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640 opens up more private lender options but rates are still high without a co-signer. Federal loans remain the best choice for most borrowers. A co-signer dramatically improves private loan rates.
Our Top Picks for 640 Credit Score
Best Option
Federal Direct Loans
APR Range6.53% (undergrad)
Min. Credit ScoreNone
Why we recommend it: Federal loans at 6.53% are still better than most private rates available at 640 without a co-signer.
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Best Private Lender
College Ave
APR Range7.99% – 13.99%
Min. Credit Score640
Why we recommend it: College Ave offers flexible terms and a co-signer release option for 640 borrowers, making it a strong choice for private loans.
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Best for Refinancing
Earnest
APR Range4.45% – 15.90%
Min. Credit Score650
Why we recommend it: Earnest is the top choice for refinancing existing student loans once you've built to 650+ credit.
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Frequently Asked Questions
What private student loan rate can I get at 640?
640 borrowers without a co-signer typically see 8–14% APR from private lenders. With a co-signer at 700+, rates drop to 5–8%.
When should I consider refinancing my student loans at 640?
Wait until you've improved to 680+ before refinancing. Refinancing federal loans into private loans loses income-driven repayment and forgiveness options.
How can I improve my credit score while in school?
Make all minimum payments on time, keep credit card utilization below 30%, and avoid opening multiple new accounts. Even small improvements (640 → 680) significantly improve private loan rates.