Student loan refinancing is when you apply for a new loan to pay off your current student loans, usually to lower your interest rate or extend your payoff timeline. If you have a federal student loan, you must refinance with a private lender.

Credible is an online marketplace that lets you compare student loan offers from multiple lenders.

Credible is not a lender, a bank or a credit card issuer - we partner with top financial service providers so that they can provide you with a variety of competitive options, enabling you to quickly find the right financial product for your needs.

Refinancing to a 10-year loan term at 5% interest will save you $5,494 in total and $46 per month - enough to make a dent in an electricity, cable or phone bill. Refinancing private student loans can be an easier decision if your credit score and income can qualify you for lower interest rates.

Refinancing a loan is when a borrower replaces their current debt obligation with one that has more favorable terms. Through this process, a borrower takes out a new loan to pay off their existing debt, and the terms of the original loan are replaced with an updated agreement.

A purchase mortgage is a type of loan that homebuyers apply to finance the purchase of a new home. A refinance mortgage is the process homeowners go through to change their mortgage rate and terms.

Yes, Credible is a legitimate company founded in 2012. Credible initially began as a marketplace for student loan refinancing. Credible's lending marketplace has been in operation since 2014 and has an A+ rating from the Better Business Bureau.

Credible is completely free to use; Credible makes money through referral fees from its partner lenders.

financial technology company Credible Labs Inc., commonly known as Credible, is a financial technology company headquartered in San Francisco.

Here's an in-depth look at the reasons to refinance, and the pros and cons you'll want to consider.

• 1 Lower monthly payments.
• 2 Lower interest rate.
• 3 Switch to a fixed rate.
• 4 Reduce your loan term.
• 5 Cash-out refinance.

Key Takeaways. A refinance occurs when the terms of an existing loan, such as interest rates, payment schedules, or other terms, are revised. Borrowers tend to refinance when interest rates fall. Refinancing involves the re-evaluation of a person or business's credit and repayment status.

Here's an in-depth look at the reasons to refinance, and the pros and cons you'll want to consider.

• 1 Lower monthly payments.
• 2 Lower interest rate.
• 3 Switch to a fixed rate.
• 4 Reduce your loan term.
• 5 Cash-out refinance.