For full transparency, Credible is a partner of Nurse.org and we may receive a commission or recommendation if you work with them. That being said, we do our best to write reviews that truly reflect our editorial opinion.
Should Nurses Use Credible When Refinancing Student Loans?
With interest rates currently at record highs, you could potentially save significant amounts of money by refinancing, perhaps even hundreds of dollars a month. For many, the question is how to refinance and which company to use. We looked at a great option – Credible.
Credible is more of a comparison site than a lender. They put you in touch with a bunch of different lenders to find the best loan option for your unique situation. In other words, they do a lot of the work for you!
What is refinancing? And what are its advantages?
The first question that comes to your mind is probably, “What does refinancing involve?” Well, you take out a new student loan at a lower interest rate than your current loan. The new loan replaces your old one, leaving you with a lower payment and / or a shorter repayment period.
An added benefit of refinancing is that you can consolidate all of your existing student loans into one new one. If you are tired of juggling multiple loans, it might ease your administrative headache.
But refinancing doesn’t benefit everyone. Make sure you read this entire article before deciding what is best for you.
Student Loan Refinancing – How Much Could You Save?
The amount you could personally save by refinancing your student loan debt will depend on how much you borrow and the interest rates you are currently paying. We have prepared this table to show you the potential savings in different scenarios:
|Reference||Higher balance||Higher current rate||New lower rate||Much higher balance||All|
|$ 50,000||$ 75,000||$ 50,000||$ 50,000||$ 100,000||$ 100,000|
|Current payment||$ 661||$ 991||$ 717||$ 661||$ 1,322||$ 1,435|
|New payment||$ 548||$ 521||$ 545||$ 497||$ 1,095||$ 994|
|Potential savings / month||$ 113||$ 170||$ 170||$ 164||$ 226||$ 441|
The new interest rate you will be offered will depend on a number of factors, including your credit score and how much you owe in other debt. So if you are a great fund manager, you might qualify for a really low rate.
But if you have a bad score and are already struggling to get all of your debt under control, you will likely be offered a less attractive interest rate.
Still, there is nothing wrong with knowing where you are.
Who and what is Credible.com?
When looking to refinance, Credible is a good option. Credible is not a lender. This is a price comparison website that allows you to compare loan offers side by side from multiple lenders (up to 10) and provides an easy to use web experience.
The company (Credible Operations, Inc.) was founded in 2012 and was acquired by 21st Century Fox in 2019. It is based in the San Francisco Bay Area and is a Better Business Bureau accredited company. At the time of writing, there is an A + rating, which is the highest of the BBB awards.
What Makes Credible a Good Option for Nurses? Advantages and disadvantages
Credible allows people to refinance all kinds of student loans. Speaking directly with Credible, we learned that many of their candidates are, in fact, nurses.
Benefits for Nurses Refinancing Student Loans with Credible
The main advantages of working with Credible include:
- The website does the heavy lifting for you: The last thing you want to do after a grueling 12-hour shift, maybe overnight, is settle down to call (or browse the websites of) a long list of potential lenders. You can achieve the same in a matter of minutes with Credible.
- This shouldn’t affect your credit score: Credible conducts a “soft” investigation when he checks your credit score. And these don’t affect your score. However, the lender you ultimately choose will conduct a “hard” investigation, which will affect your score, but probably only a few points. If you approach each lender individually, you risk that your score will be slightly affected with each request.
- It’s free: Credible does not charge for its price comparison service. Granted, the lender you choose may charge you for setting up the loan, but they will likely do so whether you contact them directly or through Credible.
- It might pay you off! Credible says he will give you $ 200 if you find a loan with a lower rate than he is offering you. But you have to close this other loan to be eligible.
- It’s easy: The company says it only takes two minutes to complete their online form (more details below).
- It is reputed: We have already mentioned the A + rating of Credible with the BBB. But it also scores Excellent on Trustpilot with a rating of 4.7 out of 3,625 reviews (at the time of writing). Again, read on for more information on this.
- It’s always open: Apply online 24/7. There are also options to chat live online or speak to an agent in a call center.
- It has a range of options: Loan terms vary from five to 20 years with fixed or variable rate options.
- Co-signers are authorized: If your credit rating or current debt load is uncertain, you can ask someone who is more creditworthy to sign your application with you. But you both need to know that they will be personally responsible if your loan goes badly.
- No early repayment penalties: If you receive a windfall and can prepay part or all of your loan, you will not have to pay a fee for this lien.
Sold? Well, check the cons before you decide.
Disadvantages for Nurses Refinancing Student Loans with Credible
Whether these inconveniences will affect you will depend on your personal situation. But they can be important for some borrowers. Then read on:
- No benefit for federal loan holders: If you already have a low rate federal student loan, you are unlikely to qualify for refinancing.
- Loss of benefits: Refinancing a federal student loan to a private loan (which all credible loans are) will rob you of some important benefits – Because only federal loans:
- Offer income-based repayment plans.
- May be forgiven depending on your reasons for working in a particular hospital.
- Government loan cancellation: If you think the government might cancel some or all of federal student loans in the future, those with private loans might be missing out.
- This is not an option for everyone: Credible does not publish a minimum credit score. But, if yours is currently shot, you probably won’t get a good rate (or maybe no offer at all) until you rebuild it, unless you have a willing co-signer.
- Selection of lender: As we mentioned earlier, Credible does not work with all student loan refinance providers. If you call you might find a better deal elsewhere. And win the $ 200 we talked about.
Credible Student Loan Refinance – The Application Process
When contacting Credible, you are asked to complete an online request with the following information:
- Last name and first name
- School attended
- Level of education
- Whether you are a tenant or owner of your home
- The monthly cost of your rent or mortgage payments
In return, you will shortly receive initial quotes from credible lenders willing to lend to you (subject to further verifications).
Your first impulse will likely be to go with the one with the lowest rate, but you should also consider the best overall deal. So be sure to take note of each lender’s fees (only Credible is free) and check the company itself on the BBB website, Trustpilot, etc. While Credible has control over their lenders, you should also be comfortable with which one you choose.
Credible on Trustpilot
In the first few days of writing this review, Trustpilot has included the following verified consumer reviews:
- Justin Fox – “It was easy with no headaches to deal with. Thank you”
- Karlyn – “Easy and convenient – very happy to have refinanced my student loan – shortened loan term and lower overall amount I will pay”
- Paula Gruber – “It was easy to do and it got approved quickly. The repayment of my previous loan was also taken care of quickly ”
- Marti – “Fast and easy. Customer service available and ready to answer questions”
Of course, with thousands of customers, no organization can please everyone. And 2% of critics called it Credible Bad, while 1% called it Poor or Average. That leaves 96% who rated it Excellent or Excellent.
As a result of our research, Nurse.org agrees with the majority and gives Credible a positive review for nurses looking to quickly compare multiple student loan refinance lenders.
Having your finances in order is a great feeling, especially in these uncertain times. If you think Credible may be a good option for you, click below to find out more.
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