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Student Loans

Credible Student Loans Review

Updated Feb 02, 2024   |   7-min read

Best marketplace for student loan refinance

  • Our rating: 4.8 out of 5 (student loan refinance)
  • Compare rates from up to 8 lenders with one application
  • Checking your rates won’t affect your credit score
  • No cost to use the service

Credible is an online marketplace that allows you to compare rates and terms on student loans. The company offers marketplaces for other financial products too.

Read this guide to learn more about what Credible offers and the pros and cons of using the service.

What does Credible do?

Credible is a loan comparison website for financial products, including student loans, mortgages, personal loans, and credit cards. Once you’ve found an offer you like, Credible will connect you to the lender site, where you can fill out the full application for financing. 

Credible does not underwrite or service loan products or offer credit cards directly. The marketplace simply helps you compare rates and terms for these products.

How Credible helps you find a student loan

More than 2,200 schools accept Credible partners’ student loans, and borrowers can find financing options for four-year colleges and universities, graduate programs, and professional degrees.

All lenders shown in Credible’s comparison tool partner with the company. If a lender doesn’t work with Credible, you won’t see an offer from that company.

Credible’s partner lenders include:

  • College Ave
  • Citizens Bank
  • Sallie Mae
  • MEFA
  • RISLA
  • INvestED
  • Ascent
  • Custom Choice

>> Read More: List of student loan companies

Credible private student loans

Credible allows borrowers to shop for student loan options from private student loan lenders. You can use these loans to pay for education-related costs that are not covered by federal student loans, including tuition, housing, food, books, and more. 

To be eligible for most loans, you must be enrolled at least part-time in an educational program. International students may be eligible, as long as they have a U.S. address and a cosigner who’s a U.S. citizen or permanent resident. 

Private student loan rates and terms vary depending on your financial need, credit history, your school’s cost of attendance, and whether you have a cosigner. Some lenders offer deferred and interest-only payment options, as well as both fixed- and variable-rate loans.

Credible private student loan rates, terms, and more

The available terms for your student loan through Credible will depend on factors including the lender you choose and your credit score.

Here’s more about Credible’s marketplace:

FeatureDetails
Fixed rates (APR)3.98%16.99%
Variable rates (APR)4.98%16.99%
Unique featuresBest rate guarantee: Get a $200 gift card if you close on a loan with a lender not in Credible’s network that offers a lower rate

See offers from multiple lenders on Credible’s website with no impact on your credit

The images from Credible’s website below disclose its partner lenders and rates for private student loans:

List of Credible partner private student loan lenders and rates as of February 2024
Source: Credible (Rates as of February 2, 2024)
Source: Credible (Rates as of February 2, 2024)

How to apply for a Credible private student loan

You can apply for a Credible private student loan in six steps.

1. Get started: To prequalify for a loan through Credible, start by selecting whether you’re the student or cosigner.

Screenshot from Credible to begin applying for a student loan by choosing "I'm a student" or "I'm a cosigner"
Source: Credible

2. Enter your personal, educational, and financial information: Next, you’ll enter details such as your contact information, salary, school, projected graduation date, and the amount you wish to borrow.

3. Get prequalification offers: Without running a hard credit check, Credible will display your personalized offers from its partner lenders. You can sort the offers by total interest, APR, payments during or after school, and term length.

Screenshot displaying two offers from Credible partners for a student loan
Source: Credible

You can expand each offer to see additional details.

Screenshot displaying more details about a private student loan from Citizens Bank on Credible's website
Source: Credible

4. Choose an offer: If you want to proceed with an offer, select the “Continue” button on that offer. You’ll enter additional details for the lender—such as your Social Security number, the specific degree you’re pursuing, and additional employment information—and consent to a hard credit check, which may lower your credit score by a few points.

5. Official approval: The lender will verify the information you entered by checking your credit and—ideally—approve you for the rate and terms you expected. This is often instant, but underwriting could require additional information.

6. Get funds: The lender will disburse the funds to your school according to the schedule the college sets. If your loan requires in-school repayment, these will begin after fund disbursement. If you select to begin repayment after you graduate or leave school, your first monthly payment will be due after the grace period ends.

Credible student loan refinancing

Borrowers can also find options for refinancing student loans through Credible. Refinancing can lead to lower interest rates, lower monthly payments, or a different repayment period.

You can see how it works in the image below:

How does student loan refinancing work? infographic

Credible student loan refinance rates, terms, and more

Credible can help you find refinancing quotes for federal loans and private student loans. 

The terms and rates for your refinance loan will depend on which Credible partner lender you select as well as your credit score and other factors.

FeatureDetails
Fixed rates (APR)4.75%11.19%
Variable rates (APR)5.28%14.52%
FeesNone of Credible’s partner lenders charge origination fees or prepayment penalties on student loan refinancing
Unique featuresBest rate guarantee: Get a $200 gift card if you refinance with a lender not in Credible’s network that offers a lower rate

See offers from multiple lenders on Credible’s website with no impact on your credit

You can see a list of Credible’s partner lenders for student loan refinance and more details about their loans below:

Image from Credible website in February 2024 showing its top student loan refinance partner lenders, their current rates, and what types of degrees they will refinance
Source: Credible (Rates as of February 2, 2024)
Image from Credible website in February 2024 showing two additional top student loan refinance partner lenders, their current rates, and what types of degrees they will refinance
Source: Credible (Rates as of February 2, 2024)

How to apply for a Credible student loan refinance

Getting a refinance loan with Credible involves the following eight steps.

1. State your goal: To prequalify for a refinance through Credible, first, select your most important reason for refinancing. (This won’t affect your eligibility or offers, but it helps Credible sort your offers.)

Image from Credible asking the borrower to choose a refinancing goal: lower payments, maximize savings, or get out of debt faster
Source: Credible

2. Choose your loan type: Select whether you’re refinancing parent loans or student loans. (Credible offers parents the option to transfer loans in their name into the child’s name.)

Screenshot from Credible's website asking the user what loans they're refinancing today
Source: Credible

3. Select whether you want to transfer your loans to another person: Tell Credible if you want the loans to remain in the original borrower’s name or if you plan to transfer them.

Source: Credible

4. Enter your personal, educational, and financial information: Next, you’ll enter details such as your contact information, salary, school attended, and the loans you wish to refinance.

5. Get prequalification offers: Without a hard credit pull, Credible will display your personalized offers from its partner lenders. You can sort the offers by APR, monthly payment, rate type, term length, and total interest.

Screenshot from Credible's website displaying three refinance offers
Source: Credible

6. Choose an offer: If you want to proceed with an offer, press “Select Lender” on that offer. You’ll enter additional details for the lender—such as your house payment, additional employment information, and identification—and consent to a hard credit check, which may lower your credit score by a few points.

Source: Credible

7. Official approval: The lender will ensure the information you entered matches your credit report. If it does, it will likely approve you for the rate and terms you expected. Approval is typically instant, but the lender’s underwriting could request more information.

8. Begin repaying your new loan: The new lender will pay off the loans you’re refinancing. This may take several weeks, so you should continue making payments on your refinanced loans until you get confirmation they’re paid off. Then you’ll instead make payments according to the new lender’s schedule.

How we rated Credible student loans

We designed LendEDU’s editorial rating system to help consumers identify companies that offer the best financial products. Our experts spend hours researching these companies each year to ensure our ratings are fresh and accurate.

Our most recent evaluation compared Credible to several lenders across a number of factors, including rates, repayment terms, customer reviews, and benefits. We weighted, scored, and combined these factors to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. We round all ratings to the nearest tenth decimal place.

Student loanBest forOur rating
Private student loanNo designationNot ratedView rates
Student loan refinanceBest marketplace4.8 out of 5View rates