Credible Review for Refinancing and Private Student Loans

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Zina Kumok

By Zina Kumok

March 11, 2020

Every year, the number of student loan borrowers grows. The good news? Student loan options for borrowers and graduates also keeps increasing. No longer are students limited only to federal loans.

Now, they can take out private loans or refinance their student loans once they graduate. But with so many private student loan and student loan refinance options, it can be hard to sift through and find the best option. The difference can be thousands or tens of thousands of dollars. 

So where can you go to compare these choices and figure out how you can save the most money? Enter Credible.

What is Credible?

Credible is a student loan marketplace that compiles offers from a variety of student loan lenders so you can compare rates in one spot. Besides student loans, Credible compares personal loans, mortgages and credit cards as well. It also shows refinancing offers for both student loans and mortgages.

Credible has a 4.8 rating on TrustPilot with more than 3,000 reviews. Users say the process is simple, easy and fast. Credible works with companies such as SoFi, College Ave and Citizens Bank.

Credible is free to use and makes money by receiving a referral fee from the companies it recommends.

Both parents and students can apply for student loans or refinance existing student loans with Credible. The refinancing process is also available for students who didn’t complete their degree and who did not graduate.

How Does Student Loan Refinancing with Credible Work?

Student loan borrowers interested in refinancing their student loans can look on Credible’s website to see potential offers. Checking prequalified rates only counts as a soft inquiry, so it won’t affect your credit report. 

Use our Student Loan Refinancing Calculator to estimate how much you could lower your total and monthly loan payments by refinancing your student loans.

There are pros and cons to refinancing student loans:

  • Refinancing student loans could mean a lower interest rate, which could save you money and get your student loans paid off sooner. 
  • Depending on your new term, you could also lower your monthly payment, allowing you to meet other financial goals, such as saving for retirement. 
  • Refinancing student loans means one payment and one due date, instead of trying to manage multiple loans and different lenders, reducing your chances of a late fee or missed payment. 
  • However, refinancing federal loans means the loss of perks that aren’t offered with private loans – an income-driven repayment option, generous deferments for economic hardship or unemployment (although many private lenders do offer some type of option for this) and the potential for student loan forgiveness.

Once you have decided student loan refinancing is right for you, Credible asks you to enter basic information such as where you attended college, what kind of degree you received, your income, monthly rent or mortgage payment, and how much you want to refinance. You also have to answer if your main goal is to lower your monthly payment or save money on interest.

After you fill out this basic form, Credible will show you potential refinance offers for your student loans. These may change once you fill out a full application, which will count as a credit check.

Credible includes offers for both fixed-rate (the interest rate will stay the same) and variable-rate (the interest rate can increase) loans, with terms ranging from five to 20 years. You can sort the offers by total interest, monthly payment, total cost and more.

Partner lenders for student loan refinancing include SoFi, College Ave and Brazos.

How Do I Apply for Student Loans with Credible?

Credible provides students and cosigners with a range of private student loan options. Like applying to refinance student loans, you have to enter in some basic information to get a quote. This includes which college you’re attending, how much you need to borrow and which semester you’re taking out money for.

You’ll also add if you’re getting a cosigner and will have to provide their financial information. After you enter the information, Credible will provide a list of student loan options. These also include fixed-rate and variable-rate loans with terms between five to 20 years. Loans are available for both undergraduate and graduate students. 

Credible’s network of private lenders includes Discover, Sallie Mae and Suntrust.

At, our goal is to help you make smart decisions about saving and paying for education. Some of the products featured in this article are from our partners, but this doesn’t influence our evaluations. Our opinions are our own.

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