Credible | GetStudentLoans

Overview

Credible is dedicated to simplifying the complexities associated with private student loans and student loan refinancing. Recognizing the difficult financial landscape students and graduates are dealing with, Credible offers a robust suite of services aimed at simplifying your loan search and educating you through the process.

The service’s dedication to providing a platform that adapts to the evolving needs of students, coupled with a continuous commitment to transparency and accessibility, makes it a cornerstone in the journey toward educational and financial success.

Image from Credible. Captured December 18, 2023

Compare Student Loans

Private Student Loans

Credible collaborates with multiple lenders, providing a comprehensive range of private undergraduate and graduate loans. Their partnerships cater to the diverse needs of students and families.

Rates: Variable interest rates for private student loans through Credible range from 4.50% - 17.99% APR, while fixed rates range from 3.45% - 17.99% APR.
Loan Types: Private, graduate, parent, medical, law, MBA.
Coverage: Credible's private student loans cover all school-certified costs, ensuring comprehensive financial support for tuition, room and board, textbooks, and additional educational expenses.

Student Loan Refinancing

Credible covers a broad spectrum, allowing refinancing for undergraduate, graduate, and parent loans. These services come with advantages like potential lower interest rates, simplified repayment with a single monthly payment, flexible terms, and zero fees.

Rates: Explore rates from 3.85% APR - 13.44% APR.
Qualification: Get prequalified in minutes with Credible’s straightforward online platform.

Special Features

Credible is committed to helping you crush your loans, with free resources like how to apply with a cosigner, student loan limits, how to lower your rates, consolidating loans, and so much more. Perhaps the most beneficial feature is their Student Loan Interest Calculator, allowing you to get an estimate of what your payments might be–completely free.

Image from Credible. Captured December 18, 2023

Loan Specifications

Credible offers favorable features, such as a straightforward application process that doesn't impact your credit score, flexible repayment options, and co-signer release possibilities.

Individual Loan Requirements

Credit Score: A good-to-excellent credit is typically what you’ll need to qualify for refinancing (a FICO score of 670 or higher), though some lenders offer refinancing for lower.
DTI: Your debt-to-income ration will need to be below 50% to quality for most of Credible’s student loan services.
Cosigner Option: If the criteria above may limit your eligibility for student loans, there’s a solution. Cosigners can help you get approved and even secure a lower interest rate.
Terms: Most loans are typically 5-year to 10-year contracts.
(Suggested) Exhaust Other Options Like Federal Aid: Before deciding to move forward with a lending or refinancing service, be sure you’ve exhausted all federal aid options, grants, and scholarships available to you.

See All Your Options With Credible

Credible is a top student loan services provider that offers a user-friendly platform, transparent interest rate estimates, and the ability to compare multiple offers from various lenders simultaneously.

Whether you’re seeking private student loans or considering refinancing, Credible offers a streamlined process backed by competitive rates and favorable terms. The platform’s emphasis on co-signer release, coupled with its strategic lender collaborations, solidifies its standing as a preferred choice.

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Frequently Asked Questions (FAQ)

When should I apply for student loans?

Start applying for student loans as soon as you receive your college acceptance letter. Early application ensures you have enough time to compare options and secure the necessary funding before tuition payments are due.

Can I get student loans online?

Yes, you can apply for student loans online. Many lenders offer the convenience of applying for students loans through their websites, allowing you to complete the process from the comfort of your home.

How to apply for a student loan for my major/field?

There are several types of loans available, including federal student loans, private loans for students (undergraduate and graduate), school-specific loans, etc. Each type has different eligibility requirements, interest rates, and repayment options. Look into options at your school, on the federal level, and with private lenders

How to take out a student loan without additional fees?

Most lenders do not charge upfront fees. This means you can explore loan and/or refinancing options without worrying about initial costs. However, it’s crucial to read the terms and conditions carefully to understand any potential fees associated with the process.

Can you apply for additional school loans for college?

Yes, you can apply for additional funding if your initial loan doesn’t cover all your expenses. Explore various college student loan options to find the best supplemental loans to meet your financial needs.

Do the best student loan rates depend on my major/area of study?

Yes, the best school loan can vary depending on your major or area of study. Top lenders typically offer specialized loans for schools that cater to specific fields, providing better terms and benefits for those students.

What is a subsidized student loan?

A subsidized student loan is a type of federal loan available to eligible undergraduate students with financial need. With this loan, the U.S. Department of Education pays the interest while the student is in school at least half-time, during the grace period, and during any deferment periods. This makes it an affordable option for students looking to minimize their loan balance over time.

How do college loan interest rates impact repayment?

College loan interest rates determine the cost of borrowing for both federal and private loans. Lower interest rates mean less money accrued over time, while higher rates can significantly increase the total repayment amount. Federal loans often offer fixed rates, while private lenders may provide variable or fixed-rate options, depending on the borrower's creditworthiness and lender terms.