{"id":8992,"date":"2023-08-06T06:19:29","date_gmt":"2023-08-06T06:19:29","guid":{"rendered":"https:\/\/isafespend.com\/loans\/good-news-student-loan-refinance-interest-rates-plummet-for-5-and-10-year-loans\/"},"modified":"2023-08-06T06:19:30","modified_gmt":"2023-08-06T06:19:30","slug":"good-news-student-loan-refinance-interest-rates-plummet-for-5-and-10-year-loans","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=8992","title":{"rendered":"Good news: Student loan refinance interest rates plummet for 5- and 10-year loans"},"content":{"rendered":"<div>\n<div class=\"advertiser-disclosure\">\n<p>Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as &#8220;Credible&#8221; below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.<\/p>\n<\/div>\n<p> <!----> <\/p>\n<div class=\"featured featured-image article-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px)\" ><\/source><\/source><\/picture> <!----><\/div>\n<p> <!----> <\/p>\n<div class=\"info\"><\/div>\n<\/div>\n<p>Rates for well-qualified borrowers using the Credible marketplace to refinance student loans lowered once again this week for both 5- and 10-year variable-rate loans.<\/p>\n<p>For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender during the week of June 12, 2023:<\/p>\n<ul>\n<li>Rates on 10-year fixed-rate refinance loans averaged 6.82%, down from 7.30% the week before and up from 5.31% a year ago. Rates for this term hit their lowest point of 2022 during the week of Jan. 10, when they were at 3.44%.<\/li>\n<li>Rates on 5-year variable-rate refinance loans averaged 5.73%, down from 6.08% the week before and up from 3.27% a year ago.<strong> <\/strong>Rates for this term hit their lowest point of 2022 during the week of July 4, when they were at 3.12%.<\/li>\n<\/ul>\n<h2><strong>Student loan refinancing weekly rate trends<\/strong><\/h2>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/master-version-student-loan-refinancing-weekly-rate-trends-6.png\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<p> <!----><\/div>\n<p>If you&#8217;re curious about what kind of student loan refinance rates you may qualify for, <u>you can use an online tool like Credible<\/u> to compare options from different private lenders. Checking your rates won&#8217;t affect your credit score.<\/p>\n<h2><strong>Current student loan refinancing rates by FICO score<\/strong><\/h2>\n<p>To provide relief from the economic impacts of the COVID-19 pandemic, interest and payments on federal student loans have been suspended through this year, possibly as long as 30 days past June 30, 2023. As long as that relief is in place, there\u2019s little incentive to <u>refinance federal student loans<\/u>. But many borrowers with private student loans are taking advantage of the low interest rate environment to refinance their education debt at lower rates.<\/p>\n<p>If you qualify to refinance your student loans, the interest rate you may be offered can depend on factors like your FICO score, the type of loan you\u2019re seeking (fixed or variable rate) and the loan repayment term.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/slr-rates-by-credit-score-new-2.png\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<p> <!----><\/div>\n<p>The chart above shows that good credit can help you get a lower rate and that 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\u2019s a good idea to request rates from multiple lenders so you can compare your options. A student loan refinancing calculator can help you estimate how much you might save.\u00a0<\/p>\n<p>If you want to <u>refinance with bad credit<\/u>, you may need to apply with a cosigner. Or, you can work on improving your credit before applying. Many lenders will allow children to refinance parent PLUS loans in their own name after graduation.<\/p>\n<p>You can <u>use Credible to compare rates<\/u> from multiple private lenders at once without affecting your credit score.<\/p>\n<h2><strong>How rates for student loan refinancing are determined<\/strong><\/h2>\n<p>The rates private lenders charge to refinance student loans depend in part on the economy and interest rate environment, but also the loan term, the type of loan (fixed- or variable-rate), the borrower&#8217;s creditworthiness and the lender&#8217;s operating costs and profit margin.<\/p>\n<h2><strong>About Credible<\/strong><\/h2>\n<p>Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible\u2019s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options \u2013 without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 5,000+ positive Trustpilot reviews and a TrustScore of 4.7\/5.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.foxbusiness.com\/personal-finance\/student-loan-refinance-rates-june-20-2023\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as &#8220;Credible&#8221; below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. Rates for well-qualified borrowers using the<\/p>\n","protected":false},"author":1,"featured_media":7983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"class_list":{"0":"post-8992","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-loans"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Good news: Student loan refinance interest rates plummet for 5- and 10-year loans | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as &quot;Credible&quot; below, is to give you the tools and confidence you need to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=8992\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Good news: Student loan refinance interest rates plummet for 5- and 10-year loans | iSafeSpend\" \/>\n<meta property=\"og:description\" content=\"Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as &quot;Credible&quot; below, is to give you the tools and confidence you need to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/isafespend.com\/?p=8992\" \/>\n<meta property=\"og:site_name\" content=\"iSafeSpend\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-06T06:19:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-06T06:19:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/Credible-monthly-student-loan-refinance-thumbnail-10582747841.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1862\" \/>\n\t<meta property=\"og:image:height\" content=\"1012\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/isafespend.com\/?p=8992#article\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/?p=8992\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\"},\"headline\":\"Good news: Student loan refinance interest rates plummet for 5- and 10-year loans\",\"datePublished\":\"2023-08-06T06:19:29+00:00\",\"dateModified\":\"2023-08-06T06:19:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/isafespend.com\/?p=8992\"},\"wordCount\":605,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"articleSection\":[\"Loans\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/isafespend.com\/?p=8992#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/isafespend.com\/?p=8992\",\"url\":\"https:\/\/isafespend.com\/?p=8992\",\"name\":\"Good news: Student loan refinance interest rates plummet for 5- and 10-year loans | iSafeSpend\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/#website\"},\"datePublished\":\"2023-08-06T06:19:29+00:00\",\"dateModified\":\"2023-08-06T06:19:30+00:00\",\"description\":\"Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as \\\"Credible\\\" below, is to give you the tools and confidence you need to\",\"breadcrumb\":{\"@id\":\"https:\/\/isafespend.com\/?p=8992#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/isafespend.com\/?p=8992\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/isafespend.com\/?p=8992#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/isafespend.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Good news: Student loan refinance interest rates plummet for 5- and 10-year loans\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/isafespend.com\/#website\",\"url\":\"https:\/\/isafespend.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/isafespend.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/isafespend.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/isafespend.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/isafespend.com\"],\"url\":\"https:\/\/isafespend.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Good news: Student loan refinance interest rates plummet for 5- and 10-year loans | iSafeSpend","description":"Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as \"Credible\" below, is to give you the tools and confidence you need to","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/isafespend.com\/?p=8992","og_locale":"en_US","og_type":"article","og_title":"Good news: Student loan refinance interest rates plummet for 5- and 10-year loans | iSafeSpend","og_description":"Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as \"Credible\" below, is to give you the tools and confidence you need to","og_url":"https:\/\/isafespend.com\/?p=8992","og_site_name":"iSafeSpend","article_published_time":"2023-08-06T06:19:29+00:00","article_modified_time":"2023-08-06T06:19:30+00:00","og_image":[{"width":1862,"height":1012,"url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/Credible-monthly-student-loan-refinance-thumbnail-10582747841.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/isafespend.com\/?p=8992#article","isPartOf":{"@id":"https:\/\/isafespend.com\/?p=8992"},"author":{"name":"News Room","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf"},"headline":"Good news: Student loan refinance interest rates plummet for 5- and 10-year loans","datePublished":"2023-08-06T06:19:29+00:00","dateModified":"2023-08-06T06:19:30+00:00","mainEntityOfPage":{"@id":"https:\/\/isafespend.com\/?p=8992"},"wordCount":605,"commentCount":0,"publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"articleSection":["Loans"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/isafespend.com\/?p=8992#respond"]}]},{"@type":"WebPage","@id":"https:\/\/isafespend.com\/?p=8992","url":"https:\/\/isafespend.com\/?p=8992","name":"Good news: Student loan refinance interest rates plummet for 5- and 10-year loans | iSafeSpend","isPartOf":{"@id":"https:\/\/isafespend.com\/#website"},"datePublished":"2023-08-06T06:19:29+00:00","dateModified":"2023-08-06T06:19:30+00:00","description":"Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as \"Credible\" below, is to give you the tools and confidence you need to","breadcrumb":{"@id":"https:\/\/isafespend.com\/?p=8992#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/isafespend.com\/?p=8992"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/isafespend.com\/?p=8992#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/isafespend.com\/"},{"@type":"ListItem","position":2,"name":"Good news: Student loan refinance interest rates plummet for 5- and 10-year loans"}]},{"@type":"WebSite","@id":"https:\/\/isafespend.com\/#website","url":"https:\/\/isafespend.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/isafespend.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/isafespend.com\/#organization","name":"Solutions For Real","url":"https:\/\/isafespend.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/person\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/isafespend.com"],"url":"https:\/\/isafespend.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/8992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8992"}],"version-history":[{"count":1,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/8992\/revisions"}],"predecessor-version":[{"id":8993,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/8992\/revisions\/8993"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/media\/7983"}],"wp:attachment":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}