Credible: A Marketplace for Student Loan Refinancing

Of the $1.2 trillion in student loan debt in this country, an estimated $211 billion could be refinanced at a lower rate, according to Goldman Sachs — including $150 billion in federal loans.

Enter Credible, NerdWallet’s partner in the student loan refinancing space. The company, called a “Kayak for student loans,” is attempting to alleviate some of the pressure by disrupting the way students and graduates find and refinance their loans. Credible is not a lender but a consumer-focused marketplace, linking borrowers to nine lenders. It says refinance customers save an average of $13,928.

“When applicants go to a single lender, they are only able to see one particular offering; a marketplace, however, presents options as side-by-side comparisons, allowing the borrowers an accurate and unbiased presentation of the wide array of options available,” says Kristen Caron, a spokeswoman for Credible.