10 Cheapest Cities to Live in When You’re on a Budget

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Whether you’re heading to graduate school, taking a new job, or hoping to live somewhere new, it’s important to take a city’s cost of living into consideration.

That said, the cheapest cities to live in based on cost of living aren’t always the best places to live. In many cases, income levels are low and poverty rates are high.

We ran the numbers on 253 urban areas across the United States to find the 10 cheapest cities to live in today. We looked at median incomes, housing costs, unemployment rates, and poverty levels to give you a full picture.

Following our initial list, we also ranked cities by major expense categories, including groceries, housing, and transportation, to demonstrate that you don’t have to live in one of the nation’s cheapest cities to enjoy an affordable cost of living.

On the map below, you can see where the 10 cheapest cities to live in are located.

10 cheapest cities to live in

Based on data from the Council for Community and Economic Research (C2ER) in the second quarter of 2017, we ranked the 10 cheapest cities to live in based on a cost-of-living index score for each urban area. That score is compared with a national average benchmark of 100.

For added context, we also included population, income, and poverty data from the U.S. Census Bureau, unemployment rates from various sources, median home listing prices from Zillow, and median monthly rent costs from Trulia. Plus, we broke down cost of living into different categories, including housing, groceries, utilities, and health care.

Note that although we’re talking about cities, the data includes the overall urban area, so some might be represented by a county or two cities rather than one city.

10. Memphis, Tennessee

cheapest cities to live in

Image credit: Wikimedia

  • Cost-of-living index: 17.2 percent below the national average
  • City population: 652,717
  • Median household income: $36,975 (U.S. median: $55,322)
  • Median home listing price: $88,704 (U.S. median: $259,900)
  • Median monthly rent: $895
  • Housing costs: 35.4 percent below the national average
  • Unemployment rate: 3.9 percent (U.S. average: 4.1 percent)
  • Poverty rate: 27.6 percent (U.S. average: 12.7 percent)
  • Groceries: 8 percent below the national average
  • Utilities: 2 percent above the national average
  • Transportation: 13.1 percent below the national average
  • Health care: 13.8 percent below the national average

Rich in history and culture, Memphis is the largest city on our list in terms of population. It’s also the only city on our list where the cost of utilities is higher than the national average.

The biggest reason for the city’s low cost of living is its housing costs, which are 35.4 percent below the national average. Despite below-average costs, however, the median household income in Memphis is 33.2 percent below the national median.

Bottom line: The Bluff City has rock-bottom housing prices and a below-average unemployment rate, but more than 1 in 4 residents live in poverty.

9. Martinsville-Henry County, Virginia

cheapest city to live in

Image credit: Wikimedia

  • Cost-of-living index: 17.6 percent below the national average
  • City population: 13,445
  • Median household income: $31,719 (U.S. median: $55,322)
  • Median home listing price: $99,000 (U.S. median: $259,900)
  • Median monthly rent: $875
  • Housing costs: 27.5 percent below the national average
  • Unemployment rate: 6.8 percent (U.S. average: 4.1 percent)
  • Poverty rate: 24.1 percent (U.S. average: 12.7 percent)
  • Groceries: 7.6 percent below the national average
  • Utilities: 10.9 percent below the national average
  • Transportation: 21.2 percent below the national average
  • Health care: 11.3 percent below the national average

The smallest city on the list in terms of population, Martinsville-Henry County enjoys low housing costs and the second-lowest transportation costs in the country.

That said, it also has the highest unemployment rate among cities on our list, and just under a quarter of its residents are living below the poverty line.

Bottom line: Martinsville-Henry County’s median household income is 42.7 percent below the national median, making it hard for residents to enjoy the city’s low cost of living.

8. Knoxville, Tennessee

cheapest cities to live in

Image credit: Wikimedia

  • Cost-of-living index: 17.8 percent below the national average
  • City population: 183,239
  • Median household income: $34,556 (U.S. median: $55,322)
  • Median home listing price: $209,900 (U.S. median: $259,900)
  • Median monthly rent: $1,200
  • Housing costs: 29.4 percent below the national average
  • Unemployment rate: 3.1 percent (U.S. average: 4.1 percent)
  • Poverty rate: 26.5 percent (U.S. average: 12.7 percent)
  • Groceries: 13.2 percent below the national average
  • Utilities: 10.1 percent below the national average
  • Transportation: 15.3 percent below the national average
  • Health care: 11.6 percent below the national average

Home to the University of Tennessee, Knoxville enjoys low costs across the board. It also ties Conway, Arkansas, for the lowest unemployment rate on our list.

The median household income, however, can make life difficult for residents, especially the 26.5 percent who live in poverty.

Bottom line: You likely won’t have trouble finding a job in Knoxville, but the pay might make it difficult to cover all your basic expenses.

7. Kalamazoo, Michigan

cheapest city to live in

Image credit: Wikimedia

  • Cost-of-living index: 19.5 percent below the national average
  • City population: 75,984
  • Median household income: $34,767 (U.S. median: $55,322)
  • Median home value (in lieu of listing price): $96,700 (U.S. median: $259,900)
  • Median monthly rent: $1,100
  • Housing costs: 31 percent below the national average
  • Unemployment rate: 3.9 percent (U.S. average: 4.1 percent)
  • Poverty rate: 32.7 percent (U.S. average: 12.7 percent)
  • Groceries: 19.4 percent below the national average
  • Utilities: 12.1 percent below the national average
  • Transportation: 1.9 percent above the national average
  • Health care: 10.5 percent below the national average

One of just two cities on this list not located in the South — the other is Richmond, Indiana — Kalamazoo has the sixth-lowest housing costs in the nation and the second-lowest grocery costs.

Unfortunately, it also has the highest poverty rate of all the cities on our list.

Bottom line: The low costs in some areas aren’t enough for almost a third of Kalamazoo’s residents.

6. Wichita Falls, Texas

cheapest cities to live in

Image credit: Wikimedia

  • Cost-of-living index: 19.5 percent below the national average
  • City population: 104,724
  • Median household income: $43,997 (U.S. median: $55,322)
  • Median home listing price: $117,900 (U.S. median: $259,900)
  • Median monthly rent: $912
  • Housing costs: 31 percent below the national average
  • Unemployment rate: 3.3 percent (U.S. average: 4.1 percent)
  • Poverty rate: 20.6 percent (U.S. average: 12.7 percent)
  • Groceries: 14.2 percent below the national average
  • Utilities: 13.1 percent below the national average
  • Transportation: 14.8 percent below the national average
  • Health care: 11.3 percent below the national average

The most expensive cost category for Wichita Falls residents is health care, which is 11.3 percent below the national average. The city also enjoys a below-average unemployment rate.

Still, roughly 1 in 5 residents live below the poverty line despite a median household income that’s roughly on par with the city’s cost of living.

Bottom line: Wichita Falls’ median household income is slightly lower than its cost of living relative to the national average, making it easier for residents to afford to live there compared to some of the other cities on this list.

5. Tupelo, Mississippi

cheapest city to live in

Image credit: Wikimedia

  • Cost-of-living index: 20.8 percent below the national average
  • City population: 38,842
  • Median household income: $43,153 (U.S. median: $55,322)
  • Median home listing price: $169,900 (U.S. median: $259,900)
  • Median monthly rent: $1,100
  • Housing costs: 33.1 percent below the national average
  • Unemployment rate: 4.4 percent (U.S. average: 4.1 percent)
  • Poverty rate: 21.7 percent (U.S. average: 12.7 percent)
  • Groceries: 11.2 percent below the national average
  • Utilities: 26.2 percent below the national average
  • Transportation: 4.3 percent below the national average
  • Health care: 5.9 percent below the national average

Mississippi is the cheapest state to live in overall, but only Tupelo shows up in the five cheapest cities to live in.

Tupelo’s cost of living is low across the board, with the exception of health care costs. The cheapest expense in the area is housing, which is 33.1 percent below the national average.

Bottom line: Although Tupelo’s cost of living is low, its median household income is 22 percent below the national median. As a result, more than 1 in 5 residents live in poverty.

4. Richmond, Indiana

cheapest cities to live in

Image credit: Good Free Photos

  • Cost-of-living index: 21.3 percent below the national average
  • City population: 35,664
  • Median household income: $30,844 (U.S. median: $55,322)
  • Median home listing price: $74,500 (U.S. median: $259,900)
  • Median monthly rent: $800
  • Housing costs: 39 percent below the national average
  • Unemployment rate for Wayne County (in lieu of city data): 3.4 percent (U.S. average: 4.1 percent)
  • Poverty rate: 26 percent (U.S. average: 12.7 percent)
  • Groceries: 8.2 percent below the national average
  • Utilities: 9.5 percent below the national average
  • Transportation: 7.5 percent below the national average
  • Health care: 23.3 percent below the national average

Richmond ranks among the cheapest cities in several categories, including housing and health care.

That said, Richmond’s median household income is 44.3 percent below the national median, and more than a quarter of its residents live below the poverty line.

Bottom line: Richmond offers low home prices, but low income levels can make it difficult for residents to afford essential costs.

3. Harlingen, Texas

cheapest city to live in

Image credit: Wikimedia

  • Cost-of-living index: 21.5 percent below the national average
  • City population: 65,539
  • Median household income: $35,718 (U.S. median: $55,322)
  • Median home listing price: $135,000 (U.S. median: $259,900)
  • Median monthly rent: $1,200
  • Housing costs: 32.4 percent below the national average
  • Unemployment rate: 5.8 percent (U.S. average: 4.1 percent)
  • Poverty rate: 31.3 percent (U.S. average: 12.7 percent)
  • Groceries: 19.3 percent below the national average
  • Utilities: 0.4 percent below the national average
  • Transportation: 11.2 percent below the national average
  • Health care: 12.9 percent below the national average

Harlingen lies in Texas near where the Mexico border and the Gulf of Mexico meet. The city’s residents have a median household income that’s 35.5 percent below the national median, and a little less than a third of the city’s residents live in poverty.

Despite the fact that Texas is the largest oil-producing state in the country, Harlingen’s utility rates are on par with the national average.

Bottom line: With such a low median household income, Harlingen residents can find it difficult to meet their basic needs, even if those basic needs are cheap.

2. Conway, Arkansas

cheapest city to live in

Image credit: Wikimedia

  • Cost-of-living index: 22.2 percent below the national average
  • City population: 65,300
  • Median household income: $47,190 (U.S. median: $55,322)
  • Median home listing price: $175,000 (U.S. median: $259,900)
  • Median monthly rent: $1,000
  • Housing costs: 37.3 percent below the national average
  • Unemployment rate: 3 percent (U.S. average: 4.1 percent)
  • Poverty rate: 18.8 percent (U.S. average: 12.7 percent)
  • Groceries: 14.7 percent below the national average
  • Utilities: 19.2 percent below the national average
  • Transportation: 0.6 percent below the national average
  • Health care: 15 percent below the national average

Home to the University of Central Arkansas and Hendrix College, Conway lies on a bend in the Arkansas River.

The city’s median household income is the highest on our list of cheapest cities to live in. At only 14.7 percent below the national median, it makes living in the Little Rock suburb more affordable. Also, its unemployment rate is lower than the national average of 4.1 percent.

Bottom line: For the most part, residents find it easy to afford basic expenses in Conway. But not everyone benefits from the city’s low cost of living; almost 1 in 5 residents are living below the poverty line.

1. McAllen, Texas

cheapest cities to live in

Image credit: Flickr

  • Cost-of-living index: 24 percent below the national average
  • City population: 142,212
  • Median household income: $45,568 (U.S. median: $55,322)
  • Median home listing price: $208,990 (U.S. median: $259,900)
  • Median monthly rent: $1,300
  • Housing costs: 39.7 percent below the national average
  • Unemployment rate: 6.2 percent (U.S. average: 4.1 percent)
  • Poverty rate: 25.7 percent (U.S. average: 12.7 percent)
  • Groceries: 18.6 percent below the national average
  • Utilities: 9.5 percent below the national average
  • Transportation: 0.6 percent below the national average
  • Health care: 25.3 percent below the national average

Just 35 miles from another Texas town on our list — Harlingen — McAllen earns its spot as the cheapest city to live in by offering inexpensive costs in several areas. The city is among the five cheapest cities to live in for groceries and housing. Plus, it’s the cheapest city to live in for health care costs.

Its median household income, which is 17.6 percent below the national median, is also relatively higher than its cost-of-living index. In spite of that fact, a quarter of the city’s residents live in poverty.

Bottom line: As the cheapest city to live in, McAllen has a high median household income relative to other cities on this list. But 25.7 percent of its residents struggle to make ends meet.

Breaking down the expenses

The cheapest cities to live in have the lowest average of combined expenses, but that doesn’t mean everything is cheap. For example, Kalamazoo is the sixth-cheapest city in the U.S. overall, but its transportation costs are higher than the national average.

To give you more context, we broke down each category of expenses to show you which cities are the cheapest and which are the most expensive.

Cheapest and most expensive cities for groceries

For grocery costs, C2ER included meat, dairy, produce, bakery, and other miscellaneous grocery products. Here are the cheapest and most expensive cities for grocery costs based on the national average:

Cheapest cities to live in for groceries

  • Jackson-Madison County, Tennessee: 20.8 percent below the national average
  • Kalamazoo, Michigan: 19.4 percent below the national average
  • Harlingen, Texas: 19.3 percent below the national average
  • Temple, Texas: 19.2 percent below the national average
  • McAllen, Texas: 18.6 percent below the national average

Most expensive cities to live in for groceries

  • Honolulu, Hawaii: 55.4 percent above the national average
  • Hilo, Hawaii: 51.8 percent above the national average
  • Kodiak, Alaska: 50.1 percent above the national average
  • New York City, New York (Manhattan): 45.1 percent above the national average
  • Juneau, Alaska: 38.1 percent above the national average

Cheapest and most expensive cities for housing

Housing costs were based on rent and mortgage payments only; they didn’t include insurance or other costs of renting or owning.

Cheapest cities to live in for housing

  • Ashland, Ohio: 41.5 percent below the national average
  • McAllen, Texas: 39.7 percent below the national average
  • Lima, Ohio: 39.6 percent below the national average
  • Decatur-Hartselle, Alabama: 39.3 percent below the national average
  • Richmond, Indiana: 39 percent below the national average

Most expensive cities to live in for housing

  • New York City, New York (Manhattan): 384.5 percent above the national average
  • San Francisco, California: 257.9 percent above the national average
  • New York City, New York (Brooklyn): 222.5 percent above the national average
  • Honolulu, Hawaii: 198.5 percent above the national average
  • Orange County, California: 155.4 percent above the national average

Cheapest and most expensive cities for utilities

C2ER looked at all energy and home telephone costs but didn’t consider mobile phones in that calculation.

Cheapest cities to live in for utilities

  • Pueblo, Colorado: 27.1 percent below the national average
  • Provo-Orem, Utah: 26.7 percent below the national average
  • Lincoln, Nebraska: 26.7 percent below the national average
  • Tupelo, Mississippi: 26.2 percent below the national average
  • Columbus, Ohio: 25.7 percent below the national average

Most expensive cities to live in for utilities

  • Fairbanks, Alaska: 123.9 percent above the national average
  • Hilo, Hawaii: 112.4 percent above the national average
  • Honolulu, Hawaii: 94.8 percent above the national average
  • Boston, Massachusetts: 38.8 percent above the national average
  • Manchester, New Hampshire: 32.9 percent above the national average

Cheapest and most expensive cities for transportation

For this category, only gas prices and the cost of auto maintenance were included in the calculation.

Cheapest cities to live in for transportation

  • Thomasville-Lexington, North Carolina: 25.4 percent below the national average
  • Martinsville-Henry County, Virginia: 21.1 percent below the national average
  • Muskogee, Oklahoma: 19.1 percent below the national average
  • Augusta-Aiken, Georgia: 19.1 percent below the national average
  • Columbia-Maury County, Tennessee: 17.1 percent below the national average

Most expensive cities to live in for transportation

  • Hilo, Hawaii: 45.8 percent above the national average
  • Orange County, California: 36.1 percent above the national average
  • San Francisco, California: 34.5 percent above the national average
  • Olympia, Washington: 33.7 percent above the national average
  • Seattle, Washington: 32.2 percent above the national average

Cheapest and most expensive cities for health care

To get to the basics of health care costs, C2ER focused on the cost of an office visit for various physicians and over-the-counter and prescription drugs.

Cheapest cities to live in for health care

  • McAllen, Texas: 25.3 percent below the national average
  • Richmond, Indiana: 23.3 percent below the national average
  • Wilkes-Barre, Pennsylvania: 22.1 percent below the national average
  • Florence, Alabama: 21.6 percent below the national average
  • Jonesboro, Arkansas: 18.9 percent below the national average

Most expensive cities to live in for health care

  • Juneau, Alaska: 55.3 percent above the national average
  • Fairbanks, Alaska: 52.2 percent above the national average
  • Anchorage, Alaska: 41.9 percent above the national average
  • Kodiak, Alaska: 37.2 percent above the national average
  • Boston, Massachusetts: 32.5 percent above the national average

Consider all factors to see how far your income will go

The cost of living for a city is more than one number. Breaking down the cost into separate categories can help you understand which factors make up the whole.

It’s also important to understand that the fact that a city has relatively inexpensive costs doesn’t mean those costs are affordable. Low income levels can make it hard for residents to get by, and the cheapest cities to live in all have above-average poverty rates.

So, before you plan to move to one of these cities, consider the decision from every angle to determine if it’s the right choice for you.

Methodology: These rankings were based on data from the Council for Community and Economic Research (C2ER) for 253 urban areas across the United States, including Puerto Rico.

For added context, we also included population, income, and poverty data from the U.S. Census Bureau; housing cost data tabulated from C2ER in the second quarter of 2017; November 2017 unemployment rate data for available cities and December 2017 unemployment rate data for the national average from the U.S. Bureau of Labor Statistics; unemployment rate data from various sources for other cities; November 2017 median home listing prices for cities; national median home listing prices from Zillow; and median monthly rent costs from Trulia.

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However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

VARIABLE APR

Variable rate options consist of a range from 2.50% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 4.25% per year to 6.40% per year for a 10-year term, 4.50% per year to 6.65% per year for a 15-year term, or 4.75% per year to 6.90% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.45% to 4.25% for the 5-year term loan, 1.95% to 4.30% for the 7-year term loan, 2.20% to 4.35% for the 10-year term loan, 2.45% to 4.60% for the 15-year term loan, and 2.70% to 4.85% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 2.50% per year to 6.30% per year for a 5-year term would be from $177.47 to $194.73. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.35% per year for a 7-year term would be from $136.69 to $147.77. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.40% per year for a 10-year term would be from $102.44 to $113.04. The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.65% per year for a 15-year term would be from $76.50 to $87.94. The monthly payment for a sample $10,000 loan at a range of 4.75% per year to 6.90% per year for a 20-year term would be from $64.62 to $76.93.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

MAXIMUM RATES

Borrowers who take out a variable loan with a term of 5, 7, or 10 years will have a maximum interest rate of 9%. Borrowers who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

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 October 1, 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 2.05% effective September 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.


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.

2.05% – 6.49%1Undergrad
& Graduate

Visit Earnest

2.05% – 5.98%2Undergrad
& Graduate

Visit SoFi

2.25% – 6.65%3Undergrad
& Graduate

Visit Laurel Road

2.43% – 7.60%4Undergrad
& Graduate

Visit Splash

2.14% – 7.21%5Undergrad
& Graduate

Visit CommonBond

2.01% – 8.88%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.

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