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Graduates can save more money than ever as fixed student loan refinance rates set record low
See if you meet the eligibility requirements for student loan refinancing
Fixed student loan refinance rates set a new record low during the week of Dec. 13, which means that borrowers have the opportunity to reduce their monthly payments, pay off their loans faster and save more money on their college debt. ( iStock )
Fixed student loan refinance rates have fallen to a new record low, giving borrowers the opportunity to save more money on their student debt than ever before.
Interest rates on 10-year fixed-rate refinance loans averaged 3.33% for the week of Dec. 13, according to Credible. This is the lowest fixed student loan rates have been since Credible started collecting this data in .
Variable interest rates for the 5-year refinancing term rose significantly during the same week, to 2.82%. Still, the variable rate is much lower than it was during the same time last year, when https://americashpaydayloan.com/pawn-shops-md/ they were 3.20% on average.
With student loan refinance rates at historic lows, student loan borrowers have the opportunity to reduce their monthly payments, pay off their debt faster and save money on total borrowing costs over the life of the loan.
Keep reading to learn more about refinancing to a private student loan. Browse student loan refinance rates from private lenders in the table below, and visit Credible to see refinancing offers tailored to you without impacting your credit score.
How to qualify for student loan refinancing
Student loan refinancing is when you take out a new loan to repay your current student debt with better terms, such as a lower interest rate. There are many private student loan lenders that offer refinancing, and the process can be done completely online.