This Week’s Student Loan Refinancing Rates: April 26, 2022


PFI Weekly Student Loan Rates text on blue background

You can change your term length by refinancing, but you may pay more in overall interest as a result.


The average interest rate on 5-year refinanced student loans decreased last week, while 10-year rates went up significantly, according to Credible. Still, student loan rates are relatively low, so you may think about refinancing your student loan today.

5-year variable student loan refinancing rates

The current rate for 5-year variable undergraduate refinanced student loans is down nearly 0.50% from two weeks ago. Six months ago, this rate was significantly lower, at 2.72%.

Five-year graduate variable rates have also dropped since two weeks ago. Currently, the average rate is 3.26%, down from 3.68% the week prior.

10-year fixed student loan refinancing rates

This past week, refinance rates on 10-year fixed student loans were up significantly from two weeks ago, with undergraduate rates increasing by 0.37%. Rates on undergraduate loans have increased by 1.25% since last October.

Graduate loans have ticked up by 0.28% since two weeks ago, and about 1% from last year.

Student loan interest rates by credit score


credit score

has a major impact on the rate you’ll get when you refinance your student loan. Usually, the better your credit score, the lower rate you’ll receive. Below, you’ll see 10-year fixed student loan rates by credit score:

Why refinance a student loan?

You may be eligible for a better rate when you refinance your student loans. You will also be able to switch from a variable-rate loan to a fixed-rate loan, or change your term length. By choosing a different term length, you might be able to spread out payments over a longer period for smaller monthly payments, though you’ll cough up more in total interest.

What happens if I refinance a federal student loan?

Think twice before choosing to refinance a federal student loan. You will lose key protections that come with federal loans if you refinance them. For instance, you won’t qualify for the COVID-19 related student loan payment pause, currently in place through August 31, 2022, and federal student loan relief programs like Public Service Loan Forgiveness.

You also won’t be eligible for specific repayment options like Income-Driven Repayment plans, which take your specific income and family size into account when determining monthly payments.

How do I choose between a fixed-rate and variable-rate loan?

Both types of loans are right for different types of borrowers.

A fixed-rate student loan has an interest rate that is the same throughout your loan. The rate you get when you take out your loan is the rate the lender will charge you until you pay back your loan in full.

A variable-rate loan has an interest rate that the lender will change regularly during your loan’s term. Lenders usually tie this rate to specific market benchmarks that are often impacted by the federal funds rate. Variable rates may start lower than fixed rates, but could climb higher over the life of your loan.