Student Loan Refinancing 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. Rates on undergraduate loans 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 the rate you’ll usually get.

As the below tables show, student loan borrowing costs have skyrocketed in the last 12 months. Federal student loan rates for 2022-23 are up by the most in almost two decades. These new rates don’t directly affect private student loan rates, but private rates may go up as they don’t have to stay as low to remain competitive with federal ones. Consumer borrowing costs across the board have risen sharply this year as the Federal Reserve aggressively moved to raise base rates to slow inflation. 

Insider’s Featured Student Loan Refinance Companies

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APR

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

Editor’s Rating

4.5/5

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APR

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

Editor’s Rating

3.5/5

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APR

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

Editor’s Rating

3.5/5

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5-year variable student loan refinancing rates

Rates on 5-year undergraduate loans have dropped more than 4 percentage points from last week, settling close to the level they were at six months ago. Graduate rates have gone up by 39 basis points. 

Both undergraduate and graduate rates are up significantly from one year ago. 

10-year fixed student loan refinancing rates

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

On the flip side, graduate rates have ticked up this past week.

Student loan interest rates by credit score

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

Frequently asked questions

Federal student loans have a number of protections that private student loans don’t. The 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 to lower payments to a percentage of a person’s income. That’s 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 approval chances. If you have a poor credit score, it will be harder for you to get a new loan. But you may be able to enlist a cosigner to boost your likelihood of approval. 

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