This week's student loan refinancing rates: July 12, 2022 | Rates stay flat
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Average interest rates on 5-year refinanced graduate student loans have gone down since two weeks ago, and 5-year undergraduate loans have stayed the same, according to
However, rates may go up substantially in the future. For the 2022-23 school year, federal student loan rates will rise by the highest amount since the 2005-06 year. These new rates won't directly impact private student loan rates, but private rates may increase as they don't have to remain as low to be on par with federal loan rates.
5-year variable student loan refinancing rates
Refinance rates on 5-year variable-rate undergraduate student loans have stayed the same this past week, but are up by about 1% from six months ago.
The refinance rates on 5-year variable graduate loans have dropped by 43 basis points.
| Undergraduate | Graduate | |
| This past week | 4.67% | 2.51% |
| 2 weeks ago | 4.67% | 2.94% |
| 6 months ago | 3.65% | 2.57% |
| 1 year ago | 3.02% | 2.90% |
10-year fixed student loan refinancing rates
The rates on 10-year fixed undergraduate student loan refinances have dipped a bit from two weeks ago. Undergraduate rates have gone down by 20 basis points, while graduate rates have ticked up by three basis points. Rates are up almost 2% from one year ago.
| Undergraduate | Graduate | |
| This past week | 5.76% | 5.36% |
| 2 weeks ago | 5.96% | 5.33% |
| 6 months ago | 3.75% | 3.31% |
| 1 year ago | 3.81% | 3.46% |
Student loan interest rates by credit score
Your credit score significantly impacts the rates you get. You'll often get a better rate the higher your credit score. Below, we've listed the 10-year fixed student loan rates by credit score:
| Below 680 | 680-719 | 720-779 | 780+ | Average Rate | |
| This past week | 8.49% | 6.41% | 5.54% | 4.94% | 5.64% |
| 2 weeks ago | 8.16% | 6.42% | 5.47% | 5.12% | 5.83% |
Why refinance a student loan?
You might qualify for a better rate when you refinance your student loans. You will also be able to change from a fixed-rate to a a variable-rate loan, or switch up your term length. By choosing a different term length, you might be able to distribute costs over an extended period for smaller monthly payments, though you'll pay more in total interest.
How to refinance a student loan
Start the refinancing process by looking at your terms with different lenders. Review the offers and figure out which rate and term length is best for you. When you check at your rates, lenders will usually perform a soft credit check, which doesn't hurt your credit score.
You'll need to apply to refinance through a private student loan lender, as you're unable to refinance a student loan through the federal government.
Once you've picked a company, you'll fill out its application and give documents that verify your finances and identity. After the lender makes its final offer, you'll need to sign the agreement and accept the terms. Then, your new lender will pay off your existing loan and you'll be off and running with a new loan.
How do I know if I'll get approved to refinance my student loan?
Generally the best barometer of loan approval is your credit score and history. Lenders like to see that you have a track record of reliably paying back your loans on time, so the better your credit score, the more likely you are to qualify for a low rate as well. Additionally, most lenders will run a soft credit check when you apply (which doesn't impact your credit score), so you can find out from an individual lender if you'll get approved at no harm to you.