Best Student Loans
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Credible Student Loans Review

Credible is an online loan marketplace that connects students with the best private student loan options from top lenders across the U.S. Unlike other student loan providers, Credible allows you to compare multiple private student loan offers in one place, saving you time and helping you make an informed decision. Whether you're an undergraduate, graduate student, or a parent looking to finance your child’s education, Credible makes it easy to find the best rates and terms from a range of trusted lenders. In this review, we’ll explore the main features of Credible’s student loan marketplace, including the types of loans they offer, interest rates, repayment options, and how to apply for a loan. Let’s dive into the details.

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Credible
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Written by:Casey Newton

Types of Loans Offered

Undergraduate Student Loans

Credible helps undergraduate students find private loans to cover tuition, books, and other education-related expenses. By partnering with a wide variety of lenders, Credible ensures that you can find loans that best suit your financial situation.

  • Loan Amount: Up to 100% of your school-certified costs.
  • Interest Rates: Competitive rates from a range of lenders.
  • Repayment Terms: Flexible options, including deferred payments while in school.

Graduate Student Loans

For students pursuing advanced degrees, Credible offers graduate student loans to help cover the often-higher cost of graduate school. Whether you’re attending law school, medical school, or pursuing a master's or Ph.D., Credible can connect you with loans designed to meet your needs.

  • Loan Amount: You can borrow up to the full cost of attendance.
  • Interest Rates: Fixed and variable rates available, depending on the lender.
  • Repayment Terms: Multiple repayment options, including deferral or interest-only payments while in school.

Parent Loans

If you’re a parent helping your child pay for college, Credible can connect you with private parent loans. These loans can cover the gap between what your child’s financial aid provides and the total cost of their education.

  • Loan Amount: Up to 100% of your child’s school-certified costs.
  • Interest Rates: Competitive fixed and variable rates available.
  • Repayment Terms: Flexible repayment plans, including deferred payment options.

Interest Rates

Credible offers competitive interest rates from a variety of lenders, giving you the opportunity to compare and choose the best loan terms for your needs. The interest rates vary depending on your credit, the lender, and whether you choose a fixed or variable rate.

  • Undergraduate Loans: Rates generally range from 3.00% (variable) to 7.99% (fixed).
  • Graduate Loans: Rates typically start at 3.00% (variable) or 5.24% (fixed).
  • Parent Loans: Rates begin at 3.00% (variable) or 5.24% (fixed).

With Credible, you can compare multiple lenders to find the best rates available for your unique financial situation.

Repayment Options

Credible offers several repayment options through their lending partners, allowing you to choose the plan that fits your financial needs:

  • Deferred Payment Plan: Payments are deferred while you're in school. After graduation, you’ll begin repaying the loan.
  • Fixed Payment Plan: Make smaller fixed monthly payments while you’re in school to reduce your loan balance and the amount of interest accrued.
  • Interest-Only Payments: Pay just the interest while you’re in school to minimize the overall loan balance upon graduation.
  • Full Payments: If you can afford it, you can begin making full monthly payments while you’re still enrolled in school to reduce the total amount owed.

After graduation, repayment typically begins after a 6-month grace period. If you’re facing financial difficulty, some lenders provide options for deferment or forbearance.

Eligibility

To qualify for a loan through Credible, you need to meet the following basic requirements:

  • Be a U.S. citizen or permanent resident.
  • Be enrolled in an eligible degree program at an accredited school.
  • Have a co-signer if necessary, depending on your credit.
  • Meet credit and income requirements as determined by the lender.

Since Credible is a marketplace, the eligibility criteria and loan terms depend on the specific lender you choose. If you don’t have strong credit, you may need a co-signer to secure a loan.

How to Apply

Applying for a student loan through Credible is straightforward and quick. Here are the key steps to apply for a loan:

  1. Visit the Credible Website: Start by visiting Credible’s platform and filling out their online form.
  2. Compare Offers: Credible will match you with multiple lenders based on your needs, and you can compare offers side by side.
  3. Submit Your Application: Once you’ve found a loan offer that suits your needs, submit your full application to the lender.
  4. Receive Your Funds: After approval, the lender will send the loan directly to your school to cover your tuition costs.

Credible makes the process easy by handling the legwork of gathering multiple offers from different lenders, helping you make an informed decision without jumping through multiple hoops.

Pros

  • Wide Range of Lenders: Credible partners with multiple lenders, giving you access to a variety of loan options and terms.
  • Competitive Interest Rates: With rates starting as low as 3.00%, Credible ensures you can find a loan that suits your financial situation.
  • No Fees: Credible doesn’t charge application fees, origination fees, or prepayment penalties, making it a more affordable option for many students.
  • Co-Signer Release: Many lenders through Credible offer the ability to release your co-signer after making a set number of on-time payments.
  • Easy Comparison Tool: The website allows you to compare loans from multiple lenders, making it easy to find the best terms for you.

Cons

  • Credit-Based Loans: Unlike federal loans, Credible’s loans depend on your credit score, which may not be accessible to students with limited or poor credit unless they have a co-signer.
  • No Federal Loan Options: Credible only offers private student loans, meaning if you're looking for federal loans or federal loan benefits (such as income-driven repayment options), Credible isn’t the right option.
  • Variable Rates Can Increase: While you can find lower interest rates with variable loans, these rates can change, potentially increasing your monthly payment.

Conclusion

Credible offers a straightforward and transparent platform for comparing private student loans from top lenders. With competitive interest rates, a wide range of loan options, and the ability to compare lenders easily, Credible is a great option for students who want to explore private loan options that can fully cover their education costs.

If you’re looking for flexible repayment plans and competitive rates, Credible’s marketplace could help you find the best private loan options. However, if you’re looking for federal loans or need specific government protections like income-driven repayment plans, Credible may not be the right fit.

Start comparing loan offers from Credible today to find the best student loan rates and terms that work for you and your education.