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Rates to refinance your student loans have fallen. Should you consider a refi?

Rates to refinance your student loans have fallen. Should you consider a refi?

To refinance your student loan to a 10-year fixed-rate loan, average rates are 5.68% for the week ending October 4, down from 6.00% the week prior, while 5-year variable-rate loans saw rates at 3.38%, down from 4.61% the week before, according to data from personal finance company Credible of those who prequalified on their student loan marketplace. If you’re planning to refinance a private student loan because your credit score has improved or your finances have changed — and you’re able to get a more attractive interest rate or shorten your loan term — you’re likely to benefit from a refinance. Refinancing a student loan means taking out a new private loan to pay off an existing public loan.