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What is a rate check estimate, and when will I get an exact number? | Applying for Loans

Our Rate Check tool provides applicants with potential rate estimates prior to applying for either a refinance or a private student loan.

For Student Loan Refinancing, the rate check comprises the first section of the application, and results are valid for up to 7 days from the day you initially check your rates. To save your progress, you will be asked to provide an email address and password to set up an online profile. 

For Private Student loans, the rate check is available if you submit your application with our team over the phone. We will provide you with a range of options before you decide to submit your application. These options are available for both primary and cosigners but are not available for Parent Loans. The rates we offer are updated frequently, so if you would like an estimate, we strongly encourage you to submit your application that day to secure those rates.

It is important to note that these tools are only able to consider a limited amount of self-reported information and part of your credit profile. Any rate estimates provided after filling out the rate check tool are not pre-approved or guaranteed. 

If we are able to provide rate estimates and verify the information provided using documentation or electronic records within a full application review, then you should see similar rates offered if you are approved. If you do not see rates after doing a rate check, feel free to check out this article here

Will checking my rate impact my credit score?

Our Rate Check is always a soft credit inquiry and will never hurt your credit profile. However, submitting a full application will provide consent for us to perform a hard credit inquiry and may affect your credit profile.

Lenders typically make a hard credit inquiry (or hard credit report) on your credit as part of the review process because it gives consent for the financial company to review your full credit history. 

Regardless of the result of your application, a hard credit inquiry may lower your credit score by a few points and will remain on your credit report for two years. We invite you to reach out directly to one of the credit bureaus to see how applying may impact your financial profile.

When will I see the final rate offer?

The interest rates you may receive will be based on your entire personal and financial profile, as well as the profile of your cosigner (if applicable). The specific interest rates, terms, and repayment plans would become available after a full review has been completed and after a potential offer is extended.

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