Refinancing with Laurel Road
Refinancing APRs starting at 1.89%. Checking your rates won’t affect your score.
Arizonans are among the most indebted federal and private student loan borrowers in the U.S., with an average debt of $34,712 — 5% less than the $36,689 national average. This puts the state 12th for highest average student loan debt, which is considerable given that average annual wages in Arizona are $50,930.
State grants, like the Arizona Leveraging Educational Assistance Partnership (AzLEAP), help make higher education more accessible for students with financial need. Those who don’t qualify for the grant or still have a funding gap might be among the 900,000 state residents who turn to private and Arizona student loans to pay for their education.
Students attending college in the Grand Canyon State can lessen their student debt burden by attending one of its many public colleges and universities. There are 21 community college campuses and three four-year public universities to choose from, including:
- Arizona State University (ASU)
- Northern Arizona University
- University of Arizona
ASU offers five campuses across the state, including in downtown Phoenix and in Tempe. Arizona also has a number of private institutions, including Arizona Christian University and Arizona Culinary Institute.
Residents who attend a regionally or nationally accredited college in the state and who’ve demonstrated financial need can apply for the AzLEAP grant. This grant offers up to $2,500 per academic year, though generally awards average $1,000 an academic year.
Regardless of which postsecondary school Arizonans choose, students might still need to lean on student loans for at least a portion of educational costs during their academic careers.
After graduating from college, eligible Arizona residents might have a chance to reduce their student loan debt through one of the state’s loan repayment programs.
The Arizona Department of Health Services offers two loan assistance programs for health care providers:
- Primary Care Provider Loan Repayment Program (PCPLRP). Borrowers must work with a public or private nonprofit employer serving in an identified health professional shortage area (HPSA) within Arizona.
- Rural Private Primary Care Provider Loan Repayment Program (RPPCPLRP). Health providers must be employed with a rural private primary care practice in an HPSA or a described underserved area in the state.
Both programs require applicants to be fully licensed to practice a qualified discipline in the state. Borrowers are required to contract full time (minimum 40 hours per week) or half time (minimum 20 hours per week) for at least two years. Award amounts vary, depending on provider type, full-time or half-time status, service year and fund availability.
The Arizona Teacher Student Loan Program was created to incentivize students to pursue a career in public education. It offers a maximum loan forgiveness award of $7,000 per academic year for up to three years to students who’ve been Arizona residents for at least the previous 12 months.
In exchange, eligible students must agree to work in an Arizona public school for the number of years an award was received, plus an additional year. So, for example, if a student received the loan for the maximum three years, they would need to work for four years.
The NURSE Corps LRP was designed to attract and retain registered nurses (RNs) and advanced practice nurses (such as clinical nurse specialists and nurse practitioners) in Arizona. For at least two years of contracted service at an HPSA or accredited eligible nursing school, recipients can have 60% of their qualifying nursing student loans repaid (30% each service year).
If recipients choose to serve a third year, they’ll receive another 25% of their remaining eligible loan balance paid through the program.
Arizona federal student loan borrowers younger than 25 owe less than national average — and more comparisons
More than 7% of Arizona borrowers (nearly 64,000 borrowers in the state) owe $100,000 or more in student loans. For those with high student loan balances — and at high interest rates — student loan refinancing might help.
High student loan rates can make debt repayment exponentially costly. A student loan refinance can help simplify loan repayment, while also potentially lowering the amount borrowers need to repay overall.
During this process, borrowers can shop around for a student loan refinance to find competitive interest rates from various lenders. Once a lender is chosen, they’ll repay the borrowers’ original student loans. Borrowers are then left to repay the new refinanced loan with, ideally, a lower interest rate and new terms.
Borrowers can use a private student loan refinance to consolidate existing federal and private student loans. A caveat, however, exists when refinancing federal loans. In doing so, borrowers effectively lose government benefits, such as income-driven repayment options and access to loan forgiveness programs, like Public Service Loan Forgiveness.
And although some private lenders offer deferment or forbearance options, they’re not nearly as robust as federal protections that are a lifeline in financial hardship.
- U.S. Department of Education data as of June 30, 2020
- Anonymized My LendingTree June 2020 credit reports
- Federal Reserve Bank of New York Consumer Credit Panel/Equifax as of June 2020
Because the latter data is from 2015, researchers estimated the increase in student loan debt per borrower in the state using statewide data from anonymized credit reports.
Interested in refinancing student loans?Here are the top 6 lenders of 2021!
|Lender||Variable APR||Eligible Degrees|
|1.89% – 5.99%1||Undergrad & Graduate|
|1.99% – 5.64%2||Undergrad & Graduate|
|1.99% – 6.84%3||Undergrad & Graduate|
|2.25% – 6.88%4||Undergrad & Graduate|
|1.91% – 5.25%5||Undergrad & Graduate|
|1.89% – 5.90%6||Undergrad & Graduate|
|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 Feburary 1, 2021.
2 Important Disclosures for Earnest.
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.
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 SoFi.
5 Important Disclosures for LendKey.
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.
6 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.
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 January 4, 2021. Information and rates are subject to change without notice.