10 Best States to Live In for Paying Off Student Debt

 March 14, 2018
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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?

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Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of June 1, 2021.


2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Interest Rate Disclosure

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.48% APR to 5.79% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.88% APR to 5.64% APR (excludes 0.25% Auto Pay discount). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 36% (the maximum allowable for these loans). Earnest variable interest rate student loan refinance 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 2.04% and 5.8% to the one month LIBOR. Earnest rate ranges are current as of 6/8/2021, and are subject to change based on market conditions.

Auto Pay Discount Disclosure

You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

Student Loan Refinancing Loan Cost Examples

These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.Terms and Conditions apply. Visit https://www.earnest. com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit earnest.com/licenses for a full list of licensed states. For California residents (Student Loan Refinance Only): Loans will be arranged or made pursuant to a California Financing Law License.

One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries are not sponsored by or agencies of the United States of America.

© 2021 Earnest LLC. All rights reserved.


3 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.


4 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. 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. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of April 29, 2021. Information and rates are subject to change without notice.
 


5 Important Disclosures for SoFi.

SoFi Disclosures

Fixed rates from 2.49% APR to 6.94% APR (with autopay). Variable rates from 1.99% APR to 6.59% APR (with autopay). All variable rates are based on the 1-month LIBOR and may increase after consummation if LIBOR increases; see more at SoFi.com/legal/#1. If approved for a loan your rate will depend on a variety of factors such as your credit profile, your application and your selected loan terms. Your rate will be within the ranges of rates listed above. Lowest rates reserved for the most creditworthy borrowers. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). Additional terms and conditions apply; see SoFi.com/eligibility for details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.


6 Important Disclosures for Navient.

Navient Disclosures

1. NaviRefi loans are made by Earnest Operations LLC, a member of the Navient family of companies, subject to individual approval and underwriting criteria. California residents only: Loans made or arranged pursuant to a California Finance Lenders Law license. Additional terms and conditions apply.

– To qualify, you must be a U.S. citizen or non-citizen permanent resident of the United States, reside in a state we lend in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.navirefi.com/help-and-questions. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Loan terms are subject to eligibility. Approval and interest rate depend on the review of a complete application. Loan approval is subject to confirmation that your debt-to-income, free cash flow, credit history and application information meet the minimum requirements. You must have a minimum FICO score to be considered.

– You can choose between fixed and variable rates. Fixed interest rates are 2.75% – 6.04% APR (2.50% – 5.79% APR with Auto Pay discount). Starting variable interest rates are 2.13% – 5.89% APR (1.88% – 5.64% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.

– You can take advantage of the 0.25% Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. NaviRefi rate ranges are current as of June 1, 2021 and are subject to change based on market conditions and borrower eligibility.

– Loan cost examples: These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,250. Your actual repayment terms may vary.

– The information provided on this page is updated as of 06/1/2021. Earnest Operations LLC reserves the right to modify or discontinue (in whole or in part) this loan program and its associated services and benefits at any time without notice. Check www.navirefi.com for the most up-to-date information. Terms and Conditions apply. Call 855-284-4893 for more information on our student loan refinance product.

– Earnest Operations LLC – NMLS #1204917, CA CFL #6054788 – 535 Mission St., Suite 1663, San Francisco, CA 94105.
Navient Solutions, LLC – NMLS #212430 – 123 Justison St., Wilmington, DE 19801. Visit https://navirefi.com/lending-licenses for a full list of licensed states.


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 04/07/2021 student loan refinancing rates range from 1.90% APR – 5.25% Variable APR with AutoPay and 2.49% APR – 7.75% Fixed APR with AutoPay.


8 Important Disclosures for PenFed.

PenFed Disclosures

Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.89%-4.78% APR and Variable Rates range from 2.13%-5.25% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.