What Are the Average Student Loan Interest Rates?

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The average student loan interest rate changes periodically, and has varied substantially over time, with rates starting of around 6.94% or greater for different types of student loans when variable interest rates were first introduced for student loans in the early 90s and then dropping down to below 4% for some loans in the 2010 year.

average student loan interest rate

Image credit: Forbes

If you’re borrowing money for school, it’s important to understand how student loan interest works and to shop around for loans with the lowest rates possible to avoid spending more than necessary on your educational debt.

Student loan interest rates can vary depending upon the type of loan you take, so when you research the average interest rate on student loans, you’ll need to look into whether the loan is a federal loan or a private loan and whether it’s available to undergraduates, graduate students, or parents.

Below is the information you need to know about average rates for different kinds of loans.

Average student loan interest rates today

When it comes to federal student loan interest rates, there technically is no “average” because rates are set by the government each year and do not change based on the characteristics of individual borrowers. This means there is just one set rate for each type of loan.

The average student loan rate varies only depending on the type of loan — including whether it’s a federal or private loan — and the type of degree.

The rates for private student loans, on the other hand, are determined by each lender and can vary depending on the qualifications of the borrower.

Federal student loan interest rates

The average student loan interest rate in 2017 ranges from 4.45% to 7.00%. Interest rates for different types of loans are as follows:

Lender Loan Rates (Min/Avg/Max)
Acumen Student Loans Acumen Private Student Loan 3M LIBOR + 2.99% to 3M LIBOR + 8.99%
Charter One TruFit Student Loan Variable: 1-month LIBOR + 2.50% 1-month LIBOR + 9.25%
Fixed: 5.75% to 11.75%
Citizens One Citizens One Student Loan™ Variable: 1-month LIBOR + 2.50% 1-month LIBOR + 9.25%
Fixed 5.75% to 11.75%
Citizen One Student Loan™ for Parents Fixed: 6.69% to 6.79%
Citizens Bank Citizens Bank Student Loan™ Variable: 1-month LIBOR + 2.50% 1-month LIBOR + 9.25%
Fixed 5.75% to 11.75%
Citizens Bank Student Loan™ for Parents Fixed: 6.69% to 6.79%
College Ave Student Loans College Ave Student Loan- Undergraduates Variable rates from 1M LIBOR + 1.93% to 1M LIBOR + 9.64%
College Ave Student Loan- Graduates Variable rates from 1M LIBOR + 4.24% to 1M LIBOR + 6.24%
One fixed rate of 6.75%
Commerce Bank Your Future Education Loan Variable Rates: 1-month LIBOR + 2.00% (2.25% APR) to 1-month LIBOR + 8.875% (9.37% APR) Fixed Rates: 5.75% (5.74% APR) to 8.375% (8.56% APR)
Connecticut Higher Education Supplemental Loan Authority CHESLA Loan 4.95% fixed annual rate (non-tiered, simple interest)
Credit Union Student Choice Student Choice Education Loan Line of Credit 3M LIBOR + 3.00% to Prime +8%
cuStudentLoans.org cuScholar Private Student Loan 3M LIBOR + 2.99% 3M LIBOR + 8.99%
Dakota Education Alternative Loan School Certified — Fixed Rate FHLB 10-Year Advanced Rate + 2.00% (ND) or FHLB 10-Year Advanced Rate + 3% (otherwise)
School Certified — Variable Rate 3-month LIBOR + 1.50% (ND) or 3-month LIBOR + 2.50% (otherwise)
Discover Student Loans Discover Undergraduate Loan Fixed Rates: 6.15% to 11.99% APR Variable Rates: 3-Month LIBOR + 2.62% to 3-Month LIBOR + 8.74% (starting rates range from 2.99% APR to 9.12% APR).
Discover Graduate Loan Fixed Rates: 6.15% to 11.24% APR Variable Rates: 3-Month LIBOR + 2.62% to 3-Month LIBOR + 8.24% (starting rates range from 2.99% APR to 8.62% APR).
Discover Health Professions Loan Fixed Rates: 6.15% to 9.99% APR Variable Rates: 3-Month LIBOR + 2.62% to 3-Month LIBOR + 7.24% (starting rates range from 2.99% APR to 7.62% APR).
Discover Law Loan Fixed Rates: 6.15% to 9.99% APR Variable Rates: 3-Month LIBOR + 2.62% to 3-Month LIBOR + 7.24% (starting rates range from 2.99% APR to 7.62% APR).
Discover MBA Loan Fixed Rates: 6.15% to 9.99% APR Variable Rates: 3-Month LIBOR + 2.62% to 3-Month LIBOR + 7.24% (starting rates range from 2.99% APR to 7.62% APR).
Discover Residency Loan Fixed Rates: 6.49% to 9.99% APR Variable Rates: 3-Month LIBOR + 3.74% to 3-Month LIBOR + 7.24% (starting rates range from 4.12% APR to 7.62% APR).
Discover Bar Exam Loan Fixed Rates: 6.15% to 11.24% APR Variable Rates: 3-Month LIBOR + 3.74% to 3-Month LIBOR + 8.49% (starting rates range from 4.12% APR to 8.87% APR).
Graduate Leverage School-Certified Private Loans (Undergraduate) 1-month LIBOR + 1.75%
1-month LIBOR + 10.0%
School-Certified Private Loans (Graduate) 1-month LIBOR + 1.75%
1-month LIBOR + 10.0%
Medical Residency & Relocation Program 1-month LIBOR + 5.00%
1-month LIBOR + 8.00%
1% interest rate reduction upon entering repayment
Dental Residency & Relocation Loan Program 1-month LIBOR + 5.00%
1-month LIBOR + 9.00%
1% interest rate reduction upon entering repayment
Veterinary Internship & Relocation Loan Program 1-month LIBOR + 5.00%
1-month LIBOR + 9.00%
1% interest rate reduction upon entering repayment
Bar Study Loan 1-month LIBOR + 3.00%
1-month LIBOR + 12.00%
1% interest rate reduction upon entering repayment
Higher Education Servicing Corp. (Texas) Texas Extra Credit Education loan Variable: 3M LIBOR + 2.99% to 3M LIBOR + 8.99%
Independent Community Bankers iHelp Student Loan 3M LIBOR + 2.50%
3M LIBOR + 6.80%
Maine Education Loan Authority The Maine Loan Immediate Repayment – 5.50% fixed, interest only – 6.50% fixed.
Full deferment- 7.50% fixed
The Maine Medical Loan Immediate Repayment – 5.50% fixed, interest only – 6.50% fixed.
Full deferment- 7.50% fixed
Massachusetts Educational Financing MEFA Loan for Undergraduate Education 5.99% fixed during the anticipated in-school period, 7.24% thereafter (APR 7.26% – 7.83%)
MEFA Loan for Undergraduate Education 6.29% fixed during the anticipated in-school period, 7.29% thereafter (APR 7.40% – 7.76%)
MEFA Loan for Undergraduate Education Deferred Repayment / 15 Years 7.59% fixed (APR 7.52% – 8.18%
MEFA Loan for Undergraduate Education Interest-Only Repayment / 15 Years 7.09% fixed during the anticipated in-school period, 8.09% thereafter (APR 8.15% – 8.55%)
MEFA Loan for Undergraduate Education Student Loan Deferred Loan / 15 Years 8.00% fixed (APR 7.95% – 8.68%)
MEFA Loan for Graduate Education Interest-Only Repayment 7.09% fixed during the anticipated in-school period, 8.09% thereafter
MEFA Loan for Graduate Education Deferred Repayment 7.59% fixed (APR 7.89% – 8.18%)
Minnesota Office of Higher Education SELF Loan (cosigner required) Fixed 7.25% Variable 3M LIBOR + 3.00% rounded to nearest 10th of a percent, adjusted quarterly, 3.00% cap on interest rate changes in any 12 month period.
New York State Higher Education Services Corporation (HESC) NYHELP’s Principal & Interest Payments During In-School/Grace Period 7.55% fixed
NYHELP’s Interest-Only Payments During In-School/Grace Period 8.25% fixed
NYHELP’s Full Deferment of Principal and Interest During In-School/Grace Period 8.75% fixed
PNC Education Lending PNC Solution Loan for Undergraduate Students Variable Rate: 3.51% – 10.46% (APRs 3.43% to 10.45%) Based on LIBOR + 3.30% to LIBOR + 10.25%
PNC Solution Loan for Graduate Students
PNC Solution Loan for Health Professionals
PNC Solution Loan for Health Professionals
PNC Solution Loan for Bar Study
Regions Bank Smart Option Student Loan — Interest Repayment Option Variable rates: 1-month LIBOR + 2.00% (2.25% APR) to 1-month LIBOR + 8.875% (9.11% APR) Fixed rates: 5.75% (5.74% APR) to 11.875% (11.95% APR)
Smart Option Student Loan — Fixed Repayment Option Variable rates: 1-month LIBOR + 2.50% (2.75% APR) to 1-month LIBOR + 9.375% (9.09% APR) Fixed rates: 6.25% (5.74% APR) to 11.875% (11.85% APR)
Smart Option Student Loan — Deferred Repayment Option Variable rates: 1-month LIBOR + 3.00% (3.17% APR) to 1-month LIBOR + 9.3875% (9.37% APR) Fixed rates: 6.75% (6.41% APR) to 12.875% (11.69% APR)
Rhode Island Student Loan Authority (RISLA) Rhode Island Family Education Loan (RIFEL) 6.39% fixed (immediate repayment) with a 10-year repayment term. 7.49% fixed (defer repayments up to 6 months after graduation; 54 months deferment limit unless borrower enrolled full-time in a 5-year program or graduate school) with a 15-year repayment term
Sallie Mae Smart Option Student Loan® Variable Rates: 1-month LIBOR + 2.00% (2.50% APR) to 1-month LIBOR + 9.88% (9.59% APR) Fixed Rates: 5.75% (5.74% APR) to 12.88% (11.85% APR)
Career Training Smart Option Student Loan Variable Interest Rates: 1-month LIBOR + 4.25% (4.75% APR)
Sallie Mae Bar Study Loan Variable Rates: 1-month LIBOR + 3.00% (3.50% APR) to 1-month LIBOR + 9.75% (10.20% APR)
Sallie Mae Residency and Relocation Loan Variable Rates: 1-month LIBOR + 3.00% (3.46% APR) to 1-month LIBOR + 9.75% (9.85% APR)
SoFi, Inc. SoFi Fixed Rate Student Loan 6.45% (fixed)
South Carolina Student Loan Network Palmetto Assistance Loan 7.15% to 9.15% (fixed)
Student Loan Network Act Education Loan for Undergraduate Students LIBOR + 3.50% to LIBOR + 7.75%
Act Education Loan for Graduate Students LIBOR + 3.50% to LIBOR + 7.75%
Act Education Loan for Continuing Education LIBOR + 3.50% to LIBOR + 8.00%
GradLoans.com Graduate Student Loan LIBOR + 4.95% to LIBOR + 7.75%
GradLoans.com Medical Student Loan
GradLoans.com Dental School Loan
GradLoans.com Law School Loan
GradLoans.com MBA Student Loan
GradLoans.com Bar Exam Loan
GradLoans.com Medical Boards Exam Loan
GradLoans.com Medical Residency/Relocation Loan
GradLoans.com Dental Boards Exam Loan
GradLoans.com Dental Residency/Relocation Loan
InternationalStudents.com – Undergraduate LIBOR + 3.50% to LIBOR + 7.75%
InternationalStudents.com – Graduate LIBOR + 3.50% to LIBOR + 7.75%
StudyAbroadLoans.com – Undergraduate Students Studying Abroad LIBOR + 4.95% to LIBOR + 7.75%
StudyAbroadLoans.com – Graduate Students Studying Abroad LIBOR + 4.95% to LIBOR + 7.75%
SunTrust Education Loans Custom Choice Loan Fixed 3.75% to 12.25% Variable: 1-month LIBOR + 2.25% to 1-month LIBOR + 12.25%
Union Federal Union Federal Private Student Loans 3M LIBOR + 2.60% to 3M LIBOR + 8.99%
Wells Fargo Private Student Loans Wells Fargo Collegiate Loan Variable Rates: PRIME + 0.25% to PRIME + 6.76% (Current APR: 3.402% to 9.242%) Fixed Rates: 6.99% to 13.74% (APR 6.62% to 12.36%)
MedCAP Alternative Loan Variable Rates: PRIME + 1.50% to PRIME + 4.00% Fixed Rates: 7.79% to 9.99%
MedCAP XTRA Variable Rates: PRIME +4.50% Fixed Rates: 7.79% to 9.99%
Wells Fargo Graduate Loan Variable Rates: PRIME + 1.50% to PRIME + 5.00% (APR: 4.680% to 8.036%) Fixed Rates: 7.79% to 9.99% (APR 7.6% to 9.675%)
Wells Fargo Bar Exam Loan Variable Rates: PRIME +4.50% Fixed Rates: 7.79% to 9.99%
Wells Fargo Private Student Loan for Career and Community Colleges Variable Rates: PRIME + 2.25% to PRIME + 8.74% Fixed Rates: 8.99% to 15.74%
Wells Fargo Private Student Loan for Parents Variable Rates: PRIME + 0.25% to PRIME + 6.49% Fixed Rates: 7.48% to 13.33%

Historical student loan interest rates

Though the interest on your student loans can accumulate and make it harder to pay down the principal, average student loan interest rates are pretty low today by historical standards.

Take a look at how federal rates have changed over the last 20 or so years, with some highlights:

1992-93, 6.94% average interest rate on student loans: This is the year that variable interest rates appeared for student loans. If close to 7.00% seems high enough, loans issued in the prior decade stay at a fixed rate of 8.00% to 10.00%!

1993-94, 6.22% rate: The federally-backed Direct Loan program was started by Congress to give borrowers more options apart from banks.

1998-99, 7.46% rate: Congress incorrectly predicted that direct loans would have entirely replaced private loans, even though they still represented more than half of all student loans.

2008-09, 6.00% interest rate: After a few years when the Stafford Loan interest rate was fixed at 6.8%, Congress approved a reduction to 6.00% for Federal Stafford Loans.

2010-11, 4.5% subsidized Federal Stafford Loans, 6.8% other loans: Lawmakers eliminated bank-based federal loans and made all loans available directly.

In 2013, President Obama signed the Bipartisan Student Loan Certainty Act, which marked a change in how student loan interest rates are calculated.

According to the Edvisors Network, APRs on all loans taken out after July 1, 2013, are linked to the current 10-year U.S. Treasury rate. The law also capped all Stafford Loans at 8.25% for undergrad students and 9.50% for grads.

Obama’s mandate also stipulated that while rates would remain fixed and there would be no more variable loans, each year’s student loan average interest rate could fluctuate depending on market conditions.

In 2017, Senator Richard Burr of North Carolina announced in a press release that student loan interest rates remained near historic lows because of the Bipartisan Student Loan Certainty Act. Burr stated the law has saved borrowers $58 billion in student loan interest since it went into effect.

However, loan interest rates did rise for the 2017 to 2018 school year for new borrowers. MarketWatch indicated the decision to raise rates was influenced by the Federal Reserve.

What does this mean for you?

If you took out your loans years ago when interest rates were much higher, or at a time when your credit score was lower than it is today, it might be worth looking into ways to lower your interest rate so you could save thousands of dollars over time.

By refinancing your student loans to lower your interest rate, you could potentially cut your repayment costs significantly. Our student loan refinancing calculator can help you determine if you could save money by lowering your rate.

Of course, student loan refinancing isn’t the best option everyone, so do your homework to find out if it’s a good solution for you. In fact, start with this blog post: 10 questions to ask before refinancing your student loans to find out if refinancing might be the right choice for you.

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!
LenderVariable APREligible Degrees 
Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.

Earnest Disclosures

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 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% 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 Month/Day/Year, 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 08/21/18. 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 hello@earnest.com, or call 888-601-2801 for more information on ourstudent loan refinance product.

© 2018 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.


2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

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 11/8/2018. Rates subject to change.

Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% 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 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.

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.


3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance:
    Fixed rates from 3.899% APR to 7.979% APR (with AutoPay). Variable rates from 2.470% APR to 6.990% 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 2.30% plus 0.91% 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.
  2. 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)

4 Important Disclosures for LendKey.

LendKey Disclosures

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.


5 Important Disclosures for CommonBond.

CommonBond Disclosures

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 2.28% effective October 10, 2018.


6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. 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 November 1, 2018, the one-month LIBOR rate is 2.29%. Variable interest rates range from 2.79%-8.39% (2.79%-8.39% 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 3.75%-8.69% (3.75%-8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, 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.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a cosigner who is a U.S. citizen or permanent resident. The cosigner (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a cosigner will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. 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.
  5. 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.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.

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