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Credible Student Loans Review 2023

Susan Kelly

Feb 19, 2024

Refinancing might be a viable choice if the interest rate or your monthly payment is too high on your student loans. You can save money throughout the life of your loan and on your monthly payments by refinancing to a lower interest rate. Credible compares government and private loan providers to assist you in refinancing your student loans.

You may already know how challenging and time-consuming it is to locate a lender if you are in the market for a private student loan to pay college expenditures. Not paid for by federal aid, or if you're a recent grad looking to consolidate your debt, refinancing your student loans may be an option.

How do borrowers know they are receiving the best rates and conditions when many lenders provide so many different types of loans? It is where a marketplace for student loans, such as Credible, comes in. Read on to find out how Credible may aid you in affording higher education and making your student loan payments as manageable as possible.

What Is a Credible Student Loan?

Credible is a web-based market that provides access to prequalified interest rates for consolidating student loans. They are not a direct lender but rather a facilitator of connections to third-party lenders who may be able to offer you a better interest rate on your loan. Credible represents over a hundred private lenders, all providing low-interest rates.

They won't hurt your credit score or charge you any fees. Credible receives payment from the lender at the time of closing. Those who are skeptical about Credible need not be. They have an excellent reputation and an A+ rating from the Better Business Bureau, among other praiseworthy accolades.

How Credible Student Loan Works

Credible facilitates the simultaneous review of several refinancing options for student loans. Loans are not originated through our service, and interest rates are the same as what you would receive if you applied directly with a lender.

Credible is more akin to a travel search engine like Kayak or Expedia, only that you'll be provided with loan options instead of flight alternatives. Credible compiles and displays all available student loan alternatives, but you'll still need to apply directly with a lender.

The procedure for refinancing your student loans with a reputable company is as follows:

Obtain Individual Cost Projection Estimates

To begin the refinancing process with Credible, complete a brief online application and answer a few questions about your educational background, financial condition, and loan balance. Refinancing your student loans with Credible is possible for federal and private loans. Your cosigner's information is required if you're applying with their help.

The next step is to sign up for Credible. It would help if you did not worry about your credit rating taking a hit because of this approach. No hard credit checks are performed. Like the other nine lenders, Earnest will offer you cheap rates if you have little credit card debt, a stable income, regular work, and a solid credit history.

Review Various Loan Providers and Interest Rates

The next thing you'll see is a dashboard that lists the lenders you can refinance with and the loan terms you may anticipate. Different estimates from the same lender will be provided by Credible since interest rates vary depending on term length and whether a fixed or variable rate is selected. The dashboard's filtering choices let you view what's available to you in light of your situation.

Select a Lender and Apply

Credibility is a pre-qualification step before you apply with a lender for a new loan. Student loan refinancing interest rates displayed by Credible are not guaranteed and are subject to the lender's approval. For instance, if your credit history isn't perfect, you may need a cosigner to qualify for the lowest possible interest rate on a loan through the Credible marketplace.


  • Better interest rates can be obtained with a consistent income and a credit score of around 660. Credible allows you to apply for loan refinancing with a cosigner if concerned about your credit score.
  • The monotony of applying for a loan is one of the most irritating aspects. It's easy to feel overwhelmed and disheartened while applying for various loans and researching reputable lenders. With Credible, you must complete one form to receive prequalified rates from various loan providers.
  • Several lenders charge loan origination fees. Lenders often tack an origination fee to a loan's total cost to cover administrative expenses. To further assist in keeping costs down, the lenders charge no origination fees by offering refinancing through Credible.
  • Using Credible to check out loan options won't affect your credit score. No credit checks are performed because Credible is merely a matchmaker between lenders and borrowers. You will submit your application for loan refinancing directly to the chosen lender's website.


  • The importance of sending your information to numerous lenders to compare rates is not underestimated. Credible does not, however, speak for every debt refinancing firm. While Credible is a great resource, you may want to look into student loan options from sources other than those listed.
  • An interest rate that has just been prequalified is not an actual offer. It's the most accurate guess we can make from the data you gave at the outset. A higher interest rate may be applied if your credit history has changed between the time of your Credible inquiry and your application.
  • Benefits such as income-based repayment plans and unemployment insurance may not transfer to a private loan provider. You may relinquish these privileges if you transfer from a government to a private lender. It is important to learn about their features and perks before committing to a loan provider.


Credible's platform can help you identify the lender with the lowest rates and best conditions if you need a private student loan to pay for education or want to refinance your existing student loans. It would help to weigh the benefits of refinancing against the costs to ensure you are well-informed before moving forward.

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