Student Loan Refinance General Disclosures
Prequalified rates are potential options, not offers of credit: Credible’s prequalification process is intended to provide you with preliminary information regarding potential options for a loan with one of our Lender Partners. Credible is not a lender and does not make credit decisions or employ its own credit criteria. A prequalification inquiry is not an application for credit.
No guarantees: Credible makes no representations, warranties or guarantees about your eligibility for credit or for a particular loan. Credible and its Lender Partners do not have prequalified rate information for all circumstances and may be unable to provide a prequalified rate in response to every inquiry. Lender Partners reserve the right to change or withdraw the prequalified rates at any time. Additionally, receiving a prequalified rate does not guarantee that your chosen Lender Partner will extend you an offer of credit. All credit decisions, including loan approval, if any, are determined by our Lender Partners, in their sole discretion. There are some Lender Partners on the Credible platform who do not participate in providing prequalified rates to users; in these circumstances, you may apply with these Lender Partners directly.
Displayed prequalified rates include the automatic payment (“autopay”) discount (also known as the ACH discount): If a Lender Partner offers a discount (typically 0.25%) for autopay, then the rates displayed, by default, will include that discount. You can see the rates with or without the discount by toggling the autopay discount “on” or “off” on your Dashboard. The rate provided directly to you from the Lender Partner may not include the autopay discount and you may not qualify for the autopay discount. Note that autopay discounts are applied differently by different Lender Partners. Some Lender Partners will apply the discount to lower the principal amount of the loan, instead of applying the discount to the monthly payment. When the Lender Partner does this your monthly payment will appear higher, but your loan balance gets paid off sooner. Other Lender Partners will apply the discount to the monthly payment, making your monthly payment lower. The manner in which these discounts are determined and applied are at the Lender Partner's sole discretion. Please inquire about the autopay discount directly with the Lender Partner. For consistency, Credible displays the discount as though the discount is applied to the monthly payment. Accordingly, the manner in which Credible displays the monthly payment information is for illustrative purposes only; the actual monthly payment information will be provided directly to you by the Lender Partner.
Post-prequalification process for obtaining an offer of credit from a Lender Partner: If you are provided with prequalified rates and you choose an option on your Credible Dashboard, you will be prompted to complete your application with the Lender Partner (which process may be either on the Credible.com or Lender Partner’s website) and will require reading and consenting to the Lender Partner’s terms of use, privacy policies, relevant disclosures, credit pull authorization and potentially other lender-specific documents. The Lender Partner will then conduct a hard credit inquiry to further assess your creditworthiness according to their criteria (as determined in their sole discretion). Then, if you are still eligible for the Lender Partner’s loan product, the offer with the rate you are eligible for will be displayed on your Credible Dashboard and via email or other electronic means. Lenders may decide not to extend you an offer of credit if the Lender Partner(s) determine that you do not meet their criteria. Lenders reserve the right to approve or decline individual credit applications.
Rates from Lender Partners may differ from Prequalified Rates due to a number of factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information you provide (or are unable to provide) to the Lender Partner during the application process; and/or (iii) changes in APRs (e.g., there may be an increase in the rate index between the time you go through the prequalification process and the time you submit your application for the loan and/or the time that your loan closes. Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lowest advertised rates typically require a credit-worthy co-signer and/or highest degree held by the borrower.
Errors in information displayed or provided to you: Neither Credible nor its Lender Partners assume responsibility for typographical or other errors or omissions in the information provided to you.
Savings calculation: If you requested and received prequalified refinancing rates you will be presented with an estimated savings calculator where you can estimate the savings you may receive with the various options presented on your Credible Dashboard. The savings displayed (or, additional cost) is the difference in the total lifetime cost (principal and interest over the remaining term of the loan(s)) of your current loan(s) based on the information you provided and the total lifetime cost (principal and interest over the term of the loan(s)) of the option(s) presented
Student Loan Refinancing Rate and Terms Disclosure: The lenders on the Credible.com platform offer fixed rates ranging from 4.84% - 10.99%. Variable interest rates offered by the lenders on Credible.com range from 5.28% - 12.45%. Variable rates will fluctuate over the term of the borrower's loan with changes in the Index rate. The Index will be either LIBOR, SOFR, or the Prime Rate of interest as published in the Wall Street Journal (WSJ). The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy cosigners, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.