10 Best States to Live In for Paying Off Student Debt

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Student loans can be stressful. Two-thirds of borrowers report physical symptoms of stress related to their student debt, including sleep loss, headaches, and muscle tension, according to our recent student debt stress survey.

The burden of student debt isn’t universally severe, however. Where college graduates attend school, live, and work can have a big impact on their student debt affordability.

Our annual student loan affordability study compares average student loan balances to costs of living and wages in each state to determine the best states to live in for student loan borrowers looking to repay their debt.

The differences between states when it comes to student loan affordability are stark. In the best-ranked state of Utah, student loans are 2.2 times more affordable than in the worst-ranked state of Hawaii.

How we ranked states by student loan affordability

To identify the best states to live in if you have student debt, we surveyed three key factors:

  • Average student loan balances for 2016 graduates in each state
  • Average annual wages for workers in each state
  • The cost of living in each state compared to the national average

Based on these factors, we calculated an average borrower’s monthly disposable income, which we used to determine the following rankings. This disposable income was the amount left over after covering basic expenses such as food, shelter, transportation, and health care.

We then compared monthly disposable incomes to monthly student loan payments for a standard 10-year repayment plan. We considered student loan payments to be affordable when they equaled 10% of a typical worker’s disposable income — modeled on the formulae used to set monthly payments on income-driven repayment plans for federal student loans.

Only one state met this test: Utah, where student loan payments account for 10.01% of monthly disposable income. A borrower living in Hawaii, by comparison, can expect to put 22.17% of their monthly disposable income toward student debt.

Student loans are more affordable for the 2016 class

Overall, student loans are becoming more affordable thanks to lower balances, rising incomes, and a dip in the costs of basic living expenses.

At the national level, here’s what the average student loan borrower is up against:

  • Disposable income devoted to student loan payments: 14.57%
  • Average student loan balance: $27,822
  • Average annual wage: $49,630

Today, student loan payments eat up less disposable cash compared to the previous year. The 14.57% average is a significant drop from our 2016 student loan affordability survey average of 17.3%.

The average student loan balance estimates for this study are based on borrowing statistics from Peterson’s data and might differ from other projections. For example, a different estimate of student loan debt puts the average 2016 graduate’s balance at $37,721.

10 best states to live in if you have student debt

Residents of the following states use a small portion of their disposable incomes — 13.50% or less — to cover student loan payments.

Here are the best states to live in if you’re looking to keep up with student loan payments. We’ve also included the city in each state where workers earn the highest wages based on available data.

10. Wyoming

  • Disposable income devoted to student loan payments: 13.46%
  • Average student loan balance: $25,378
  • Average annual wage: $46,840
  • City with highest average wage: unavailable

Wyoming made it into the top 10 this year but fell from its previous spot in the top three, mostly because of a significant uptick in student borrowing. 2016 college graduates in Wyoming left with $2,695 more in student debt compared to last year’s study.

But Wyoming graduates still have a relatively small amount of student debt. The state’s residents also enjoy comparatively high wages and low living costs.

9. Virginia

  • Disposable income devoted to student loan payments: 13.35%
  • Average student loan balance: $27,865
  • Average annual wage: $53,090
  • City with highest average wage: Charlottesville, $50,950

At No. 9 is Virginia, a state where student borrowing is about on par with the national average.

However, it pulls ahead thanks to stellar incomes and reasonable living costs. Virginia residents have some of the highest disposable incomes — $2,113 per month — making it easier to afford student loan repayment.

8. Nebraska

  • Disposable income devoted to student loan payments: 13.28%
  • Average student loan balance: $25,311
  • Average annual wage: $44,170
  • City with highest average wage: Omaha, $46,490

Then there are states like Nebraska, where student loan borrowers benefit from low living costs but can’t necessarily count on higher incomes. The average annual wage is $5,460 below the national average.

But the state makes up for it with some of the lowest living costs in the nation. It’s worth noting that student loan balances are $924 higher than the previous year, though.

7. Georgia

  • Disposable income devoted to student loan payments: 13.28%
  • Average student loan balance: $26,498
  • Average annual wage: $46,540
  • City with highest average wage: Atlanta, $50,720

On average, Georgia’s 2016 graduates borrowed $1,256 less than the previous year’s class, lowering monthly costs from $281 to $268 in 2016 and boosting Georgia to No. 7 this year.

6. Arkansas

  • Disposable income devoted to student loan payments: 13.17%
  • Average student loan balance: $23,384
  • Average annual wage: $39,590
  • City with highest average wage: Fayetteville, $44,980

In Arkansas, average annual wages are low — a full $10,040 less than the national average.

But this state jumped from the middle of the pack into the top 10 thanks to some of the lowest levels of student debt. Educational loan balances fell a drastic $2,698 from the previous year’s average student debt of $26,082.

So, along with having the third-lowest costs of living in the nation, Arkansas college graduates are among the most likely to keep up with student loan payments.

5. Texas

  • Disposable income devoted to student loan payments: 12.99%
  • Average student loan balance: $26,230
  • Average annual wage: $47,770
  • City with highest average wage: Houston, $52,870

Everything’s bigger in Texas — except costs of living and student debt. Both are below average and decreased year over year. 2016 college graduates in Texas will have to devote just 13% of their disposable incomes to student loans — compared to the 15% the previous year’s class paid.

And don’t forget Texas’ lack of a state income tax. Although it didn’t factor into these rankings, living in a state with no income tax is a significant boost to student loan borrowers’ bottom lines. Residents of states with no income tax save an average of $1,977 per year.

4. Colorado

  • Disposable income devoted to student loan payments: 12.99%
  • Average student loan balance: $26,607
  • Average annual wage: $52,710
  • City with highest average wage: Boulder, $60,390

Although Colorado has higher costs of living, it also has above-average wages. Higher pay ensures Colorado’s 2016 graduates are more likely to have enough cash to comfortably cover student loan payments each month.

3. North Carolina

  • Disposable income devoted to student loan payments: 12.46%
  • Average student loan balance: $24,133
  • Average annual wage: $45,280
  • City with highest average wage: Durham, $57,850

North Carolina jumped from No. 10 last year to No. 3 this year thanks to improvements across all factors that influenced these rankings.

Graduates in the 2016 class borrowed a whopping $1,512 less than last year’s graduates. Plus, annual wages increased by $1,110 from 2015, and costs of living fell slightly.

2. Washington

  • Disposable income devoted to student loan payments: 12.16%
  • Average student loan balance: $24,331
  • Average annual wage: $55,810
  • City with highest average wage: Seattle, $63,300

Next is Washington, which moved up from its spot as the fourth-best state to live in for student loan affordability last year. It boasts one of the highest average incomes of any state — $6,180 above the national average.

With one of the lowest average student debt balances among 2016 graduates, Washington residents should find it easier to keep up with payments. Plus, like Texas, Washington doesn’t levy a state income tax.

1. Utah

  • Disposable income devoted to student loan payments: 10.01%
  • Average student loan balance: $18,969
  • Average annual wage: $45,490
  • City with highest average wage: Salt Lake City, $48,850

Holding on to its No. 1 spot is Utah, the only state where 2016 graduates borrowed less than $20,000 on average. It beats out the next-lowest student loan balance by a decent margin — $2,311.

Relatively low student debt and costs of living combine to put Utah at the top of the best states to live in if you have student debt. College graduates here can more easily keep up with payments, which are just 10% of a typical Utah worker’s disposable income.

Full rankings: Student loan affordability by state

Here are the full rankings of student loan affordability for all 50 states and the District of Columbia. States are ordered from best to worst.

Rank State Disposable income devoted to student loan payments Average annual wage Average student loan balance Monthly student loan payment City with highest wages City’s average wage
National 14.57% $49,630 $27,822 $282
1 Utah 10.01% $45,490 $18,969 $192 Salt Lake City $48,850
2 Washington 12.16% $55,810 $24,331 $246 Seattle $63,300
3 North Carolina 12.46% $45,280 $24,133 $244 Durham $57,850
4 Colorado 12.99% $52,710 $26,607 $269 Boulder $60,390
5 Texas 12.99% $47,770 $26,230 $266 Houston $52,870
6 Arkansas 13.17% $39,590 $23,384 $237 Fayetteville $44,980
7 Georgia 13.28% $46,540 $26,498 $268 Atlanta $50,720
8 Nebraska 13.28% $44,170 $25,311 $256 Omaha $46,490
9 Virginia 13.35% $53,090 $27,865 $282 Charlottesville $50,950
10 Wyoming 13.46% $46,840 $25,378 $257
11 Florida 13.49% $44,050 $23,999 $243 Gainesville $47,560
12 Illinois 13.68% $51,500 $26,980 $273 Chicago $54,340
13 Oklahoma 13.73% $42,760 $26,068 $264 Oklahoma City $45,280
14 Alabama 13.87% $42,510 $26,065 $264 Huntsville $52,960
15 Tennessee 14.16% $42,350 $26,611 $269 Nashville $45,780
16 Michigan 14.44% $47,350 $30,289 $307 Ann Arbor $56,160
17 New York 14.48% $58,910 $21,280 $215 New York City $63,320
18 Arizona 14.61% $46,290 $26,346 $267 Phoenix $47,540
19 North Dakota 14.81% $47,130 $28,336 $287 Fargo $45,610
20 Ohio 14.83% $45,930 $29,579 $299 Columbus $48,850
21 Wisconsin 14.89% $45,240 $27,872 $282 Madison $50,830
22 Oregon 14.95% $49,710 $27,143 $275 Portland $53,960
23 Missouri 14.98% $44,620 $29,215 $296 Kansas City $48,900
24 Indiana 14.98% $42,940 $28,533 $289 Indianapolis $46,840
25 Minnesota 14.99% $51,330 $31,198 $316 Minneapolis $55,010
26 Maryland 15.09% $56,120 $27,070 $274 Silver Spring $64,210
27 Mississippi 15.17% $38,300 $26,974 $273 Gulfport $41,940
28 California 15.19% $56,840 $22,517 $228 San Jose $78,990
29 Louisiana 15.20% $41,260 $26,863 $272 Baton Rouge $44,460
30 Nevada 15.22% $44,030 $25,815 $261 Reno $45,210
31 Kentucky 15.29% $41,760 $28,934 $293 Louisville $44,270
32 Delaware 15.30% $50,930 $30,255 $306 Wilmington $54,310
33 Kansas 15.32% $43,950 $28,770 $291 Wichita $43,280
34 Iowa 15.53% $43,540 $29,288 $297 Des Moines $49,420
35 New Mexico 15.70% $44,160 $28,233 $286 Albuquerque $45,920
36 Idaho 15.79% $41,910 $29,435 $298 Boise $43,040
37 New Hampshire 16.57% $50,180 $26,452 $268 Nashua $53,990
38 South Carolina 17.08% $41,530 $29,496 $299 Charleston $44,500
39 West Virginia 17.30% $40,250 $29,922 $303 Charleston $42,890
40 Massachusetts 17.37% $60,840 $29,924 $303 Boston $67,930
41 District of Columbia 17.68% $82,950 $33,650 $341
42 Montana 17.99% $41,440 $30,994 $314
43 Vermont 18.33% $47,620 $28,739 $291 Burlington $51,600
44 South Dakota 18.51% $40,070 $30,090 $305 Sioux Falls $43,180
45 Rhode Island 18.96% $51,920 $31,497 $319 Providence $51,100
46 Alaska 19.19% $56,710 $31,217 $316 Anchorage $57,770
47 New Jersey 19.35% $56,030 $35,143 $356 Trenton $62,150
48 Pennsylvania 19.35% $47,540 $35,196 $356 Philadelphia $53,590
49 Connecticut 19.90% $57,960 $32,211 $326 Bridgeport $64,800
50 Maine 20.45% $44,180 $30,586 $310 Portland $47,770
51 Hawaii 22.17% $49,430 $25,851 $262 Honolulu $51,080

Methodology

This study compared average earnings in each state and the District of Columbia to costs of living and average student loan balances to find the states where student loan repayment is most affordable.

Average student loan balances in each state were calculated from Peterson’s data on indebtedness averages at four-year colleges. Colleges were excluded that did not report a dollar average for the average indebtedness number or if the figure was for a year before 2015.

Disposable income of an average worker in each state was calculated based on the following factors:

Disposable income was then compared to typical payments on the average student debt balance of a 2016 graduate in each state based on the following criteria:

  • Each state’s average student loan debt was amortized over a standard 10-year repayment period, assuming an interest rate of 4.00%.
  • The average payment was compared to disposable income to find the portion of disposable income need to cover these basic payments.

The study was modeled on federal standards for student loan affordability. Income-driven repayment plans set affordable student loan monthly payments at 10% of monthly discretionary income. However, our methodologies differ and might not be reflective of results using income-driven repayment plan formulae.

Maximize your student loan savings

So, you’ve saved all of this money by living in a cheaper state. But how do you get the most bang for your buck? Here are five things you can do to pay down your debt faster.

1. Make more than the minimum payment

If you have a few extra dollars in your pocket, put more money toward student loan payments. That extra cash will go directly to your principal balance, meaning you’ll pay less in interest over time and lower your overall debt.

2. Target high-interest debt first

Be strategic with how you spend your new savings. You could use the debt avalanche method, for example, to erase your debt with the highest interest rate first. Following this rule of thumb will help to decrease the amount you pay in interest overall.

3. Refinance your student loans

Refinancing your student loans is a great way to pay off your debt faster. You’ll consolidate multiple student loans into one with a lower interest rate. By doing this, more of your money will go toward paying down your principle balance.

4. Pay your loans every two weeks

To pay down your student loans faster, make a payment every two weeks instead of once per month. To do this, you’ll split your normal monthly payment into two. Oddly enough, following this strategy means you’ll make an extra payment by the end of the year.

5. Live frugally

No matter where you live, you can increase how much money you have left over at the end of the month. Create a budget that can help you lower unnecessary costs, such as money you spend eating out. Then, put those savings toward your student loan debt.

Interested in refinancing student loans?

Here are the top 8 lenders of 2019!
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 3.20% 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 hello@earnest.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.

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 Figure.

Figure Disclosures

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 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.


5 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.


6 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 1.76% effective November 10, 2019.


7 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 12/07/2019 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.


8 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 12/1/2019. Variable interest rates may increase after consummation.

1.99% – 6.89%1Undergrad
& Graduate

Visit Earnest

2.31% – 7.36%2Undergrad
& Graduate

Visit SoFi

1.99% – 6.75%3Undergrad
& Graduate

Visit Figure

1.99% – 6.65%4Undergrad
& Graduate

Visit Laurel Road

2.43% – 7.60%5Undergrad
& Graduate

Visit Splash

1.85% – 6.13%6Undergrad
& Graduate

Visit CommonBond

1.90% – 8.59%7Undergrad
& Graduate

Visit Lendkey

2.74% – 6.25%8Undergrad
& 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 Student Loan Repayment, Student Loans

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