covered in the act. It may be wise to consider all of your options before refinancing your student loans.
How to Get a Student Loan Through Credible
Getting loan offers through Credible is similar to other lender websites. First, visit Credible’s site and navigate to the page for the product you’re interested in—in-school student loans or student loan refinancing. From there, click on “Get my loan” or “Find my rate.”
Credible will then ask you to create a user account and complete a brief profile. Once you’ve submitted your profile, Credible will run it against its partner lenders’ criteria to match you up with offers—it should only take a couple of minutes. This step includes one or more soft credit checks run by Credible or a lending partner that won’t affect your credit.
If you choose to move forward and apply for the student loan, this will trigger a hard credit inquiry that may temporarily impact your credit score.
When Credible returns the lender offers, you can directly compare these options based on factors such as APR and monthly payments. It’s also wise to complete your own research on lenders, especially if you have specific loan features you’re looking for.
If you’re applying with a co-signer, they’ll also need to complete a profile with their information. You can even add different co-signers to your profile to see which person could help you qualify for the best offers.
Once you’ve chosen a lender, you can click “Select Lender” to the right in your Credible dashboard. This will take you to the lender’s site, where you can complete a full application for a student loan or refinance.
From here, you’ll work with the lender to complete the full loan process, from submitting an application to signing a loan agreement and receiving funds.
Repaying Your Credible Student Loan
While you can use Credible to find student loans that meet your needs, you can’t actually get a Credible student loan. Rather, you can use Credible to find student loan offers from partner lenders and then move forward with the lender of your choice to get a student loan or refinance student debt.
The loan terms you’re offered can range from five to 20 years and will vary by lender, along with the monthly payments you could face. Credible works with some lenders that provide repayment benefits such as student loan rate discounts, in-school deferment, and forbearance for unemployment or hardship. Others offer to release co-signers after a borrower satisfies an initial period of on-time payments. It might not be immediately apparent which lenders provide these different features.
The structure of your repayment and protections available to you will hinge on the lender and specific loan offer you select. Disbursement and repayment of your new loan will all be based on your lender’s policies and the terms in your student loan agreement.
As a student loan marketplace and comparison tool, using Credible can be a smart way to start or add to the process of shopping for student loans. It enables students and student loan borrowers to complete one form to request rate offers from multiple lenders. The student loan rates Credible generates will also be personalized to you, giving you a preview of what you can qualify for. In all, it can provide a fast and easy way to whittle down lenders to find the best student loan option for you.
While Credible can make shopping for a student loan faster, it’s not the only step applicants should take. On top of comparing student loans and refinance offers in the Credible dashboard, you’d also be smart to research each lender on your own. You might need to do your own checking to figure out which lenders can offer the student loan terms and features that matter to you.
Lastly, Credible is not your only option for financing your education or combining student loans. You can also request these on your own from other lenders and compare rates with estimates from Credible’s partners. And you should also contrast your Credible student loan offers against federal student loan options and benefits.
Whatever you do, take time to research and weigh your options to make an informed choice about your student loans or refinancing.
Credible. "FAQs." Can I use Credible to refinance my student loans if I didn't graduate? Accessed May 12, 2020.
Credible. "Find the Best Private Student Loans." Accessed May 12, 2020.
Credible. "10 of the Best Student Loan Refinance Companies." Accessed May 12, 2020.
Credible. "FAQs." Can I use Credible if I am an international student? Accessed May 12, 2020.
Credible. "What Credit Score Do You Need to Refinance or Take Out Student Loans?" Accessed May 12, 2020.
FICO. "What Is a FICO Score?" Accessed May 12, 2020.
Credible. "Student Loans." Accessed May 12, 2020.