20 Best Cities to Live In When You’re Struggling to Pay Off Debt

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Getting out of debt can provide you with immense emotional and financial relief. But finding the extra cash to pay down your debt faster isn’t always easy.

Where you live plays a major role in how much money you can afford to put toward your debt. Ultimately, you’ll want to find a city where you can earn a decent living and have enough money left over to pay extra on your debt.

In our newest study, we put together a list of the best cities to live in to get out of debt faster. Find out if your city made the cut.

Finding the best cities to live in for paying off debt

To identify the best cities to live in for paying off debt, we needed to figure out how much disposable income a typical resident in a city would have to play with each year. Disposable income is the extra cash you’re left with after paying taxes and basic living expenses.

We surveyed 159 U.S. cities to find the following data points for each one:

  • Average annual wages
  • The federal, payroll, state, and local income tax burden for that city and income level
  • The cost of basic living expenses adjusted for local cost of living

Using this information, we calculated the amount of disposable income an average single earner in each city would have in a year. Then, we ranked cities based on where residents are more likely to have significant cash to put toward paying off debt.

We also found the unemployment rate and average VantageScore for each city. A low unemployment rate, sourced from the Bureau of Labor Statistics, is a sign of a healthy jobs market. And higher credit scores show that locals find it easier to keep up with their debt and maintain positive payment histories. Average VantageScores were reported by Experian in its 2016 State of Credit report.

Those two factors didn’t affect city rankings but were included for illustrative purposes.

20 best cities to live in to pay off debt

Moving to one of the nine states that don’t tax wages is one way to increase the cash you have available to pay off debt. In fact, we found in a recent state income tax study that relocating to a state with no income tax can save you an average of $1,977 per year.

Theses rankings prove that strategy is effective. Of the top 20 best cities to live in to pay off debt, half are located in states that don’t levy an income tax.

Cost of living also plays a major role in determining how much disposable income you have to work with. Nine of the top 20 cities have a cost of living that’s more than 10 percent cheaper than the national average.

Wages are one factor that seemed to have less of an influence. Only six of the 20 best cities have wages that beat the national mean of $49,630, per the Bureau of Labor Statistics.

Essentially, when it comes to income, it’s all relative to the costs earners will face. Here are the 20 best cities to live in to pay off debt faster, thanks to incomes that stretch further.

20. Gainesville, Florida

  • Average disposable income: $18,805
  • Average annual wage: $47,560
  • Average income tax burden: $8,715
  • Cost of living: 3.1 percent below national average
  • Unemployment rate: 3.8 percent
  • Average credit score: 666

19. Amarillo, Texas

  • Average disposable income: $18,824
  • Average annual wage: $42,230
  • Average income tax burden: $7,509
  • Cost of living: 14 percent below national average
  • Unemployment rate: 3.1 percent
  • Average credit score: 651

18. Phoenix, Arizona

  • Average disposable income: $18,839
  • Average annual wage: $47,540
  • Average income tax burden: $9,907
  • Cost of living: 6.2 percent below national average
  • Unemployment rate: 4.3 percent
  • Average credit score: 665

17. Kingsport, Tennessee

  • Average disposable income: $19,013
  • Average annual wage: $41,050
  • Average income tax burden: $7,241
  • Cost of living: 17.8 percent below national average
  • Unemployment rate: 4 percent
  • Average credit score: 663

16. Dayton, Ohio

  • Average disposable income: $19,172
  • Average annual wage: $47,280
  • Average income tax burden: $10,768
  • Cost of living: 10.8 percent below national average
  • Unemployment rate: 5 percent
  • Average credit score: 673

15. St. Louis, Missouri

  • Average disposable income: $19,212
  • Average annual wage: $48,240
  • Average income tax burden: $11,202
  • Cost of living: 9.6 percent below national average
  • Unemployment rate: 4.1 percent
  • Average credit score: 678

14. Kansas City, Missouri

  • Average disposable income: $19,333
  • Average annual wage: $48,900
  • Average income tax burden: $11,398
  • Cost of living: 9 percent below national average
  • Unemployment rate: 4.4 percent
  • Average credit score: 675

13. Oklahoma City, Oklahoma

  • Average disposable income: $19,349
  • Average annual wage: $45,280
  • Average income tax burden: $9,971
  • Cost of living: 15.1 percent below national average
  • Unemployment rate: 4.3 percent
  • Average credit score: 656

12. Columbus, Ohio

  • Average disposable income: $19,388
  • Average annual wage: $48,850
  • Average income tax burden: $11,396
  • Cost of living: 9.4 percent below national average
  • Unemployment rate: 4.3 percent
  • Average credit score: 670

11. Dallas, Texas

  • Average disposable income: $19,414
  • Average annual wage: $51,890
  • Average income tax burden: $9,990
  • Cost of living: 0.8 percent above national average
  • Unemployment rate: 3.9 percent
  • Average credit score: 657

10. Huntsville, Alabama

  • Average disposable income: $19,444
  • Average annual wage: $52,960
  • Average income tax burden: $12,529
  • Cost of living: 2.5 percent below national average
  • Unemployment rate: 3.7 percent
  • Average credit score: 665

9. Knoxville, Tennessee

  • Average disposable income: $19,661
  • Average annual wage: $42,540
  • Average income tax burden: $7,578
  • Cost of living: 17.8 percent below national average
  • Unemployment rate: 3.5 percent
  • Average credit score: 663

8. San Antonio, Texas

  • Average disposable income: $19,718
  • Average annual wage: $45,210
  • Average income tax burden: $8,184
  • Cost of living: 12.2 percent below national average
  • Unemployment rate: 3.7 percent
  • Average credit score: 652

7. Memphis, Tennessee

  • Average disposable income: $19,723
  • Average annual wage: $42,940
  • Average income tax burden: $7,669
  • Cost of living: 17.2 percent below national average
  • Unemployment rate: 4.2 percent
  • Average credit score: 642

6. Kalamazoo, Michigan

  • Average disposable income: $19,904
  • Average annual wage: $44,600
  • Average income tax burden: $9,767
  • Cost of living: 19.5 percent below national average
  • Unemployment rate: 4.6 percent
  • Average credit score: 677

5. Austin, Texas

  • Average disposable income: $20,027
  • Average annual wage: $50,830
  • Average income tax burden: $9,643
  • Cost of living: 3.5 percent below national average
  • Unemployment rate: 3.4 percent
  • Average credit score: 671

4. Des Moines, Iowa

  • Average disposable income: $20,094
  • Average annual wage: $49,420
  • Average income tax burden: $11,192
  • Cost of living: 10.9 percent below national average
  • Unemployment rate: 3 percent
  • Average credit score: 694

3. Houston, Texas

  • Average disposable income: $20,422
  • Average annual wage: $52,870
  • Average income tax burden: $10,310
  • Cost of living: 2.3 percent below national average
  • Unemployment rate: 5.2 percent
  • Average credit score: 659

2. Kennewick, Washington

  • Average disposable income: $20,938
  • Average annual wage: $52,580
  • Average income tax burden: $10,214
  • Cost of living: 5 percent below national average
  • Unemployment rate: 4.8 percent
  • Average credit score: 677

1. Durham, North Carolina

  • Average disposable income: $21,975
  • Average annual wage: $57,850
  • Average income tax burden: $14,823
  • Cost of living: 8.1 percent below national average
  • Unemployment rate: 4 percent
  • Average credit score: 665

Full study rankings

Below are the full rankings for all 159 cities surveyed for this study along with key data points. Cities are ranked from best to worst.

Rank City Disposable Income Average Annual Wage Income Tax Burden Cost of Living Index Unemployment Rate Average VantageScore
1 Durham, N.C. $21,975 $57,850 $14,823 91.9 4 665
2 Kennewick, Wash. $20,938 $52,580 $10,214 95 4.8 677
3 Houston, Texas $20,422 $52,870 $10,310 97.7 5.2 659
4 Des Moines, Iowa $20,094 $49,420 $11,192 89.1 3 694
5 Austin, Texas $20,027 $50,830 $9,643 96.5 3.4 671
6 Kalamazoo, Mich. $19,904 $44,600 $9,767 80.5 4.6 677
7 Memphis, Tenn. $19,723 $42,940 $7,669 82.8 4.2 642
8 San Antonio, Texas $19,718 $45,210 $8,184 87.8 3.7 652
9 Knoxville, Tenn. $19,661 $42,540 $7,578 82.2 3.5 663
10 Huntsville, Ala. $19,444 $52,960 $12,529 97.5 3.7 665
11 Dallas, Texas $19,414 $51,890 $9,990 100.8 3.9 657
12 Columbus, Ohio $19,388 $48,850 $11,396 90.6 4.3 670
13 Oklahoma City $19,349 $45,280 $9,971 84.9 4.3 656
14 Kansas City, Mo. $19,333 $48,900 $11,398 91 4.4 675
15 St. Louis, Mo. $19,212 $48,240 $11,202 90.4 4.1 678
16 Dayton, Ohio $19,172 $47,280 $10,768 89.2 5 673
17 Kingsport, Tenn. $19,013 $41,050 $7,241 82.2 4 663
18 Phoenix, Ariz. $18,839 $47,540 $9,907 93.8 4.3 665
19 Amarillo, Texas $18,824 $42,230 $7,509 86 3.1 651
20 Gainesville, Fla. $18,805 $47,560 $8,715 96.9 3.8 666
21 Raleigh, N.C. $18,775 $50,410 $11,965 96.1 3.9 665
22 Colorado Springs, Colo. $18,744 $49,450 $11,483 95.1 2.6 674
23 Beaumont, Texas $18,729 $47,030 $8,596 96.3 7.2 648
24 Springfield, Ill. $18,727 $49,430 $10,957 96.4 4.2 690
25 Omaha, Neb. $18,707 $46,490 $10,351 90.6 2.9 692
26 Cincinnati, Ohio $18,697 $48,130 $10,980 93.3 4.6 675
27 Detroit, Mich. $18,672 $51,500 $13,099 96.5 4.4 672
28 Jacksonville, Fla. $18,627 $45,140 $8,167 93.2 4.1 654
29 Richmond, Va. $18,550 $49,110 $11,413 95.4 4 667
30 Peoria, Ill. $18,537 $50,360 $11,296 98.7 5.3 690
31 Tampa, Fla. $18,473 $45,510 $8,252 94.7 4 670
32 Fayetteville, Ark. $18,424 $44,980 $9,929 89.1 2.7 663
33 Atlanta, Ga. $18,408 $50,720 $12,316 97.8 4.6 657
34 Salt Lake City, Utah $18,379 $48,850 $11,298 95.9 3.4 678
35 Charlotte, N.C. $18,370 $49,600 $11,653 96.9 4.2 661
36 Indianapolis, Ind. $18,308 $46,840 $10,806 92.4 3.8 660
37 Cedar Rapids, Iowa $18,305 $47,830 $10,752 95.1 3.6 701
38 Minneapolis, Minn. $18,257 $55,010 $13,709 104.8 3.4 707
39 Rockford, Ill. $18,243 $44,060 $9,493 88.7 5.7 672
40 Killeen, Texas $18,182 $40,700 $7,162 86 4.2 656
41 Nashville, Tenn. $18,138 $45,780 $8,312 96.9 2.9 664
42 Spokane, Wash. $18,060 $46,000 $8,362 97.7 5 687
43 Albuquerque, N.M. $18,027 $45,920 $9,794 94.1 6.1 657
44 Olympia, Wash. $18,014 $49,750 $9,291 104.2 4.6 692
45 Birmingham, Ala. $17,944 $46,440 $10,860 93.1 3.9 652
46 Huntington, W.Va. $17,943 $40,450 $8,604 82 6 651
47 Tucson, Ariz. $17,924 $44,560 $9,132 92.8 4.5 673
48 Roanoke, Va. $17,894 $43,650 $9,847 88.4 4 675
49 Tallahassee, Fla. $17,867 $44,130 $7,939 95.1 4 650
50 Rochester, N.Y. $17,860 $48,970 $11,333 98.7 4.9 691
51 Akron, Ohio $17,820 $46,430 $10,527 94.6 5.2 680
52 Corpus Christi, Texas $17,783 $43,810 $7,866 94.9 5.8 639
53 Waco, Texas $17,742 $41,380 $7,316 90 4.5 656
54 Fargo, N.D. $17,711 $45,610 $8,660 97.8 2 703
55 Tulsa, Okla. $17,704 $44,840 $9,848 92.8 4.9 653
56 Savannah, Ga. $17,681 $43,600 $10,099 88.7 4.5 642
57 Lincoln, Neb. $17,667 $44,500 $9,764 92.3 2.5 699
58 Pittsburgh, Pa. $17,601 $47,360 $10,598 97.9 5.2 692
59 Baton Rouge, La. $17,593 $44,460 $9,128 94.3 5 649
60 Charleston, W.Va. $17,565 $42,890 $9,268 89.7 5.4 651
61 Lubbock, Texas $17,561 $41,380 $7,316 91 3.6 646
62 Milwaukee, Wis. $17,547 $49,350 $11,522 100.7 3.9 685
63 Sioux Falls, S.D. $17,505 $43,180 $7,723 95.1 2.8 703
64 Evansville, Ind. $17,503 $42,660 $9,395 89 3.9 673
65 Wilmington, Del. $17,478 $54,310 $13,895 106.6 5.1 678
66 Winston-Salem, N.C. $17,383 $44,100 $10,028 92 4.3 665
67 McAllen, Texas $17,311 $34,930 $5,855 76 8 631
68 Jackson, Miss. $17,289 $41,820 $9,159 88.4 4.4 642
69 Denver, Colo. $17,226 $55,910 $13,960 110.7 2.2 687
70 Wichita, Kan. $17,224 $43,280 $9,200 92.9 4.8 672
71 Fort Worth, Texas $17,220 $46,520 $8,480 102.8 3.9 657
72 Cleveland, Ohio $17,216 $48,250 $10,922 101.2 6.8 680
73 Augusta, Ga. $17,215 $43,450 $10,057 91 5 642
74 Orlando, Fla. $17,214 $43,060 $7,696 96.4 3.8 665
75 Green Bay, Wis. $17,174 $43,620 $9,782 92.5 3 704
76 Appleton, Wis. $17,171 $44,070 $9,916 93.4 2.9 704
77 Boise City, Idaho $17,060 $43,040 $9,844 91.3 2.6 674
78 Chattanooga, Tenn. $17,013 $41,940 $7,442 95.2 3.9 658
79 Tacoma, Wash. $16,977 $49,360 $9,163 108.5 4.2 692
80 Cape Coral, Fla. $16,965 $40,420 $7,098 92.2 4.1 685
81 Manchester, N.H. $16,924 $51,920 $9,999 112 2.6 699
82 Mobile, Ala. $16,911 $42,810 $9,419 92.7 5.2 661
83 Greenville, S.C. $16,911 $42,290 $9,248 91.7 4 664
84 Albany, N.Y. $16,889 $52,340 $12,651 107.9 4.2 690
85 Gulfport, Miss. $16,882 $41,940 $9,192 91 5.1 651
86 Davenport, Iowa $16,879 $44,850 $10,021 96.8 4.5 688
87 Utica, N.Y. $16,853 $44,240 $9,955 95.5 4.8 687
88 Columbus, Ga. $16,835 $41,950 $9,627 90 5.7 643
89 Warren, Mich. $16,815 $50,630 $11,556 107 4.4 672
90 Harrisburg, Pa. $16,806 $47,220 $11,032 100.6 4.4 689
91 Louisville, Ky. $16,795 $44,270 $11,179 92.5 4.5 664
92 Topeka, Kan. $16,710 $43,010 $9,126 95.2 4 678
93 Little Rock, Ark. $16,624 $43,050 $9,376 95.1 3.2 655
94 Fort Wayne, Ind. $16,622 $42,250 $9,431 92.7 3.7 677
95 College Station, Texas $16,602 $42,070 $7,472 97.7 3.6 659
96 Provo, Utah $16,587 $44,200 $10,011 96.7 3.2 678
97 Hartford, Conn. $16,578 $58,400 $14,868 116.3 4.7 687
98 St. Cloud, Minn. $16,534 $43,610 $9,718 96.2 3.4 707
99 El Paso, Texas $16,502 $37,440 $6,423 87.9 4.8 648
100 Buffalo, N.Y. $16,477 $46,390 $10,582 101.4 5.2 688
101 Grand Rapids, Mich. $16,449 $43,610 $10,146 95.5 3.8 677
102 Charlottesville, Va. $16,421 $50,950 $12,119 108.4 3.5 700
103 York, Pa. $16,401 $43,310 $9,689 96.2 4.8 689
104 Springfield, Mo. $16,371 $39,490 $8,282 89.3 3.6 673
105 Madison, Wis. $16,354 $50,830 $12,109 108.5 2.4 702
106 Lafayette, La. $16,333 $39,350 $7,798 90.6 6 652
107 Virginia Beach, Va. $16,331 $46,470 $10,648 102.2 4.3 659
108 South Bend, Ind. $16,287 $42,660 $8,979 97 4.3 669
109 Nashua, N.H. $16,265 $53,990 $10,675 117.3 3.5 699
110 Deltona, Fla. $16,200 $38,010 $6,553 91.1 4.4 665
111 Reno, Nev. $16,131 $45,210 $8,184 106 4.1 657
112 Montgomery, Ala. $16,116 $40,660 $8,840 92.7 4.1 641
113 Columbia, S.C. $15,954 $43,220 $9,523 98.9 4.5 648
114 Fayetteville, N.C. $15,945 $41,190 $9,202 94.2 5.6 665
115 Shreveport, La. $15,927 $38,720 $7,633 91.6 6.1 640
116 New Orleans, La. $15,918 $43,410 $8,856 101.3 5.4 653
117 Wilmington, N.C. $15,905 $42,050 $9,446 96.2 4.1 667
118 Bakersfield, Calif. $15,848 $47,410 $10,214 107.8 9.4 639
119 Sacramento, Calif. $15,847 $54,690 $13,019 116.4 5.2 672
120 Allentown, Pa. $15,814 $46,590 $10,555 105.4 5.2 678
121 Brownsville, Texas $15,809 $34,350 $5,724 84.1 7.3 631
122 New Haven, Conn. $15,802 $55,480 $13,753 116.7 4.6 687
123 Las Vegas, Nev. $15,795 $43,480 $7,791 104.7 5.2 645
124 Lexington, Ky. $15,788 $43,620 $11,220 96.3 4 656
125 Lake Charles, La. $15,729 $39,490 $7,834 94.5 4.3 652
126 Baltimore, Md. $15,720 $54,920 $14,872 114.1 4.2 669
127 Newark, N.J. $15,627 $59,890 $14,332 123.4 4.8 686
128 Ogden, Utah $15,597 $43,260 $9,751 100.4 3.6 678
129 Elkhart, Ind. $15,567 $41,130 $9,185 96.3 3 669
130 Charleston, S.C. $15,460 $44,500 $9,902 103.9 3.8 655
131 Worcester, Mass. $15,419 $52,170 $12,513 114.8 4.1 685
132 Miami, Fla. $15,273 $46,120 $8,389 111.8 4.5 658
133 Asheville, N.C. $15,188 $40,330 $8,957 96.9 3.7 661
134 Anchorage, Alaska $15,145 $57,770 $11,909 125.8 6 670
135 Scranton–Wilkes-Barre–Hazleton, PA $15,095 $41,530 $10,037 97.8 5.8 681
136 Camden, N.J. $15,017 $51,070 $10,965 117.5 5.1 678
137 Philadelphia, Pa. $14,840 $53,590 $14,293 116.9 5.1 678
138 North Port, Fla. $14,730 $41,870 $7,427 107.5 3.9 670
139 Chicago, Ill. $14,467 $54,340 $12,745 122.5 5.3 679
140 Modesto, Calif. $14,452 $45,230 $9,573 111.7 7.5 672
141 Burlington, Vt. $14,308 $51,600 $11,447 120.9 2.5 697
142 Stockton, Calif. $14,140 $46,020 $9,800 114.5 7.5 672
143 Fort Lauderdale, Fla. $14,101 $45,890 $8,338 117.3 4.5 658
144 Providence R.I. $13,926 $51,100 $11,183 122.3 4.3 685
145 Framingham, Mass. $13,470 $64,930 $12,363 139.7 3.2 699
146 Portland, Ore. $11,797 $53,960 $14,482 131.7 4.2 684
147 Silver Spring, Md. $11,627 $64,210 $18,644 139.9 3.7 684
148 Boston, Mass. $11,279 $67,930 $18,463 145 3.5 699
149 Seattle, Wash. $10,805 $63,300 $13,714 146.9 4.2 692
150 Bridgeport, Conn. $10,652 $64,800 $17,309 145.7 4.5 687
151 Los Angeles, Calif. $9,261 $55,560 $13,371 146.6 5.1 670
152 Oakland, Calif. $9,246 $62,760 $16,363 150.4 3.9 699
153 San Diego, Calif. $9,183 $55,480 $13,339 146.9 4.7 678
154 Washington, D.C. $9,115 $68,880 $19,154 153.4 3.7 684
155 Anaheim, Calif. $7,994 $55,890 $13,507 152.4 5.1 670
156 New York, N.Y. $1,807 $63,320 $18,840 180.2 4.8 686
157 Honolulu, Hawaii $372 $51,080 $12,901 186 2.3 691
158 San Francisco, Calif. -$1,290 $76,160 $21,984 192.3 3.9 699
159 San Jose, Calif. -$12,027 $78,990 $23,172 228.3 3.9 699

Methodology

To generate these rankings, we surveyed the following data for 159 cities:

We surveyed more than the included 159 U.S. cities but excluded cities for which any of the above data points were unavailable. We also cross-checked city locations and in some cases substituted data points from neighboring cities within 50 miles.

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SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.46% APR (with AutoPay) to 7.61% APR (without AutoPay). Variable rates currently from 2.31% APR (with AutoPay) to 7.61% (without 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 2.31% APR assumes current 1 month LIBOR rate of 2.31% plus 0.75% margin minus 0.25% for AutoPay. If approved for a loan, the fixed or variable interest rate offered will depend on your credit history and the term of the loan 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.

3 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.
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.

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.

FEE INFORMATION

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.

LOAN AMOUNT

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.
For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section below), Lender will refinance up to $50,000 in loans for non-ParentPlus refinance loans. Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum, refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information about refinancing ParentPlus 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.

INTEREST RATES

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.

DISBURSEMENT OPTIONS

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.


4 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.


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 1.9299999999999997% effective October 10, 2019.


6 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.

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 11/07/2019 student loan refinancing rates range from 1.90% to 8.65% Variable APR with AutoPay and 3.49% to 7.75% Fixed APR with AutoPay.

 


7 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 09/23/2019. Variable interest rates may increase after consummation.

1.81% – 6.49%1Undergrad
& Graduate

Visit Earnest

2.31% – 7.36%2Undergrad
& Graduate

Visit SoFi

1.99% – 6.65%3Undergrad
& Graduate

Visit Laurel Road

2.43% – 7.60%4Undergrad
& Graduate

Visit Splash

2.02% – 6.30%5Undergrad
& Graduate

Visit CommonBond

1.90% – 8.65%6Undergrad
& Graduate

Visit Lendkey

2.74% – 6.24%7Undergrad
& Graduate

Visit College Ave

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Published in Big Money Decisions, Credit & Debt,

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