Credible Student Loan Refinance Review

#3 in Student Loan Refinance

Started in 2012, Credible is multi-lender marketplace that helps students and borrowers take advantage of today’s competitive loan offerings by connecting them with leading student loan lenders. It lets you consolidate federal or private student loans into one account enabling you to make lower payments. The services is entirely free and checking your rates does not affect your credit score. Applying for a new student loan or refinancing an existing loan can be done entirely online.

 

Loan Limits

Credible partners with a variety of lenders hence loan limits may vary accordingly. CommonBond for example does not place any limits making it a good choice for high balance borrowers. Student refinance loans are available for up to $350,000 through CordiaGrad. Applicants must at least have $7,500 in student loan debts to qualify for LendKey student loan program. Loans are also available for both private and federal loans.

 

 

Loan Minimum

Loan Maximum

Citizens Bank

$10,000

$150,000 (undergraduates), $170,000 (graduates)

Common Bond

$10,000

No Max limits

CordiaGrad

$20,000

$350,000

iHELP

$25,000

$100,000 (undergraduates), $150,000 (graduates)

LendKey

$7,500

$125,000 (undergraduates), $175,000 (graduates)

PAVE

$3,000

$25,000

RISLA

Undisclosed

Undisclosed

U-fi

$7,500

$125,000 (undergraduates), $150,000 (graduates)

 

Loan Terms

Loan terms of up to 25 years is available giving borrowers better flexibility in their student refinance loans. However, this again may vary according to individual partner lenders.

 

 

Loan Terms

Citizens Bank

5, 10, 15 and 20 year loans

Common Bond

5, 10, 15 and 20 year loans

CordiaGrad

5, 8 and 12 year loans

iHELP

15 year loan

LendKey

1, 10 and 15 year loans

PAVE

2 to 3 year loans

RISLA

5, 10 and 15 year loans

U-fi

5 to 25 year loans

 

Rates

Credible offers some of the most competitive rates in student loan refinancing. But much of this depends on your credit profile. Fixed and variable rates are available for helping you make the most out of your student refinance loan. Credible lets you easily compare rates and other important loan data through its dashboard. You don’t only see current rates but also compare monthly payments and APR. Discount options of up to 0.5% are available for CordiaGrad and Citizens Bank is available for qualified borrowers.

 

 

Fixed

Variable

Citizens Bank

4.74%

2.34%

Common Bond

3.74%

1.90%

CordiaGrad

3.95%

2.75%

iHELP

6.22%

Not available

LendKey

1.92%

Not available

PAVE

5.87%

Not available

RISLA

4.24%

Not available

U-fi

3.74%

1.95%

 

Qualifying

Minimum qualifications include borrowers should be of legal age in their state and a US citizen. It is possible to qualify for a loan even with less than perfect credit but this is subject to partner lender’s discretion. Borrowers with 620 credit scores for example could qualify with the help of a co-signer. Minimum income requirements for each lender varies.

 

Student Loans at Credible

Credible offers a good mix of student loan and refinancing options along with the most competitive rates in the market today. Borrowers could avail of student loans of up to 25 years with some lenders offering no maximum loan limits. But what makes Credible stand out from its competition is its effort to place all this information in a very easy to digest fashion with its dashboard. Here you could easily compare offers from various lenders to help determine which payment structure or terms works best with you.  Its principle of bringing transparency to the lending process empowers borrowers to make more informed decisions based on facts.   

 

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