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.
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:
|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: 4.74%* to 12.49% APR Variable Rates: 3-Month LIBOR + 0.80% to 3-Month LIBOR + 9.37% (starting rates range from 2.80%* APR to 11.37% APR)|
|Discover Graduate Loan||Fixed Rates: 4.99%* to 12.24% APR Variable Rates: 3-Month LIBOR + 1.74% to 3-Month LIBOR + 9.37% (starting rates range from 3.74%* APR to 11.37% APR)|
|Discover Health Professions Loan||Fixed Rates: 4.99%* to 9.74% APR Variable Rates: 3-Month LIBOR + 1.74% to 3-Month LIBOR + 7.37% (starting rates range from 3.74%* APR to 9.37% APR)|
|Discover Law Loan||Fixed Rates: 4.99%* to 10.24% APR Variable Rates: 3-Month LIBOR + 1.74% to 3-Month LIBOR + 7.37% (starting rates range from 3.74%* APR to 9.37% APR)|
|Discover MBA Loan||Fixed Rates: 4.99%* to 11.49% APR Variable Rates: 3-Month LIBOR + 1.74% to 3-Month LIBOR + 9.37% (starting rates range from 3.74%* APR to 11.37% APR)|
|Discover Residency Loan||Fixed Rates: 7.34%* to 9.74% APR Variable Rates: 3-Month LIBOR + 3.97% to 3-Month LIBOR + 6.37% (starting rates range from 5.97%* APR to 8.37% APR)|
|Discover Bar Exam Loan||Fixed Rates: 7.74%* to 12.74% APR Variable Rates: 3-Month LIBOR + 4.37% to 3-Month LIBOR + 9.37% (starting rates range from 6.37%* APR to 11.24% 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%|
|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%|
* Lowest rates shown for Discover’s in-school products include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. Lowest rates shown for Discover Residency and Bar Exam Loans include a 0.25% interest rate reduction while enrolled in automatic payments.
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 8 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 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 3.20% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.89% 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 December 13, 2019, 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 12/13/2019. 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@example.com, or call 888-601-2801 for more information on our student 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 SoFi.
3 Important Disclosures for Figure.
Figure’s Student Refinance Loan is a private loan. If you refinance federal loans, you forfeit certain flexible repayment options associated with those loans. If you expect to incur financial hardship that would impact your ability to repay, you should consider federal consolidation alternatives.
4 Important Disclosures for College Ave.
College Ave Disclosures
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1College Ave Refi Education loans are not currently available to residents of Maine.
2All rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
3$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.
4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 1/1/2020. Variable interest rates may increase after consummation.
5 Important Disclosures for Laurel Road.
Laurel Road Disclosures
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. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
ANNUAL PERCENTAGE RATE (“APR”)
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.
For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.
The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.
POSTPONING OR REDUCING PAYMENTS
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.
We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.
If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of November 8, 2019 and is subject to change.
6 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.
7 Important Disclosures for CommonBond.
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 1.76% effective November 10, 2019.
8 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 12/019/2019 student loan refinancing rates range from 1.90% to 8.59% Variable APR with AutoPay and 3.49% to 7.75% Fixed APR with AutoPay.
|1.99% – 6.89%1||Undergrad & Graduate|
|2.31% – 7.36%2||Undergrad & Graduate|
|2.06% – 6.81%3||Undergrad & Graduate|
|2.62% – 6.12%4||Undergrad & Graduate|
|2.29% – 6.65%5||Undergrad & Graduate|
|1.99% – 7.06%6||Undergrad & Graduate|
|1.81% – 6.29%7||Undergrad & Graduate|
|1.90% – 8.59%8||Undergrad & Graduate|