average rates for refinancing a student loan to a 10year fixedrate loan are 675 for the week ending may 16 up from 664 the week prior according to data from personal finance company credible surveying those who prequalified on its student loan marketplace fiveyear fixedrate loans saw rates at 623 down from 634 the week before to be sure your credit score will impact the rates you pay for those with credit scores of 800 and above average rates fell to 528 down from 609 for 10year fixed loans while for 5year variable loans rates hit 502 down from 512 a week prior meanwhile for those with credit scores between 740 and 799 10year fixed loan rates are 625 down from 637 and 5year rates are 598 down from 615 the week prior but borrowers with lower credit scores between 580 and 669 will see 10year fixed rates at 804 up from 732 and 5year rates at 857 see some of the best student loan refi rates you may get now here to refi or not to refi before going ahead with a student loan refinance you’ll need to evaluate a few key factors like whether or not you have a private or public loan whether or not your credit score has recently improved if your financial circumstances have changed andor if you’re able to get a more attractive interest rate or terms or shorten your loan term “refinancing a student loan is a good idea for private student loan borrowers who want to get a lower interest rate and can qualify it’s not the best strategy for federal student loan borrowers right now since loan repayments are paused interest free” says anna helhoski student loan expert at nerdwallet see some of the best student loan refi rates you may get now here in addition to saving money by refinancing private student loan borrowers can refinance their loan as many times as they want “the benefits of refinancing to a lower rate include a lower monthly payment which could free up your cash on hand or a faster payoff which saves you money in the long run” says helhoski refinancing federal student loans however is more complex because a federal student loan repayment pause remains in effect through june 2023 if you’ve been enjoying that benefit you’ll probably want to wait until the pause is over before you refinance keep in mind that when you refinance a federal student loan you’re basically taking out a new private loan to pay off an existing public loan “when you refinance a federal student loan privately you lose all federal protections repayment options and opportunities for forgiveness” says helhoski that’s why before refinancing it’s crucial you make sure you’re prepared to let go of things like governmentissued loan forgiveness and incomebased repayment plans which can be helpful for many during the life of a loan as with any loan or big financial decision experts recommend shopping around for the best rates and terms you’ll also want to review these five questions before you refinance