Student Loan Refinance Rates: November 22, 2022

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Average interest rates on refinanced graduate student loans are up from two weeks ago, according to Credible. College loan rates are down.

The average 10-year fixed student loan rate for borrowers with credit scores below 680 is 8.30%. This is higher than the average rate of 6.22% for borrowers across all credit scores. Usually, the lower your credit score, the higher rate you will usually get.

As the tables below show, student loan costs have skyrocketed over the past 12 months. Federal student loan rates for 2022-23 have risen to their highest rate in nearly two decades. These new rates don’t directly affect private student loan rates, but private rates may increase as they don’t have to stay that low to remain competitive with federal rates. Costs of consumer loans across the board have risen sharply this year as the Federal Reserve moved aggressively to raise base rates to slow inflation.

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April

Variable: 2.49% – 8.24%, Fixed: 3.99% – 8.24%

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4.5/5

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April

Variable: 2.50 – 8.65% with AutoPay, Fixed: 3.99 – 8.49%

Editor’s rating

3.5/5

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April

Variable: APR 3.24% – 7.99% with AutoPay, Fixed: APR 3.99% – 8.99% with AutoPay

Editor’s rating

3.5/5

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5-year variable student loan refinancing rates

Rates on 5-year college loans are down more than 4 percentage points from last week to near the level they were six months ago. Graduation rates increased by 39 basis points.

Both college and university graduate rates have increased significantly from a year ago.

Fixed 10-year student loan refinancing rates

Rates on 10-year college loans are down slightly from last week. They’re more than 1% higher than they were six months ago and about 2.7% higher than they were a year ago.

On the flip side, graduate rates increased last week.

Student loan interest rates based on credit score

Your interest rate often improves with a higher credit score. Other aspects of your financial situation also impact your rate. The table below shows 10-year fixed student loan rates based on credit score:

Frequent questions

Federal student loans have a number of protections that private student loans do not. Widespread forbearance and 0% interest rates during the coronavirus pandemic are some examples.

Similarly, income-based repayment plans are only available for federal student loans. They help reduce payments to a percentage of a person’s income. This is a protection not available to private student loan borrowers that could make a big difference.

Unfortunately no. Private student loans are not eligible for any federal forgiveness programs.

Your credit history is the biggest factor in your chances of approval. If you have a bad credit score, it will be more difficult for you to get a new loan. But you may be able to enlist a co-signer to increase your odds of approval.

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