Refi student loans and save.
Opting for student loan refinancing offers the potential for lower monthly payments, long-term interest savings, and streamlined loan payment management. However, it's crucial to assess the important differences between various private student loan refinance providers, as these distinctions can significantly impact the outcome of your refinancing decision.
While there are many private student loan refinance companies that can provide loans to assist you in reaching your goals, it's important to take into account the variations that exist. Eligibility requirements, loan terms, and fees can differ across lenders, and the interest rate you secure may be influenced by the specific lender you choose. Furthermore, you may find that different lenders offer additional benefits and features, such as discounts or complimentary services, which can vary depending on the option you select.
The diverse range of features, spanning from enjoyable additions to crucial contractual terms, emphasizes the need for careful consideration of your options before settling on a lender.
Find out how to refinance student loans.
Evaluating the benefits of refinancing student loans.
While eligibility is important, it's vital to thoroughly examine the implications and factors before applying for refinancing and making a decision on a loan offer.
By refinancing your student loans, you can typically access up to six beneficial features.
- Interest rate reduction benefits: When you possess good to excellent credit and low monthly debt obligations relative to your income (or a co-signer who meets these qualifications), refinancing can result in a new loan featuring a lower interest rate than the weighted average of your current loans. This reduction helps lower the overall expenses associated with repaying your loans.
- Switching interest-rate structures: If you currently have a variable-rate loan and desire a fixed rate and predictable monthly payment, refinancing to a fixed-rate loan could be a wise move. Conversely, if you currently have a fixed-rate loan but believe a variable-rate loan would be more advantageous, refinancing might be necessary to facilitate the switch.
- Achieving a lower monthly payment: Qualifying for a lower interest rate or selecting a longer loan term can result in a lower monthly payment. This gives you the opportunity to allocate funds for other essential needs, or you can choose to make supplementary payments to accelerate the repayment of your loans.
- Efficient expense management through loan consolidation: Combining multiple loans into a consolidated loan makes it more efficient to track and manage your expenses, particularly if you are currently dealing with multiple loan servicers.
- Releasing co-signer responsibility: If your lender does not allow for the release of a co-signer from your private student loans, your only recourse to assume full responsibility for the loan is to refinance it solely in your name. Alternatively, you can explore refinancing with a co-signer using a lender that potentially permits co-signer release in the future.
- Passing on parent loans: Parental student loans obtained to assist with a child's education can be transferred to the child by having them refinance their student loans, which can include the parent's loans. This enables the legal responsibility for the debt to be shifted from the parent to the child.
Acknowledging the potential downsides of refinancing: Refinancing, particularly federal student loans, is not without its risks. It's important to recognize the possible disadvantages, regardless of whether you're refinancing private or federal loans. These disadvantages encompass...
There are a few potential disadvantages, regardless of whether you’re refinancing private or federal student loans. These include:
- Ineligibility for Promotional Offers: Lenders often introduce promotional offers or limited-time benefits to attract new borrowers or incentivize refinancing. These offers may include special interest rates, cashback incentives, or other advantageous terms. If you refinance your loans, you may become ineligible for these promotional offers, missing out on potential savings or financial perks that could have been available to you.
- Additional Fees and Closing Costs: Refinancing often involves upfront costs, such as closing costs, origination fees, or appraisal fees. If you choose to roll these costs into the new loan amount, it can increase your monthly payments. Even if the interest rate is lower, the additional amount added to the loan balance will need to be repaid over the loan term, potentially raising your monthly obligations.
Furthermore, there are specific disadvantages that should be considered when opting to refinance federal student loans using a private student loan.
- Limited Safety Net for Financial Hardship: Income-driven repayment plans act as a safety net for borrowers facing financial hardship. By refinancing federal loans into a private loan, individuals lose the safety net of lower income-driven payments, which can be crucial during periods of unemployment, underemployment, or other financial setbacks.
- No Borrower Protections for Total and Permanent Disability: Federal student loans offer protections for borrowers who experience total and permanent disability. These protections may include loan discharge or relief from repayment obligations. Refinancing federal loans with a private loan removes these borrower protections, leaving individuals with potential financial burdens in the event of total and permanent disability.
- Higher Interest Accrual during Forbearance and Deferment: While both federal and private lenders may offer forbearance and deferment options, private loans typically accrue interest during these periods. This means that even if borrowers are granted forbearance or deferment by a private lender, the interest on the loan balance will continue to accumulate, potentially resulting in a higher overall loan cost.
- Quicker Default Triggers and Permanently Damaged Credit: Choosing to refinance federal student loans with a private loan increases the chances of quicker default triggers and irreparable damage to credit. While federal loans offer options to resolve default and rehabilitate credit, private loans may default much sooner, leaving borrowers with immediate demands for full repayment and lasting credit consequences that are difficult or impossible to repair.
Thoughtfully evaluating the advantages and disadvantages, understanding their relevance to your unique situation, and considering future opportunities can empower you to make an educated and rewarding choice when deciding whether to refinance your student loans.
Our rankings of private student loan refinance lenders.
By initially identifying the 14 largest national lenders that provide private student loan refinancing, SimpleTuition narrowed down the search for the best student loan refinance companies. These lenders underwent a thorough assessment based on specific criteria, and the "top lender" designation was granted to the seven lenders with the most impressive average scores.
Scoring based on interest rate differentials: Our assessment included analyzing the lowest and highest possible annual percentage rates (APRs) for fixed- and variable-rate loans, comparing them to the average lowest and highest APRs. Lenders with APRs below the average were given the highest rankings in our evaluation.
Assessment of fees: We evaluated whether lenders applied fees for student loan refinancing applications or charged origination fees upon loan agreement. None of the 16 largest student loan refinancing companies imposed these fees, resulting in top ratings across the board in our evaluation.
Analysis of refinancing options for Parent PLUS loans: We evaluated whether lenders allowed for the refinancing of Parent PLUS loans with your loan or offered specialized refinancing solutions for parents with Parent PLUS loans. Points were deducted if the lender did not provide either of these alternatives.
Analysis of loan term flexibility: Opting for the longest available repayment term can result in reduced monthly payments. Notably, all seven top lenders allowed up to a 20-year term, whereas some other prominent lenders capped the repayment term at 15 years, ensuring borrowers have choices for early loan payoff without incurring penalties.
Review of repayment term flexibility: Selecting a longer repayment term can result in decreased monthly payments, whereas a shorter term could provide a more favorable interest rate. The optimal decision depends on individual circumstances, and lenders earned additional points for offering a broader range of repayment term choices.
Prequalification ease with soft credit check: Utilizing a soft credit check, specific lenders facilitate the process of determining loan qualification and presenting estimated loan offers, without adversely affecting your credit score. This feature enables hassle-free comparison of offers without requiring a full commitment, and all seven lenders incorporated this advantageous option.
Co-signer release assessment: While a co-signer might be required to qualify for refinancing or obtain a more favorable interest rate, specific lenders provide the opportunity to release the co-signer's obligation once specific criteria, such as consecutive on-time payments and a credit check, are met. Four of the seven lenders received excellent ratings for offering this co-signer release alternative.
Autopay discount evaluation: Taking advantage of autopay can lead to a 0.25 percent interest rate reduction, a common offering among lenders. During our assessment, lenders that did not provide any discount were penalized, while extra points were awarded to the lenders offering a higher autopay discount option.
Assessment of relief options: In times of financial hardship, certain lenders allow borrowers to temporarily suspend their monthly payments without any penalties or default risks. The majority of top lenders offer up to 12 months of relief during the loan's lifespan, with one lender receiving a higher score for extending the forbearance period to 18 months, providing borrowers with an extra level of flexibility and support.
Additional considerations: Lenders that offer extra benefits appealing to borrowers, such as SoFi's provision of complimentary career coaching or CommonBond's promise to fund the education of children in need, received additional credit for their efforts in our evaluation.
The subsequent private student loan refinancing companies secured the best average score, arranged in descending order:
- CommonBond
- Laurel Road
- SoFi
- Earnest
- LendKey
- Citizens Bank
- Education Loan Finance
Extensive details about the best student loan refinance providers
- Heightened probability of approval thanks to our extensive network of esteemed not-for-profit lenders
- Rapid and credit score-safe rate check in a mere 2 minutes, no impact guaranteed
- Continual support provided by our expert customer care team, ensuring a smooth process from the moment you apply until your last payment
- Versatile solution covering all bases, including private, federal, undergraduate, and graduate school student loans
- Rest assured, there are no application fees, origination fees, or prepayment penalties involved at any stage
- Keep your wallet happy by saving over $24,000 on average and saying goodbye to all fees!
- Seamlessly manage your student loan portfolio by refinancing and consolidating both private and federal loans
- 5, 7, 10, 15, and 20 Year Repayment Terms
- Put your payments on hold with our unemployment protection program, providing valuable assistance in your job search journey.
- Education for a cause - CommonBond's impactful initiative ensures that every fully funded degree results in the funding of a student's education abroad for one year, promoting access to education worldwide.
- Embrace the simplicity of our online application process, allowing you to apply with ease and convenience from any device with an internet connection.
- Experience a quick and credit-friendly process, obtaining a personalized rate offer in just 2 minutes without any impact on your credit.
- Say goodbye to unnecessary expenses - no origination or application fees are applicable.
- Experience the convenience of settling your loan ahead of schedule without any additional fees or penalties.
- Comprehensive solution encompassing student loans from private and federal sources, catering to both undergraduate and graduate programs.
- Experience substantial financial benefits with Laurel Road, as borrowers save an average of more than $20,000 throughout their loan repayment journey.
- Skip the fees! We prioritize your financial well-being by eliminating any application or origination fees.
- Gain financial security with our unemployment protection plan, ensuring that loan payments are temporarily halted while we guide you through the process of finding a new job.
- We prioritize financial inclusivity by eliminating any minimum income requirement, ensuring equal access to our services for all borrowers.
- Invest in your future with our career support initiatives, offering invaluable guidance to propel your career forward and establish a compelling personal brand.
- Benefit from our inclusive approach, as we provide solutions for borrowers with both private and federal loans, meeting diverse financial needs.
- Say goodbye to one-size-fits-all rates - we evaluate your complete financial profile to offer lower rates that are reflective of your true financial standing.
- Unlock the potential for substantial savings on your student loans by making the smart choice to refinance with Earnest.
- Rest easy knowing that our in-house team is committed to providing lifetime service and ensuring that your loan terms remain flexible to accommodate any future financial adjustments you may need.
- We prioritize your financial well-being by waiving all fees, including origination, prepayment, and loan disbursement, ensuring a hassle-free borrowing experience.
- Experience a hassle-free rate evaluation process that takes only two minutes, allowing you to make informed decisions without worrying about your credit score being impacted.
- Experience the financial relief of lower monthly payments by taking advantage of our great rates and flexible terms, designed to make your overall payment amount more manageable.
- Consolidate your payments into one easy monthly installment and free yourself from the complexity of managing multiple payments, providing you with simplicity and financial control.
- We prioritize your financial well-being by waiving all fees, including application, origination, and late fees, giving you peace of mind and saving you valuable dollars.
- Secure an additional 0.25% interest rate reduction by enrolling in automatic payments, seamlessly integrated into our lowest APRs for maximum savings.
The Definitive Guide to Student Loan Refinancing
If you're among the 44 million Americans burdened by student loan debt, refinancing your loans could be a game-changer. With the possibility of reducing monthly payments, securing better interest rates, and simplifying repayment by consolidating loans, refinancing offers significant potential benefits for graduates and parents. Our Guide to Refinance Student Loans is a comprehensive resource that offers a concise overview, equipping you with the necessary insights to assess whether refinancing is the right move for your unique financial circumstances.
An Overview of Student Loan Refinancing
Refinancing student loans involves obtaining a new loan to settle outstanding balances on existing federal or private student loans.
Who Can Refinance Their Student Loans?
Individuals who carry education debt, whether in the form of federal student loans, private student loans, or federal parent loans, have the option to refinance their student loans. However, it's important to be aware that lenders have specific eligibility criteria, including factors like credit score, income, and debt-to-income ratio, which can impact the refinancing process and determine a borrower's eligibility.
Loan consolidation simplifies repayment process.
Student loan consolidation, available exclusively for federal student loans and parent PLUS loans through the US Department of Education, allows borrowers to streamline their loan repayment by combining multiple loans into one. Learn about the consolidation process.
Ways to refinance student loans?
When refinancing student loans, the borrower must select a lender, complete an application, and potentially involve a co-signer. Once approved, the borrower and lender decide which loans will be refinanced as part of the process.
The lender takes on the primary responsibilities of reaching out to the previous lenders, but the borrower may be called upon to verify account details. Some borrowers have even managed to refinance up to 25 student loans into a single loan. When dealing with a substantial number of existing loans, this aspect of the process can span from a few days to a few weeks. After gathering information about each existing student loan, the new lender concludes the process by releasing funds directly to the previous lenders.
Ensure you continue making regular payments on your current loans until the new loan is successfully funded.
Should I consider refinancing my student loans?
Consider your specific goals when exploring the option of refinancing student loans. Are you looking to reduce your monthly financial burden? Do you want to minimize the total amount you'll pay in interest? Would you like to simplify your loan repayment by consolidating multiple loans? These are the primary reasons why graduates and parents choose to refinance their student loans. If any of these objectives align with your financial needs, refinancing might be the appropriate decision for you.
Education Loan Finance Disclosures
1 Subject to credit approval. Terms and conditions apply. To qualify for refinancing or student loans consolidation through ELFI, you must have at least $15,000 in student loan debt and must have earned a bachelor's degree or higher from an approved post-secondary institution.
LendKey Disclosures
2 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 cancelled, any increase will take the form of higher payments.
CommonBond Disclosures
3 Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). 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 2.42% effective December 10, 2018.s
Laurel Road Disclosures
4 APR stands for "Annual Percentage Rate." Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 12/3/2018. Rates subject to change.
Fixed rate options consist of a range from 3.75% per year to 5.80% per year for a 5-year term, 5.14% per year to 6.25% per year for a 7-year term, 5.24% per year to 6.65% per year for a 10-year term, 5.30% per year to 7.05% per year for a 15-year term, or 5.61% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 5.14% per year to 6.25% per year for a 7-year term would be from $142.00 to $147.29. The monthly payment for a sample $10,000 loan at a range of 5.24% per year to 6.65% per year for a 10-year term would be from $107.24 to $114.31. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.05% per year for a 15-year term would be from $80.65 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.61% per year to 7.27% per year for a 20-year term would be from $69.41 to $79.16.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower's bank account.
Variable rate options consist of a range from 3.49% per year to 6.31% per year for a 5-year term, 4.86% per year to 6.36% per year for a 7-year term, 4.91% per year to 6.41% per year for a 10-year term, 5.16% per year to 6.66% per year for a 15-year term, or 5.41% per year to 6.91% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.49% per year to 6.31% per year for a 5-year term would be from $181.87 to $194.77. The monthly payment for a sample $10,000 loan at a range of 4.86% per year to 6.36% per year for a 7-year term would be from $140.68 to $147.82. The monthly payment for a sample $10,000 loan at a range of 4.91% per year to 6.41% per year for a 10-year term would be from $105.63 to $113.09. The monthly payment for a sample $10,000 loan at a range of 5.16% per year to 6.66% per year for a 15-year term would be from $79.92 to $87.99. The monthly payment for a sample $10,000 loan at a range of 5.41% per year to 6.91% per year for a 20-year term would be from $68.28 to $76.99.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower's bank account.
Laurel Road Bank is a Connecticut banking corporation offering products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Laurel Road has helped thousands of professionals with graduate and undergraduate degrees across the country to refinance and consolidate over $3 billion in federal and private school loans, saving these borrowers thousands of dollars on average. Laurel Road Bank, Member FDIC.
For more information and to see current rates, visit laurelroad.com/studentrefi.
SoFi Disclosures
5 Fixed rates from 3.899% APR to 7.949% APR (with AutoPay). Variable rates from 2.470% APR to 7.170% 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 2.470% APR assumes current 1 month LIBOR rate of 2.51% plus 0.04% 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. 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. *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. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
Thrivent Disclosures
6 Disclaimers
Citizens Bank Disclosures
7 Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of January 1, 2019, the one-month LIBOR rate is 2.51%. Variable interest rates range from 3.01% - 9.75% (3.01% - 9.75% APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.90% - 9.99% (3.90% - 9.99% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. 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. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
8 Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
Earnest Disclosures
9 Rates above include 0.25% discount for auto-pay.
Discover Student Loans Disclosures
10 Get a variable interest rate from 4.99% APR to 7.99% APR (3-Month LIBOR + 2.12% to 3-Month LIBOR + 5.12%) for either a 10-year or 20-year repayment term. Or lock in a fixed interest rate from 5.74% APR to 8.49% APR for a 10-year repayment term or from 5.99% APR to 8.49% APR for a 20-year repayment term. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.88% as of January 1, 2019. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. The lowest listed APRs include a 0.25% rate reduction for automatic payments. Visit www.discover.com for more information, including up-to-date interest rates and APRs.
11 View Terms and Conditions.