2021 NerdWallet Best-of Awards Winner for Best Student Loan Refinancing Overall
2021 NerdWallet Best-Of Awards Winner


How to Monitor Current Refinance Rates: The Power of a Rate Check

Adam Sisson
Purefy - Compare Private Student Loan Consolidation & Refinance Options Quickly & Easily

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Student loan refinance rates can change often. Very often.

So how do you keep track of them easily to know when it’s the best time to apply?

That’s where a rate comparison tool saves the day.

Without one, you’d need to:

  • Manually jump around to many separate lender websites
  • Fill out a handful of cumbersome applications
  • Perform multiple soft credit checks
  • Track and compare each lender’s rates, terms, and eligibility yourself

But with a rate comparison tool, the process is simple. You see your rate options from top lenders all in one place and all at once. With Purefy’s tool, it takes just one fast form — no credit check required.

By quickly discovering your lowest refinance rate, you’ll be able to save the most money on your student loan payments.

Here’s everything you need to know about changing refinance rates and the best strategies for monitoring them.

Why do student loan refinance rates change?

Typically, the range of refinance rates offered by lenders changes when market rates — set by the Federal Reserve — are updated.

When the Federal Reserve alters their rates, the cost of money gets either higher or lower for banks and other financial institutions. This causes a response from lenders to either increase or decrease the refinance rates they’re willing to provide.

However, the interest rates specifically offered to you can change for a variety of other reasons; they can even be different each time you submit a new form to check your rates.

That’s because your personal rates go up and down depending on your overall credit history and other factors like the type of degree you earned.

If one or more of those items change, you’re refinance rates may change, too.

Essentially what it boils down to is: if you’re deemed a more trustworthy borrower, you’re more likely to see enticing rates.

Why are current refinance rates so low?

Student loan refinance rates are shockingly low right now because the Federal Reserve lowered their market rates significantly.

This has allowed lenders to get money more cheaply, which benefits potential borrowers due to the lower cost of funds.

Some lenders have even advertised interest rates below 2% — a rare sight to see in the student loan world.

How do you find the best rates?

Exploring refinance options is made simple with our Compare Rates tool. Purefy does the difficult work for you by presenting real, prequalified rates from a selection of quality, vetted lenders.

You won’t find any teaser rates or wide rate ranges. The rates you see are based on your own credit score and borrower profile.

That’s the real value of Purefy’s Compare Rates tool: total transparency. The rates you see are honest and accurate, informed only by the personal information submitted in your application. Lenders can’t pay to be shown or listed more prominently.

Everything is provided to you with complete clarity, which allows you to discover your favorite refinance option and choose what’s in your best interest — because we want what’s right for you.

How do you qualify for a refinance?

Getting approved for a refinance — and lower rates — is primarily based on your credit health and some other factors including:

  • Credit score
  • Income
  • Debt-to-income ratio
  • Employment history
  • Degree and school
  • Repayment history
  • Negative public records

If you don’t qualify on your own or you’re not being offered lower rates than you currently have, you may get approved for better options with a creditworthy cosigner.

When should I check my refinance options?

With Purefy’s Compare Rates tool, you can check rates as often as you want with no harm at all to your credit score.

However, you’re more likely to get lower rates when essential underwriting factors — like your credit score — are in good shape. So whenever you make big strides in improving your credit, it’s probably a smart idea to compare your new offers and options from different lenders.

You might just see a major reduction in the refinance rates available to you.

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