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Credible Private Student Loan Debt Consolidation Review

Credible is different – this company is not a specific bank or traditional lender, but an aggregator for the banks and lenders looking to offer student loan consolidation and refinancing programs to people like you.

You can think of Credible like a Travelocity, or a Hotels.com – it’s a marketplace, or a research tool that you can use to evaluate your options from a variety of consolidation companies to determine which one will offer you the very best deal.

Why Should You Trust Credible?

In my opinion, Credible is one of the Best Student Loan Debt Consolidation Companies in the business, because they offer actual rates (where other similar marketplaces will only provide ranges), allowing you to cut down on research time, compare apples to apples offers from the different lenders, and decide for sure which company you want to consolidate with.

Credible may not offer career counseling services (like SoFi’s Entrepreneur Program or CommonBond’s CommonBridge), but Credible does get you access to the industry’s lowest interest rates (which is what really counts for most borrowers anyway).

To find out who will offer you the best student loan consolidation package, click the Apply Now button below.

Alternatively, if you want more information about why you should trust Credible to consolidate your loans, please feel free to continue reading this review.

Who is Credible?

Credible was founded by Stephen Dash in 2012, and it’s aim it “to provide a Kayak-like experience” that allows users to shop student loan debt consolidation packages from multiple lenders so that they can pick the one that best suits their needs.

The company’s stated purpose is to “bring transparency and trust to the… confusing process of addressing… student loan debt.” And it does so, in spades!

In fact, Credible publicly states that they’ve already consolidated over 25,000 student loans, and saved those borrowers an average of $11,668 on their loans.

Those are some impressive numbers for a company that’s just a couple years old, and it’s another reason that I think Credible’s service is worth exploring.

How Does Credible Work?

Remember, Credible is not a traditional bank or other financial lending institution, but an aggregator that allows you to check the refinance and consolidation programs offered by traditional lenders, all in one place.

Credible is fast and easy to use, since all you have to do to get your initial quotes is answer 5 simple questions:

  • What school did you graduate from?
  • What is your approximate annual income?
  • What is your approximate student loan balance?
  • What is the approximate interest rate on your student loan?
  • What is your approximate credit score?

After you provide these basic answers, you’ll get an email with some basic information (but not specific offers from lenders), and an idea of whether or not you’ll be able to save money with Credible’s lenders.

To get your specific refinancing offers, you’ll need to spend about 10 minutes entering more detailed information into Credible’s system.

Credible will use this information to shop potential banks and lenders to find out which of them will offer you the best loan terms, lowest interest rates, and largest potential savings.

For this part of the process, you’ll:

  • Link your existing student loans to Credible’s system (it’s all done automatically, so you won’t have to enter your type of loan, balance, interest rate, etc. manually)
  • Provide personal information (name, address, phone number, etc.)
  • Fill out employment and income details (your current employer, job title, salary, etc.)
  • Add a Co-Signer (optional)
  • Add a reference (someone the lenders could call to verify details about you)

If this were a traditional bank that required you to do all this stuff before showing you their offer, then I’d tell you not to bother with them because it does take a bit of effort (like I said, about 10 minutes to fill it out entirely).

However, in Credible’s case, it’s worth providing this information, because you will only have to do it ONCE!

Credible will take the details you provide to get rates and loan terms from A VARIETY of different lenders, allowing you to shop multiple companies and find the best deal without having to give your information to everybody manually.

It’s just like how you shop for airline tickets and hotel reservations. Would you go to each airline’s website and enter your trip information separately, or do you just go to Expedia, Cheapo-Air or Kayak to see rates from all the airlines in one place?

Why wouldn’t you want to do the same thing with a student loan refi? My opinion: you’d be crazy not to use Credible!

What Types of Loans can Credible Help Consolidate or Refinance?

Credible consolidates both Private and Federal student loans, from both undergraduate and graduate programs.

The only types of loans that Credible can’t consolidate or refinance are loans that have already gone into default.

A Warning: Be Cautious About Consolidating Federal Loans with Private Loans

All the big lenders are allowing people to combine Private and Federal loans these days, but my opinion is that this is almost never a good idea.

The reason I wouldn’t combine Federal loans with Private debt is that doing so leads to losing eligibility for all the amazing Federal student loan benefits programs currently on offer.

There’s no better way to deal with student loan debt than by leveraging one of the Federal Government’s awesome Income-Based Student Loan Repayment Plans or by using President Obama’s Loan Forgiveness Program, but if you combine your Federal loans with Private loans, then you’ll be shut out from these awesome benefits.

If you’ve got loans from the Government, and private lenders, my advice is to keep them separate.

But back to the review…

Do Credible’s Lenders Offer Fixed-Rate Loans?

Yes, Credible’s lenders offer fixed-rate loans, which is a good thing, because it’s hard to say how much longer these historically low interest rates could possibly last.

For the record, variable interest-rates loans are also available from Credible’s lenders, but I would advise against taking out a long-term, variable-interest rate loan.

There are just too many potential problems that could crop up with a loan like that, making it more risky than I’d be personally comfortable with.

But here’s the really important thing – and one of the biggest reasons why you should definitely check Credible out – when you apply for a loan at a specific lender (not using Credible), you’ll probably only be offered a couple refinancing options.

When you apply for a loan via Credible, you’ll have lots of different refinancing options to choose from since you’ll be able to view 2-3 potential loan programs from a variety of different banks!

And in the age of the Internet where everything happens at light-speed and information is supposed to be easily accessible, it honestly doesn’t make sense to shop for student loan refinancing programs any other way.

What Interest Rates Are Available?

Credible’s interest rates depend on a couple things:

  • Your provided information (loan amount, salary, credit score, etc.)
  • Your choice of Fixed-Rate of Variable-Rate loan (variable-rates are much lower right now
  • Your chosen length of the loans term (how long it’ll take to be paid off – the longer you take, the higher the interest rate)

Here are charts showing Credible’s interest-rate ranges for Fixed and Variable-rate loans (these are accurate as of Summer, 2015):

Fixed-Rate Loans
Loan Term
Interest Rate Range
5.87% - 14.50% APR
5.87% - 14.50% APR
3.50% - 8.45% APR
4.45% - 6.00% APR
4.50% - 8.5% APR
5.15% - 6.25% APR
4.40% - 11.29% APR
5.19% - 11.29% APR
6.50% - 9.75% APR
*All Rates Include Autopay Enrollment
Variable-Rate Loans
Loan Term
Interest Rate Range
1.93% - 6.72% APR
2.75% - 4.45% APR
2.37% - 6.77% APR
2.42% - 7.99% APR
2.57% - 7.99% APR
4.35% - 7.99% APR
*All Rates Include Autopay Enrollment

Like I mentioned earlier in the post – Credible’s rates are definitely in line with those offered by the biggest names in the business.

The key advantage to using Credible is that you’ll be able to see the rates offered by ALL the different lenders out there, rather than only getting to pick between 2 or 3 potential programs a single bank.

Does Credible Cost Anything?

No. Credible is entirely free!

The way they make money is by referring you to banks and lenders that want to earn your business.

Do Credible’s Lenders Charge Origination Fees?

No. The lenders represented by Credible are not allowed to charge origination fees, meaning your refinance or consolidation will cost $0 out of pocket.

Do Credible’s Lenders Charge Prepayment Penalties?

No. Lenders working with Credible are not allowed to charge prepayment penalties. For those of your considering variable-rate loans, that’s a very good thing.

Do Credible’s Lenders Offer Interest Rate Reductions?

Yes. Rate reductions are different for each lender represented on the platform, but most offer a 0.25% interest rate reduction for enrolling in their autopay programs.

Also, Credible’s lenders have additional discounts and deductions for things like using their company-owned checking accounts, remaining a loyal customer, etc.

When you receive your offers from Credible’s lenders, all of the potential deductions from each lender will be clearly marked, so you can see exactly what sort of perks you’ll qualify for up front.

Does Credible Service the Loans?

No. Credible doesn’t end up servicing your loan (handling your payments and such) even if you sign up for a lender from their system.

Remember, credible is like Kayak, or Expedia. You are using their system to shop for the best deal. Once you choose the student loan refinancing program that you like best, Credible will be out of the picture.

(This would be like asking if Expedia is going to fly the plane you just bought tickets for).

Do Credible’s Lenders Offer Unemployment Protection?

Some of them do.

Do Credible’s Lenders Offer Career Counseling?

Some of them do.

Do Credible’s Lenders Offer a Deferment Period for Recent Graduates?

Some of them do.

Do Credible’s Lenders Offer Cosigner Release?

Some of them do.

Who Funds Credible’s Loans?

Remember, Credible doesn’t actually offer the loans, so the answer to this question is “no one”.

Credible’s entire purpose is to let you shop offers from different lenders, comparing their strengths and weaknesses to determine which one will be best for your particular financial situation.

Can You Trust Credible?

Yes, absolutely. This is a big company – not as big as the banks and lenders, but big nonetheless – who is leading an industry revolution.

Credible is likely to continue growing in size, getting more offers from different lenders, and leading to them having to compete against each other by offering even better deals to borrowers who can now compare them side-by-side.

In fact, the more people who use Credible’s service, the more pressure lenders will feel to reduce their interest rates, offer better loan terms and a better deal to the end consumer.

If anything’s been proven in the last 50 years of financial history, it’s that transparency and competition are definitely capable of leading to major cost reductions.

As an example, airline tickets have dropped by about 50% since the original introduction of the big airline aggregator websites (Kayak, Expedia, etc.).

Something similar could occur with student loan consolidation costs, if enough people were to use platforms like Credible.

What are Credible’s Eligibility Requirements?

This comes directly from their FAQ page, but to use the system you must:

  • Be a U.S. Citizen or permanent resident
  • Be at least 18 years old
  • Hold at least $3,000 in student loan debt
  • No longer be enrolled in a degree or other educational program

I spoke with a contact at Credible, and he said that there are three things that could make it quite difficult for you to qualify for a refinancing program from Credible’s lenders:

  • Loans already in default (this is guaranteed no-go)
  • Bankruptcy on your credit report
  • Credit Score below 620 (may still work, but probably not)

As long as satisfy the eligibility conditions above, you should definitely check your options through Credible’s network.

Should I Consolidate with Credible?

Technically, you can’t consolidate with Credible, but you should definitely see what their lenders are offering.

Again, interacting with their system takes the same amount of time you’d have to spend checking out any other lender, but the advantage here is that you’ll get to compare multiple offers from a variety of lenders, rather than only having one set of options to choose from.

If I were in your situation (shopping for the best student loan consolidation company), then I would absolutely start at Credible.

In fact, when my friends and family ask me how they should pursue reducing their student loan payments, Credible is the first place I point them.

How Do I Apply?

That’s easy! Click the Apply Now button below to get started right now:

Other Questions? Comments?

Do you have other questions about Credible, or about student loan consolidations and refinancing?

Feel free to leave them in the comments section below and I’ll get you a response as quickly as I can.

Also, if you’ve tried Credible’s service, please let me and my audience know what it was like!

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Kh2>Disclosure Statement

In the interest of full disclosure, I want to point out that I have an affiliate agreement with Credible.

If you use their system through one of my Apply Now links posted above, then you sign up for a student loan consolidation or refinancing package from one of their lenders, I will receive a small commission for referring you to them.

Please note, however, that this has NO SWAY over my opinion of their service. I am dead serious about referring friends and family to Credible. If you want to get the best deal on your student loan refinance, then you should start by visiting Credible right now.


Tim's experience battling crushing student loan debt led him to create the website Forget Student Loan Debt, where he offers advice on dealing with excessive student loans and advocates a cautious approach to funding education costs via borrowed money.