This week's student loan refinancing rates: November 8, 2022 | 5-year undergraduate rates unchanged
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Average interest rates on refinanced student loans didn't change much from two weeks ago, according to
The average 10-year fixed student loan rate for borrowers with credit scores below 680 is 6.70%. This is higher than the average rate of 5.99% for borrowers across all credit scores. Generally speaking, the higher your credit score, the lower a rate you'll be able to get.
Though student loan rates didn't change much this week, they have increased substantially in the last 12 months. Federal student loan rates for 2022-23 are up by the most in almost 20 years. These new rates don't directly affect private student loan rates, but private rates may go up as they don't have to stay as low to compete with federal loan rates.
5-year variable student loan refinancing rates
This past week, five-year variable undergraduate rates are unchanged from two weeks ago. Undergraduate rates are a little higher than they were six months ago and significantly higher than they were one year ago.
Meanwhile, graduate rates are down a bit. The rates have dropped 36 basis points over the past week, but are about 30 basis points higher than they were 12 months ago.
| Undergraduate | Graduate | |
| This past week | 3.93% | 2.95% |
| 2 weeks ago | 3.93% | 3.31% |
| 6 months ago | 3.40% | 4.95% |
| 1 year ago | 2.77% | 2.65% |
10-year fixed student loan refinancing rates
Rates on 10-year undergraduate loans are up just 8 basis points from two weeks ago. Compared with six months ago, rates are up about 1%.
If you wanted to refinance your graduate student loans this past week, you'd pay a rate 21 basis points more than you would have two weeks ago. Graduate rates are up more than 2 percentage points from one year ago.
| Undergraduate | Graduate | |
| This past week | 6.17% | 5.60% |
| 2 weeks ago | 6.09% | 5.39% |
| 6 months ago | 5.15% | 4.57% |
| 1 year ago | 3.68% | 3.38% |
Student loan interest rates by credit score
Your interest rate will usually improve with a better credit score. Other aspects of your financial situation also have an impact on your rate. The table below shows the 10-year fixed student loan rates by credit score:
| Below 680 | 680-719 | 720-779 | 780+ | Average Rate | |
| This past week | 6.70% | 6.85% | 5.87% | 5.27% | 5.99% |
| 2 weeks ago | 7.70% | 6.85% | 5.94% | 5.13% | 5.89% |
Frequently asked questions
Is refinancing a student loan worth it?
Refinancing your student loans might net you a lower rate. You can also switch from a fixed-rate to a variable-rate loan, or change your term length. A different term length might allow you to spread out costs over a longer time for smaller monthly payments. However, you'll fork over more in total interest.
Does refinancing student loans hurt your credit?
In the short term, it will. Lenders will perform a hard inquiry to check your credit history when you apply for a new loan. That will ding your credit score temporarily.
Additionally, when you refinance, your original loan is closed and a new one is opened. Part of your credit score is based on your payment history, so it may take a hit as you work to establish a new track record of reliable payments.
However, if you continue to make on-time, reliable payments, your credit score will likely increase as a result.
Is it hard to get approved for student loan refinancing?
Your credit history is the biggest factor in your refinancing approval chances. If you have a poor credit score, it will be harder for you to get a new loan. But you may be able to enlist a cosigner to boost your likelihood of approval.