How can Credible help me refinance my student loans?
Credible enables you to compare the student loan refinancing products from multiple lenders you qualify for side-by-side, based on all of the criteria that are important to you, like total repayment amount, APR, repayment options, and monthly payment. It takes just two minutes to find out if you are eligible for prequalified rates with our partner lenders!
How do I know if I am eligible?
Determining your eligibility is simple — fill out our form, which takes less than two minutes, and if you are eligible you’ll instantly receive personalized, prequalified rates on your Credible Dashboard from all the partner lenders you qualify for.
Can I use Credible to refinance my student loans if I didn't graduate?
Yes, our partner lenders provide options for borrowers with eligible student loans who did not graduate and are no longer enrolled in school.
What types of loans can I refinance? Federal and private loans? Parent PLUS loans?
Our partner lenders will accept both federal and private loans used to finance an education, including Parent PLUS loans, provided that you are either the primary borrower or co-signer on each of the loans you are seeking to refinance.
If you are refinancing federal loans, please be aware that your federal benefits may not transfer to private lenders when you refinance. Take a look at the FAQs that cover federal student loan benefits in greater detail.
My loans are in deferment or forbearance. Will this affect my eligibility?
Some lenders require that loans be out of forbearance or deferment and others do not. Filling out Credible’s free two-minute form will help you figure out which, if any, of our partner lenders you’re eligible for.
How much does it cost to use Credible?
Nothing! Using our service is free. Our partner lenders do pay us a fee, but the fee does not impact the terms of your loan or the amount you pay the lender.
Requesting prequalified rates
Should I include my spouse or partner’s income?
All information that you provide (including your income and housing expenses) should pertain only to you as an individual, even if you are married. For example, if you pay half of your monthly housing payment, only include your share, not the total amount of the payment paid by both you and your spouse/partner. If you include your spouse/partner as a co-signer on your request, they will list their income/expense information separately, as part of their Credible co-signer profile.
When and how will I find out about the prequalified options I’ve received after I submit my profile?
If any of our partner lenders have loan options for you, you will see a notification on your Credible Dashboard within minutes of submitting your inquiry. Credible will also notify you about your options by email, phone, or text. We will only reach out once we have received responses from all potential lenders.
Am I guaranteed to receive prequalified rates from every lender?
You are not guaranteed to receive prequalified rates. Each of our partner lenders uses their own criteria to determine whether you are eligible for a prequalified rate, based on the information you provide and a soft credit inquiry authorized by you (which does not affect your credit score). You will receive prequalified rates from lenders if you meet their criteria.
And remember, adding a creditworthy co-signer may increase your chances of being approved by a lender, and may help you get a lower interest rate on your loan.
Am I accepting an offer by submitting my Credible profile?
No, the prequalified rates on your Credible Dashboard are not offers of credit. By submitting your profile you are evaluating options from our partner lenders. Once you choose the option you’d like to move forward with, you will be asked to provide some additional information.
At that point, the lender will evaluate your application using their specific criteria and conduct a hard credit inquiry to confirm your eligibility for their loan product. If your eligibility is confirmed, then you will be provided with an offer. Then, you’ll review whether that option is right for you (remember to read the lender’s terms of service, disclosures and other information provided carefully).
If you still like what you see, you can choose to move forward with the offer and provide the lender with the documentation they request (e.g., verification of income, identification verification, etc.) Then, once everything is in order, you sign a promissory note and the lender will let you know how and when your funds will be disbursed.
Can you tell me more about the lenders?
We partner with a variety of lenders to provide you with a broad range of options to suit your needs. Our partner lenders offer student loan refinancing products for private, federal and Parent PLUS loans. There is a large selection of repayment terms, ranging from 5 to 20 years with fixed or variable rate options. You can find out more about our partner lenders by visiting our Lender Profiles page.
Receiving and choosing a prequalified rate
Am I guaranteed to receive an offer from a lender after I have been prequalified?
No. When you receive prequalified rates, you’re getting an estimate of the rates you may be able to receive from our partner lenders. However, there is no guarantee that the rates you prequalify for are the rates you will ultimately receive, or that the lender will be able to extend you an offer of credit.
After you get and choose a prequalified rate, you will fill out some additional information with the lender of your choice. Once you provide additional information (which takes about 10 minutes to complete, on average), the lender will conduct a hard credit inquiry, and request additional documentation from you, if necessary.
Lenders will decide to extend you credit based on whether you still meet the criteria used to prequalify you, your ability or inability to provide the documentation requested, or based on any other applicable criteria. Lenders also reserve the right to change or withdraw prequalified rates at any time.
How long are my prequalified rates good for?
Your prequalified rates are subject to change at any time. The rates you receive are based on certain criteria provided by our partner lenders that you met at the time you requested prequalified rates. Those criteria and your ability to meet them may change on an ongoing basis, the rate index on which those rates are based may change over time, and/or the lenders reserve the right to change or withdraw prequalified rates at any time.
I didn’t receive any prequalified rates. What are my options?
Each lender partner will assess your eligibility for their loans based on their eligibility requirements and underwriting criteria, the answers you provide on the prequalification form, and the soft credit inquiry you authorize (which does not impact your credit). If you do not meet a lender’s eligibility criteria, you will not receive prequalified rates from that lender.
If you do not receive any prequalified rates, you’ll see a message about your other available options on your Dashboard. For example, if you are potentially eligible to receive prequalified rates by adding a co-signer, you will be presented with the option to add a co-signer.
If you do not receive prequalified rates through Credible, you can always apply with your chosen lender directly.
I received a prequalified rate I’d like to pursue. What’s next?
On your Credible Dashboard, you will be able to review the details of all of the options you receive from our partner lenders. Once you decide which option is right for you, click “Select Lender” on the right side of the Dashboard.
Do I have to choose an option if I receive prequalified rates from lenders?
Will I lose any of the benefits that federal loans give me if I refinance my loans?
There are certain benefits and protections for federal loans that may not transfer to private loans, including deferment, forbearance, and certain federal repayment and forgiveness programs. However, there are a number of lenders that offer similar benefits as part of the terms of their loans. You should read each lender’s disclosures carefully, think about which benefits you value before refinancing, and seek appropriate and qualified advice. For more information on federal loan benefits, visit studentaid.ed.gov.
From the time that I choose a prequalified rate on my Credible Dashboard, how long before the lender responds with an offer of credit?
Assuming you have correctly completed your request for a loan, the lender typically will respond to you within 1-2 business days. You will receive their response on your Credible Dashboard and via email.
How long does it take between the time I accept an offer of credit from a lender until the time the funds are disbursed?
Each lender has a different timeline.
The most common reasons for delays are as follows:
- Delays by the borrower or co-signer in responding to the lender’s request for documentation;
- Incomplete information on the borrower or co-signer’s application; or
- Incomplete documentation provided by the borrower or co-signer in response to the lender’s request for documentation.
Can the funds be disbursed to me directly?
Typically, lenders will disburse the funds by paying your previous lender/servicer directly. If there is an overpayment to your previous lender, the lender will reconcile that amount with you, which is usually handled through a check made payable to you.
What types of documentation do lenders request in support of a loan application?
Lenders usually require documentation sufficient to verify your identity, such as a driver’s license or passport, income verification such as pay stubs, W-2’s, or 1099’s, and a “payoff statement” from your current lender so that the new lender knows how much to pay your previous lender.
Do I need a co-signer?
You do not have to add a co-signer unless you are under the age of majority in your applicable state. However, if you have a limited or poor credit history, adding a creditworthy co-signer can improve your chances of qualifying for a loan.
Credible has a great tool that allows you to see what loan products and rates you would qualify for if you added a co-signer. You can try the tool with multiple co-signers and compare how each one improves your rates, or you can decide to continue alone.
Just like for borrowers, it takes just two minutes for a co-signer to complete the prequalification form. Checking prequalified rates does not affect the co-signer’s credit score.
Who can serve as my co-signer?
A co-signer can be a spouse, relative, parent, or any adult that is a U.S. Citizen or Permanent Resident Alien. A co-signer is responsible for repaying the loan if you cannot. There are some partner lenders who allow a co-signer to be released from their loan obligation after you and your co-signer have met certain requirements.
Will my co-signer see my information?
No, co-signers and borrowers cannot view each other’s profile at any point during the process unless you add one another as an approved third party on each other’s accounts. However, each of you will be able to see the loan product options provided by our partner lenders based on your combined profiles. A primary borrower will also be able to see if the co-signer did not qualify for prequalified rates.
Can a co-signer later be released from their loan obligation?
Yes, many of Credible's partner lenders offer the opportunity for a borrower to release their co-signer. To confirm whether a specific lender offers co-signer release, we recommend you visit the lender's website and review the Lender Profiles pages.
I submitted my profile and have received prequalified rates, but now I’d like to add a co-signer to improve my options. What do I do?
After receiving your prequalified rates, you will have the option to add a co-signer. You can add multiple co-signers and compare how each one improves your rates, or you can decide to continue alone.
If your co-signer is available, they can fill out the form at the same time as you. Otherwise, you can have us email them instructions on how to complete their profile at their convenience.
Am I accepting an offer by completing my Credible co-signer profile?
No, by completing a co-signer profile you, along with the prospective borrower, are inquiring about potential options available from our partner lenders. After you both receive responses from Credible's partner lenders, you and the borrower would work together to choose a lender and option that meets both of your needs.
Once you find an option that works for both of you, you can then select a specific lender and loan option. The both of you will then fill out some additional information and the partner lender you chose will conduct a hard credit inquiry and confirm your eligibility. If they are able to confirm your eligibility, the partner lender will come back with an offer of credit. If you choose to move forward at this time, then you are accepting an offer from the lender.