Home Student Loans Review Credible Student Loans Review

Credible Student Loans Review

Credible, a platform designed to simplify the borrowing process, aims to provide transparency and ease to borrowers. In this article, we will delve into a review of Credible student loans, exploring its features, benefits, application process, and how it empowers borrowers to make responsible financial choices.

Introducing Credible Student Loans

Credible is a user-friendly online platform that helps students and their families compare various student loan options from multiple lenders. With the mission to simplify the borrowing process, Credible offers a single platform for borrowers to explore different loan offers and make informed decisions based on their individual needs.

Credible can simplify the process of shopping for private student loans. You can view personalized prequalified rates from leading student loan lenders by filling out one form without affecting your credit. However, Credible doesn’t offer any special discounts or incentives, so you won’t qualify for lower rates by going through Credible than you’d get working directly with the lender.

Benefits of Using Credible

Credible offers several benefits that set it apart as a valuable resource for borrowers:

  1. Streamlined Comparison: Credible aggregates loan offers from multiple lenders, allowing borrowers to easily compare interest rates, terms, and other features in one place.
  2. Transparency: The platform is committed to transparency, providing borrowers with clear and comprehensive information about loan terms, fees, and repayment options.
  3. Ease of Use: Credible’s user-friendly interface simplifies the loan comparison process, making it accessible even for those who are new to student loans.
  4. Soft Credit Pull: Credible uses a soft credit pull during the pre-qualification process, which doesn’t impact your credit score. This enables borrowers to explore loan offers without committing to a hard inquiry.

Check Graduate Student Loans

Using Credible: Step-by-Step

Navigating Credible for student loans is a straightforward process:

  1. Create an Account: Begin by creating a Credible account, providing essential information to get started.
  2. Provide Loan Details: Input details about the loan you’re seeking, including loan amount, academic institution, and degree level.
  3. View Offers: Credible will present you with a list of loan offers from various lenders, showcasing interest rates, terms, and other relevant information.
  4. Compare and Select: Review the loan offers and compare them based on your preferences. Select the one that aligns with your financial goals.
  5. Complete Application: Once you’ve chosen a loan, Credible will guide you through the application process, connecting you directly to the lender.

Considerations and Responsible Borrowing

While Credible offers a valuable service, responsible borrowing remains crucial:

  1. Understand Loan Terms: Thoroughly read and understand the terms of the loan you’re considering, including interest rates, repayment terms, and any fees.
  2. Budget for Repayment: Consider how monthly payments will fit into your post-graduation budget and plan for a responsible repayment strategy.
  3. Consider Federal Loans First: Before exploring private loan options, consider federal loans, which often offer more favorable terms and protections.
  4. Evaluate Multiple Platforms: While Credible is a reputable platform, consider exploring multiple loan comparison platforms to ensure you’re getting a comprehensive view of available offers.

Pros and cons of Credible student loans

Credible can be a fast and convenient way to compare lenders, but there are some drawbacks if you’re using it as your primary tool.


  • Prequalify with multiple companies: Credible currently partners with seven student loan lenders and 10 refinancing lenders. The ability to compare multiple lenders at once with only one application makes the process of shopping around more convenient.
  • Potential for no fees: Credible partners with many lenders that don’t charge origination fees.

Wide range of repayment options: Credible’s partner lenders offer many options for repayment terms. While the exact options vary by lender, you may be able to find terms from five to 20 years


  • Does not search all lenders: While Credible partners with a good selection of lenders, it does not partner with all major players in the student loan space. Big-name lenders like SoFi and Earnest are not featured, so you’ll have to prequalify with those lenders separately to see if you can get a lower rate.
  • Details vary by lender: You won’t know what terms and rates you’re applying for when you submit through Credible’s form. Every lender has its own fees, loan amounts and grace period, so you’ll have to research the lenders you’re matched with.

Lenders Available Through Credible

As a lending marketplace, Credible partners with banks, credit unions, and other financial institutions to offer loans. Its private student loan partners include:

  • Ascent
  • Citizens Bank
  • College Ave Student Loans
  • Custom Choice
  • EDvestinU
  • INvestEd
  • MEFA
  • Sallie Mae
  • LendKey (refinancing only)
  • ISL Lending (refinancing only)
  • RISLA (refinancing only)
  • ELFI (refinancing only)
  • Brazos (refinancing only)

Credible Student Loan Requirements

Because Credible isn’t a loan originator, there is no set of minimum requirements to be approved for a loan; it’s all dependent on the individual lender. However, the prequalification tool is a great way to find out what loans you could be eligible for.

In general, borrowers should be in good financial standing to be eligible for a private student loan. Borrowers should also be U.S. citizens or legal residents and be at least the age of majority. Borrowers who don’t meet all of the requirements are free to add a co-signer to their loan to get approved or qualify for better rates.

Check also Student Loan Calculator

Credible Student Loan Rates: Quick Look

Credible offers the following rates through its partner lenders, as of March, 2023.34

Loan Type Variable APR Fixed APR
Undergraduate loan 4.98%–16.99% 4.42%–15.99%
Graduate loan 4.98%–16.99% 4.42%–15.99%
Refinance loan 5.07% to 14.25% 4.40% to 11.83%

Interest rates and terms

Many of the lenders that Credible features offer both fixed and variable interest rates on their student loan products. Credible itself doesn’t offer any discounts, but the rates below reflect discounts provided by the lenders.

Loan product Variable rate Fixed rate
Undergraduate student loans 5.09% to 16.33% APR 3.65% to 15.99% APR
Refinance student loans 4.99% to 13.92% APR 4.40% to 11.99% APR

Fees and penalties

Fees and penalties vary by lender; some lenders may charge origination fees, application fees or late fees. Before officially accepting a lender’s offer, check the terms and conditions for any hidden fees or penalties.

Loan Eligibility and Approval

Private student loans tend to have higher interest rates and fewer borrower protections than federal student loans, so make sure to use the maximum amount of federal aid first.

Through Credible, borrowers can find private student loans to pay for undergraduate or graduate degrees. Parents borrowing to pay for a child’s college education can also find a loan through Credible’s platform.

Although loan eligibility requirements can vary by lender, Credible’s partners typically require borrowers to meet the following criteria:

  • Students must be enrolled at least part-time
  • You must be the age of majority in your state or have a co-signer
  • Students must be U.S. citizens or permanent residents; international students may qualify for a loan if they have a creditworthy co-signer who is a U.S. citizen or permanent resident

Are Cosigners Required?

Borrowers have to meet lender credit and income requirements. For college students who may not have much income or credit yet, a co-signer can improve their chances of getting a loan.

International students may qualify for private student loans if they add a co-signer to their application who is a U.S. citizen or permanent resident.

Is Loan Pre-Qualification Available?

Through Credible, you can fill out one form and view options from multiple lenders without affecting your credit. Once you find the right loan, Credible will direct you to the lender’s website to complete the full application. At that time, the lender will perform a hard credit check.

Length of Time for Loan Approval and Disbursement

The length of time it takes to get approved and for loans to be disbursed varies by lender. In general, the lender will pay the money to your college. If there is money left over after covering tuition and other fees, the school may issue the remainder to you by check or by electronic transfer.

Loan Fees and Repayment Options

Because Credible is a marketplace rather than a lender, the lender that underwrites your loan—not Credible—determines the fees and repayment options.

Loan Fees

None of Credible’s partners charge application fees, origination fees, or prepayment penalties.7 But there may be late fees or returned payment fees.

Loan Discounts

Some of Credible’s partners offer special discounts, such as autopay discounts. With some lenders, you can qualify for a 0.25% interest rate reduction by enrolling in automatic payments, or get additional discounts by showing proof of graduation or taking out multiple loans.8

Repayment Options

With federal student loans, you don’t have to make payments while you’re in school, but that’s not always the case with private student loans. Some of Credible’s partners allow you to defer payments until after you graduate, but not all of its partners may offer that option. Depending on the lender, you may be able to choose one of the following repayment plans:

  • Immediate full payment: Under an immediate repayment plan, you make payments against the interest and principal while you’re in school. Although the payments are higher than with other plans while you’re a student, this option has the lowest overall cost.
  • Fixed: With a fixed payment plan, you only pay a fixed amount per month, such as $25, while you’re in school. After you graduate, you make payments against the principal and interest.
  • Interest-only: If you choose an interest-only repayment plan, you make payments against the interest that accrues each month while you’re in school. After graduation or dropping out of college, you make payments against the principal and interest.
  • Deferred: If a lender offers a deferred payment plan, you can postpone making any payments until after you graduate. There is often a six-month grace period after graduation before payments are required, as well.


Credible does not have a rewards or referral program, although certain of its partner lenders may.

Loan Forbearance and Discharge Options

When shopping for a private student loan through Credible, be sure to check the following lender policies before signing a loan agreement:

  • Financial hardship forbearance: Some private student loan companies—but not all—offer forbearance to borrowers that experience financial issues, such as a job loss. This option allows you to make reduced payments or even skip payments for a few months.
  • Loan discharge for death or disability: Although federal student loans are discharged in cases of death and permanent disability, that’s not always the case with private student loans. Check with your lender to see how your loans will be handled if you or your co-signer pass away or become totally and permanently disabled.

Is Student Loan Refinancing Available?

In addition to private student loans, Credible also connects borrowers to student loan refinancing lenders. Credible’s partner lenders offer the following refinancing options:

  • Undergraduate loan refinancing
  • Graduate loan refinancing
  • Parent loan refinancing

Eligibility requirements vary by lender, but some of Credible’s partners allow borrowers to refinance their loans if they didn’t graduate or if they’re still in school. Borrowers can refinance their loans and get either a fixed or variable-rate loan, and loan terms can be as long as 20 years.9

Check Low Student Loan Rates

Customer Service

Credible has a strong reputation among customers. On Trustpilot, Credible’s TrustScore is 4.7 (Excellent) based on over 5,300 reviews.10 Consumers submitted just 24 complaints about Credible to the Consumer Financial Protection Bureau and only three of them were about student loans, far fewer than you typically see for a student loan company.11

Credible’s customer support team can be reached by phone, email, or online chat:

  • Email: support@credible.com
  • Phone: 866-540-6005

Because Credible doesn’t issue loans, you will be in contact with another company once you have a loan in repayment. If you have problems with your account or need help with your payments, you’ll have to contact the lender that issued the loan or the loan servicer that manages it.

Applying for a Credible Student Loan 

Before turning to Credible or any student loan company, make sure to explore all of your federal and state financial aid options first. Fill out the Free Application for Federal Student Aid (FAFSA) and contact your college’s financial aid office to ensure you maximize all available aid before turning to private loans.

With Credible, you can get quotes for private student loans and refinancing by filling out one simple form. The form will prompt you to enter the following information:

  • Your name
  • Date of birth
  • Address
  • Citizenship status
  • College name
  • Degree type
  • Expected graduation date
  • Monthly housing payment
  • Employment status and income
  • Desired loan amount

Credible will use your information and a soft credit check to show you potential loans from multiple lenders.

If you find a loan that meets your needs and you want to apply for it, you can select that loan and Credible will redirect you to the lender’s website to fill out the full application. At that time, the lender may request additional information, and you’ll also need to consent to a hard credit check.

Alternative Choices

Credible Discover MEFA
Loan Types Offered Undergraduate; graduate; parent; professional Undergraduate; graduate; parent; professional Undergraduate; graduate
Undergraduate Fixed APR 4.42%–15.99% 4.49%–14.99% 5.35%–7.95%
Undergraduate Variable APR 4.98%–16.99% 6.37%–16.62% N/A
Origination/Administrative Fee None None None
Repayment Options Varies by lender Deferment; fixed; interest-only Deferment; interest-only; immediate; deferment with co-borrower release
Refinancing Available Yes Yes Yes


Credible student loans are an innovative solution that simplifies the student loan borrowing process. By offering transparent comparisons and a user-friendly interface, Credible empowers borrowers to make educated choices that align with their financial goals.
As you explore student loan options, using platforms like Credible can significantly contribute to a well-informed borrowing experience. Remember to approach borrowing responsibly, understanding loan terms, and planning for successful repayment as you embark on your educational journey.

Previous articleStudent Loan Reviews
Next articleCollege Ave Student Loans Review – Eligibility, Repayment, Interest Rate, pros and cons


Please enter your comment!
Please enter your name here