How to Dispute a Credit Report Error in 10 Steps

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Finding an error on your credit report is bad enough — then there’s the process of disputing that error, which can seem downright overwhelming. Fortunately, learning how to dispute a credit report error may not be as complicated as you might fear. If it’s a genuine mistake, you can likely get it removed if you follow the key steps to disputing a credit report error. This includes any errors that may be related to your student loans.

Read on to find out how to dispute a general credit report error, as well as special considerations on how to dispute student loans on your credit report.

10 steps to disputing a credit report error

Here are the 10 steps you should take, as applicable, in order to dispute an error on your credit report(s):

1. Look over your credit reports
2. Make note of errors
3. Prepare your supporting documentation
4. File a dispute for each error: Online
5. File a dispute for each error: Traditional mail
6. Make copies for your records
7. Wait for a response
8. If the credit bureau does not correct the error
9. Directly contact the information provider
10. Continue to keep tabs on your credit reports

1. Look over your credit reports

Whether you saw them just a couple of months ago or it’s been well over a year, the first step to ensuring your credit report is free of errors is to check your information regularly. You can request your credit reports for free from each major credit bureau Experian, Equifax and TransUnion every 12 months through AnnualCreditReport.com.

You can request a free copy of your credit reports within 60 days of being turned down for credit, insurance or employment; however, that only applies to the credit bureau the creditor used to make its lending decision. You may also request a free credit report if you’re unemployed and plan to look for a job within 60 days, if you’re on welfare or if your report is inaccurate due to fraud.

Outside of the free credit reports you are entitled to, you can purchase your credit reports at any time from the three major credit reporting agencies. Keep in mind that your credit reports are updated all the time, so when you’re ready to start the process of disputing a credit report, it’s important to ensure you’re looking at the same information the credit bureaus will be referencing.

2. Make note of errors

Some mistakes might just jump out at you when you’re disputing credit reports — others may require a closer look.

According to the Consumer Financial Protection Bureau (CFPB), some of the most common credit reporting errors include identity errors and incorrect reporting of your account status, as well as data management and balance errors.

So, as you’re going through your credit reports, ask yourself:

  • Are my name, address and phone number correct?
  • Do all the accounts I see belong to me?
  • Are any accounts showing as open that I know are actually closed?
  • Are there any delinquent payments on accounts I’ve always paid on time?
  • Are there any dates that don’t match up with when I opened the account, made my last payment or the first time I was late with a payment?
  • Are there any multiple listings for the same account?
  • Are there any debts listed on my reports that should have fallen off by now?
  • Has any information that was previously corrected reappeared on my reports?
  • Do any accounts show incorrect balances or credit limits?

3. Prepare your supporting documentation

Before you file your dispute, you’ll want to have all documentation in front of you. Start with a copy of the credit report that has the inaccurate listing. You may circle the listing in the credit report for the credit bureau’s reference.

Beyond that, the documentation you include will depend on the situation. For instance, if the report says you made a late credit card payment that you know you paid on time, include a copy of a bank statement that shows the date the payment cleared your account. Do the same for a late mortgage payment or any other kind of payment that is erroneously listed as late or unpaid.

4. File a dispute for each error: Online

Have you found one or more items on your credit report that you know are incorrect? It’s time to file your dispute.

You can file your dispute online for each bureau, and the advantage of this method is speed and ease.

For Experian, you’ll register first to get access to its dispute center (if you’ve not done so already). You’ll just have to provide some basic information, such as your name, address, date of birth and Social Security number. You can also directly contact Experian by phone to get the dispute process going, but the online process may be faster and easier. You can go here to get started with registration.

For TransUnion, you will need to set up an account as well, then select “New Investigation” to begin the process. Go here to get started.

Equifax also requires you to create an account in order to submit an online dispute; you can go here to do so.

Once you’ve registered for an online account with one or all of the credit bureaus, you can file your disputes as directed. You may also upload your supporting documents as needed.

5. File a dispute for each error: Traditional mail

While the online dispute process may be the fastest and easiest method for many, there are some people who may prefer to deal with traditional mail when it comes to financial disputes. If that’s your preference, you can sit down and write or type a dispute letter for each error you find.

Experian’s address for disputes:
P.O. Box 4500
Allen, TX 75013

Equifax’s dispute address is:
Equifax Information Services LLC
P.O. Box 740256
Atlanta, GA 30374-0256

TransUnion’s address is:
TransUnion Consumer Solutions
P.O. Box 2000
Chester, PA 19016-2000

Get right to the point in your letter and be sure to include the following:

  • Note general information, such as:
    • The date
    • Your name, address, phone number and Social Security number
    • The name and address of the credit reporting bureau
  • State that you’re writing to dispute an inaccurate listing and ask that it be removed or corrected.
  • State the account name and account number of the listing you are disputing.
  • Describe the inaccuracy in your credit report.
  • State why you believe the listing to be inaccurate, providing a thorough explanation and citing any supporting documentation you are including with the letter.

You can use sample letter as a guideline.

6. Make copies for your records

Before dropping your dispute letters in the mail, make copies of them for your files.

Do the same with all of your documentation, but be sure to keep the originals and send the copies — after all, items can get lost in the mail. Keeping the originals will give you peace of mind, and ensure you have everything you need if you have to resend the letter and documentation.

To avoid the possibility of your letter being lost without your knowing it, send your disputes through certified mail with a return receipt requested. Upon receipt, the return request postcard will be mailed back to you, providing proof that the document was received and on what exact date.

7. Wait for a response

The credit reporting bureaus typically have 30 days to respond to your dispute. One exception may be if they find your dispute “frivolous,” per the FTC. (Of course, you should always ensure the dispute you are filing is 100% legitimate.)

Note that if you send in additional information during the 30-day period, the credit bureau is allowed to extend its response time to a total of 45 days.

You may also receive alerts from the credit bureaus noting that they have received your dispute and are working on it. If you do not hear from them once 30 or more days have passed, you should contact them by phone to reference your previous correspondence and ask about the status of your dispute.

8. If the credit bureau does not correct the error

You may not get the result you’re hoping for at the end of a credit dispute investigation. If that’s the case, you can ask the credit bureau to include the statement of your dispute in your file and in future reports. That way, it will remain on record that you have disputed an item that is still on your credit report, though you will likely have to pay a fee for this service.

In an extreme case, you might opt to hire a lawyer who specializes in credit disputes to fight the inaccuracy on your report.

9. Directly contact the information provider

Your dispute does not only have to include the credit bureaus: You can dispute an item directly through the information provider (the institution that reported what you think is inaccurate information in the first place). The Fair Credit Reporting Act notes that both the credit reporting company and the information provider are responsible for correcting inaccurate information on your report, so you can exercise your rights by contacting both.

Put this dispute with the information provider into writing, just as you did with your communications to the bureaus. You may be able to find the information provider’s address on your credit report. If not, you can contact them directly to get it.

If you file a dispute with the information provider, a notice of your dispute should be included any time the institution reports the information to a credit bureau. If the information does indeed prove to be incorrect, the information provider must tell the credit reporting agency to update or delete the inaccurate item.

10. Continue to keep tabs on your credit reports

Once the disputing process has ended, ensure the item has been removed from your credit report or reports. Then continue to be vigilant about checking your reports in case another error occurs. Always take advantage of those free annual credit reports noted in step 1, and put them to good use.

How to dispute student loans on your credit report

Like mortgage loans and credit card charges, student loans, both federal and private, are also included in your credit report. For the most part, this is a good thing, as regular, responsible student loan payments can help you boost your credit.

As with any other institution that reports to the credit bureaus, however, you may experience student loan errors on your credit report. Perhaps a late payment is reported, even though you know you made that payment. Maybe you consolidated a student loan, yet the lender you’re no longer dealing with still has you listed as a borrower. Perhaps you’ve even paid your student loans off, but they’re still showing up with a balance on your credit report.

A student loan dispute will be handled in the same way you handle any other dispute on your credit report; the above steps will generally suffice. That said, here are a few things specific to disputing a student loan entry on your credit report:

  1. You may want to contact your student loan lender as a first step, before filing a dispute with the credit bureaus. Student loans are, in many ways, more flexible than other types of loans (for example, they offer income-driven repayment plans, as well as forbearance and deferment options). Student loan lenders may be willing to work with you to correct the error and contact the bureaus.
  2. If this does not work, file the dispute with the bureaus as detailed above.
  3. If the dispute cannot be resolved, you might consider contacting a student loan lawyer.

Read more on how student loans affect your credit score.

Managing your credit

Dealing with an error on your credit report is frustrating, especially if you’re always careful to pay your bills on time. However, all is not lost if this happens: You can dispute the error and request it get taken off your report if you follow the above steps. If need be, you can also consult legal counsel to deal with an error that remains on your report even after the dispute.

Overall, in order to keep your credit reports and credit score in good shape, be sure to make all your payments on time, keep your credit utilization ratio low and hold on to your older credit cards to maintain a longer history. You can go here to find out how to check your credit score online for free, and here to read about seven surprisingly simple ways to help improve your credit score.

Rebecca Stropoli contributed to this report.

Interested in refinancing student loans?

Here are the top 9 lenders of 2021!
LenderVariable APREligible Degrees 
1.89% – 6.15%1Undergrad
& Graduate

Visit Splash

1.99% – 5.64%2Undergrad
& Graduate

Visit Earnest

3.80% – 9.36%3Undergrad
& Graduate

Visit CommonBond

1.91% – 5.25%4Undergrad
& Graduate

Visit Lendkey

2.25% – 6.53%5Undergrad
& Graduate

Visit SoFi

2.15% – 4.42%6Undergrad
& Graduate

Visit PenFed

1.89% – 5.90%7Undergrad
& Graduate

Visit Laurel Road

2.39% – 6.01%Undergrad
& Graduate

Visit Elfi

2.00% – 5.63%8Undergrad
& Graduate

Visit Nelnet Bank

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 1, 2021.


2 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.49% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.34% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of October 26, 2020, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 10/26/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.


3 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.


4 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it  endorse,  any educational institution.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 02/17/2021 student loan refinancing rates range from 1.91% APR – 5.25% Variable APR with AutoPay and 2.95% APR – 7.63% Fixed APR with AutoPay.


5 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: 1. Fixed rates from 2.99% APR to 6.99% APR (with AutoPay). Variable rates from 2.25% APR to 6.53% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.25% APR assumes current 1 month LIBOR rate of 0.12% plus 2.38% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The discount will not reduce the monthly payment; instead, the interest savings are applied to the principal loan balance, which may help pay the loan down faster. Enrolling in autopay is not required to receive a loan from SoFi. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score.Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

6 Important Disclosures for PenFed.

PenFed Disclosures

Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.89%-4.78% APR and Variable Rates range from 2.15%-4.42% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.


7 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of April 29, 2021. Information and rates are subject to change without notice.
 


8 Important Disclosures for Nelnet.

Nelnet Disclosures

Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Cosigner Release

Request for the cosigner to be released can be made by the borrower after 24 consecutive, on-time payments (not later than 15 days after the due date) of principal and interest have been made. Borrowers in deferment or forbearance must make 24 consecutive, on-time payments after re-entering repayment to qualify for the release. The borrower must be current on their payments at the time of the cosigner release request and show the ability to assume full responsibility of the loan(s) by meeting certain credit criteria on their own at the time of the request, including, but not limited to, being a U.S. citizen or having permanent residency in the United States, being the age of majority in their permanent state of residency, providing sufficient proof of income, and having no student loans in default.

Hardship Protection

Hardship forbearance allows you to temporarily suspend payments on your loan(s) while you are experiencing financial hardship. It is offered in increments of two or three months, with a maximum of 12 months available, in aggregate, over the life of the loan. If your loan(s) are in good standing at the time of your request, you will be eligible for forbearance in increments of two monthly payments. If, at the time of your initial request, your loan(s) are considered past-due, you will be eligible for forbearance in increments of three monthly payments. Future increments of forbearance, up to a life-time maximum of 12 months, may be requested upon the completion of making a certain number of principal and interest payments. During the two- or three-month forbearance period, you will not be required to make payments; however, any unpaid interest will continue to accrue and will be capitalized (added) onto your principal balance at the end of the forbearance period. You may continue making payments in any amount without penalty during the forbearance period. Your loan repayment term will be extended by the number of months in the forbearance period.

Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your eligible cosigner, must have an annual income of at least $36,000. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

  • Minimum loan amount: $5,000
  • Maximum student loan limits:
    • $125,000 for borrowers with an undergraduate degree.
    • $175,000 for borrowers with a graduate or doctorate degree.
    • $175,000 for borrowers with an MBA or graduate law degree.
    • $500,000 for borrowers with a graduate health professions degree.

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. To learn more about what to take into consideration when refinancing federal student loans with private education loans, click here

Interest Rates

Selecting ‘Get Started’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 2.99% APR (with auto debit discount) to 6.25% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 2.00% APR (with auto debit discount) to 5.63% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. The variable interest rate is equal to the One-Month London Interbank Offered Rate (“One-Month LIBOR”) plus a margin. The One-Month LIBOR in effect for each monthly period (from the first day of the month through and including the last day of the same month) will be the highest One-Month LIBOR published in The Wall Street Journal “Money Rates” table on the twenty-fifth (25th) day (or if such day is not a business day, the next business day thereafter) of the month immediately preceding such calendar month. The Annual Percentage Rate (APR) for a variable interest rate loan will change monthly on the first day of each month if the One-Month LIBOR index changes. This may result in higher monthly payments. The current One-Month LIBOR index is 0.15% as of 5/4/2021.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments, a five-year repayment term, and the borrower making immediate principal and interest payments. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

*Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score. **Your actual savings may vary based on interest rates, outstanding balances, remaining repayment terms, and other factors.