Credible Private Student Loan Marketplace Offers Prequalification and Refinancing
Borrowers shopping for private student loans can use Credible to prequalify with multiple lenders at once, comparing interest rates and repayment terms through a single soft credit inquiry. The lending marketplace holds an A+ rating from the Better Business Bureau.
Credible operates as a comparison platform rather than a direct lender, connecting users with financing options for undergraduate, graduate, medical, law, and MBA programs, as well as student loan refinancing. Partner lenders on the platform offer undergraduate fixed interest rates ranging from 1.99% to 17.99% APR. Refinancing rates span from 3.95% to 10.99%, averaging 6.41% for 10-year loans for borrowers with credit scores between 720 and 779.
Loan Options and Refinancing Terms
Undergraduate borrowers can secure private student loans covering up to the full cost of attendance minus other financial aid. Graduate students find specialized funding for medical, law, and MBA programs through the platform’s partner network. Certain partner lenders also extend parent loans, allowing creditworthy adults to borrow directly in their own names to close funding gaps.
Borrowers seeking to lower existing debt can explore student loan refinancing options through the marketplace. Most refinancing partners require a minimum credit score between 665 and 680. Repayment terms across the platform generally span five, seven, 10, or 15 years, with some lenders offering terms up to 20 years.
Lenders offer flexible repayment structures without origination fees
Credible does not charge origination fees, application fees, or prepayment penalties, though individual partner lenders may apply late or returned payment fees. Borrowers can choose from four in-school repayment structures: immediate full principal and interest payments, interest-only payments, fixed monthly payments around $25, or deferred repayment until after the grace period ends.
Grace periods typically last six months for undergraduate borrowers. Graduate and specialty programs often feature extended grace periods ranging from nine to 36 months. Some partner lenders also provide autopay discounts of 0.25 to 0.50 percentage points.
Soft credit checks protect your credit score initially
Does Credible affect your credit score when you check rates?
No. Prequalifying and viewing preliminary loan offers on Credible involves only a soft credit pull, which does not impact your credit score. Lenders perform a hard credit inquiry only after you formally submit a completed loan application.
What credit score do you need to use Credible?
Credible works with borrowers holding credit scores of 580 and higher.
Can borrowers remove a cosigner later?
Most Credible partner lenders permit cosigner release after a borrower makes 12 to 36 on-time payments, provided the borrower meets the lender’s income and credit requirements.