Credible Student Loans Review for 2024

Credible is a private student loan marketplace that works with multiple lenders to help you find private financing options for your college tuition — all using a single form.


Interest rates are also very competitive through Credible’s network of student loan providers. When picking a variable interest rate, you could find deals over a point lower than the fixed rate.

When you use Credible to find your student loan, you get to take your pick from various repayment options. You can choose deferred payments, interest-only, and others. It just depends on what you need.

Credible Student Loan Refinancing Options

In addition to matching you with loan originators, you can also find refinancing options through Credible. They provide actual prequalified refinancing rates from up to 5 lenders without affecting your credit. It takes 2 minutes to fill out the form, and it’s 100% free!

Credible’s network also allows the option of applying for a private student loan or student loan refinance along with a cosigner. So if your credit history is poor or simply limited, you may qualify for better terms with the help of a cosigner.

You can even check your interest rates with multiple cosigners to see who helps you qualify for better interest rates. And you can do all of this without impacting your credit score or theirs. Once you start making on-time monthly payments, you can typically release the cosigner after 24 to 36 months.

Credible is a unique player in the student loan and refinancing industry. Instead of acting as a direct lender, they partner borrowers with vetted student loan lenders to potentially get multiple offers. This comparison strategy helps you pick the best financing for your needs. Plus, you only have to fill out one form to get an approval decision in under two minutes.

Credible Student Loan Application Requirements

The eligibility requirements to use the services offered by Credible are not overly cumbersome. To qualify, you must be a U.S. citizen or a permanent resident with a permanent address in the country (or have a cosigner that meets these criteria).

You also must be over 18 years of age. For student loans, you can finance from $1,000 up to the certified cost of attendance (minus other aid you already received), and for student loan refinancing, you must have more than $5,000 in student loan debt to refinance.

Credit History

Prequalified rates are primarily based on your creditworthiness and not everyone will immediately qualify. If you requested prequalified rates through Credible but did not prequalify for one through any of their recommended student loan lenders, you can still apply for a loan with them.

If you get prequalified rates and choose to move forward with the lender, you will fill out your application on Credible. They will submit your application to the lender and the lender will perform a hard credit check, which may affect your credit score.

Read the Fine Print

You can add a cosigner through Credible or directly with the student loan lender. As always, be sure to read the fine print before accepting any loan offer (read the terms of use, privacy policy, application disclosures, and promissory note so that you understand your obligations before committing).

Fortunately, FICO understands when you’re shopping for a loan. If you have multiple hard checks for the same financial product within 30 days, credit bureaus only count it as one inquiry against your credit score.

So if you have multiple credit checks within one month, but they’re all from student loan lenders or student refinancing companies, you won’t be penalized for every single inquiry.

Using a Cosigner for Your Student Loan

Lenders often require cosigners if you have poor or limited credit. You can better your chances of qualifying for more attractive student loan refinancing terms by adding a cosigner with a strong credit score to your application.

This is especially true if you’re just graduating from high school and haven’t established your own credit history yet. In fact, Credible states that student loan borrowers with a cosigner are three times more likely to get approved for a loan.

Cosigner Requirements

If you provide a cosigner’s contact information on your form, Credible will reach out to them to get the information they need to move forward. Any adult who is a U.S. citizen or resident may qualify as a cosigner as long as their annual income reaches at least $24,000.

Right now, cosigners and borrowers can’t view each other’s information on Credible. However, if you fail to repay your refinanced loan, your cosigner will be on the hook for the bill. Some of Credible’s partner lenders do offer a cosigner release so you can take them off the loan after a certain period.

Borrowing with a cosigner can be a potentially tenuous situation, so don’t choose this option lightly. Still, using a parent, close friend, or relative to help you save on your monthly payments can be a huge benefit — it’s just a matter of risk versus reward.

Types of Student Loans Available from Credible

Credible is first and foremost a marketplace for students and graduates to finance their higher education expenses. When refinancing, the average Credible borrower saves quite a bit on their student loans. But Credible also focuses on new student loans. So if you’re trying to figure out how to fill the gap between your financial aid package and your tuition bill, you could certainly consider applying for a Credible loan.

Here are more details on each of your student loan options.

Credible Private Student Loans

Credible partners with the following private student loan lenders for new student loans:

Depending on the lender you receive an offer from and choose to work with, your loan term could last between 5 and 20 years. Most offer private student loans for both undergraduate and graduate students.

These lenders will provide funding for expenses at over 2,200 eligible colleges and universities across the country. You can use your private student loan funds for any education-related costs, including living expenses. You can even use the money for things like fees, food, and rent.

Credible Student Loan Refinancing

Credible offers a network of 9 lenders for refinancing, giving you an even broader range of potential offers. Eligible loans include federal student loans, private student loans, and Parent PLUS loans.

Some of Credible’s partner lenders allow for student loan refinancing even if you didn’t graduate from your program. It’s also possible to refinance student loans in forbearance or deferment with some of Credible’s lender partners.

Remember that you’ll lose the benefits associated with federal loans if you choose to refinance them. This includes programs like income-based repayment and public service forgiveness.

Credible Fees

Credible chooses only to work with lenders who don’t charge an origination fee. So you won’t have to worry about any origination fees or prepayment penalties when you get a loan through Credible.

Credible Student Loan Application Process

Credible is a marketplace for different types of loans, from student loan refinancing to credit card consolidation. They research lending options and make real-time recommendations to you that are personalized and based on your current credit scores. Credible then presents these options side-by-side for you to easily compare.

Whether you’re looking to get a new student loan or refinance existing student debt, you’ll be asked to fill out a one-page form. Credible then performs a soft credit pull of your credit report which does not adversely affect your credit score.

Prequalified Loan Options

The soft credit check allows Credible to assess what student loans are right for you. From there, Credible will give you prequalified loan options based on your credit score, income, and other factors. These options are then presented in a side-by-side comparison. They include criteria such as total repayment amount, APR, and monthly payment.

These prequalified loan offers will be submitted to you in real-time. You can compare lenders against each other and against your current student loan to choose the one that’s right for you.

Once you choose a lender, you’ll be asked questions as you’re guided through the loan process. The lender will run a hard credit check before finalizing the offer. After that, you can complete the application process with Credible and the lender will contact you directly to finalize it.

Since your loan is through the specific lender, not Credible itself, be sure to read all the details of your loan agreement. You’ll also make your monthly payment to the lender, not to Credible.

Credible Special Features

Intensive Customer Support – Credible offers customer support seven days a week directly from their San Francisco office. This even includes 3-way phone support to help connect you with your lender.

Refinancing Best Rate Guarantee – If you find a better interest rate from a lender elsewhere, Credible will give you $200. *All bonus payments are by gift card. See terms.

Bottom Line

In a sea of online lenders advertising lower interest rates on your student loans, Credible certainly stands out from the pack. While Credible may not be a fit for everyone, and not everyone will qualify to work with them, they offer substantial benefits to their customers.

With new student loan companies popping up every day, it’s more important than ever to compare student loan offers while utilizing a secure platform. Credible does just this while keeping you, the borrower, in mind.

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