20 States Where College Is Worth the Cost

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Every prospective student wonders: Is college worth it? One reliable way to measure that is by looking at the college’s return on investment (ROI).

To do this, students can compare the cost of their degrees (investment) to how much they’re able to earn upon graduating (return). While that investment typically includes taking out student loans — meaning you would graduate with debt — don’t fret too much. A recent study from Student Loan Hero revealed that, generally, a college degree still pays off for most students.

But the exact value of a college degree as an investment — and the return of a higher salary — vary depending on where you live. Here are the top 20 states where college is a solid bet, as identified by the ROI of a bachelor’s degree in each state.

Top 20 states where college pays off

Student Loan Hero calculated each state’s average return on investment of a college degree five years after graduation. This was done by finding the typical pay difference between workers in that state with a high school diploma versus a bachelor’s degree, then using state-specific college costs to calculate the ROI.

Overall, college proves to be a good bet for most students. A typical college grad will break even on college costs in about 3.7 years, and see an average pay bump of around $19,400.

What’s more, five years post-graduation, an average graduate’s ROI is just about 52 percent.

Of course, many states can yield a much better deal for college students. Here are the states in which a college degree is a smart investment, based on a five-year ROI.

1. Wyoming: 203% 5-year ROI on College

  • Average high school graduate salary: $31,936
  • Average bachelor’s degree holder salary: $45,519
  • Increase in annual pay for earning a bachelor’s: $13,583

Wyoming has some of the highest wages for high school graduates: $31,936 a year, on average. This results in a 43 percent increase in pay for earning a bachelor’s degree.

College is a bargain in this state, too: A bachelor’s degree totals just $22,422 on average, the cheapest in the nation. With these low costs, a degree is a sound investment for Wyoming residents. A graduate will break even in 1.7 years, plus triple their initial investment within five years of graduating.

2. New Mexico: 151% 5-Year ROI on College

  • Average high school graduate salary: $25,747
  • Average bachelor’s degree holder salary: $43,257
  • Increase in annual pay for earning a bachelor’s: $17,510

New Mexico workers with only a high school diploma are among some of the lowest-paid in the nation, earning $25,747 a year on average. However, wages for New Mexico college graduates also rank among the bottom 10 states in the nation.

Earning a bachelor’s results in a respectable 68 percent pay increase. And with the third-lowest college costs in the nation, at $34,945 for a bachelor’s degree, this investment pays off in only two years.

3. Arkansas: 120% 5-Year ROI on College

  • Average high school graduate salary: $25,767
  • Average bachelor’s degree holder salary: $44,101
  • Increase in annual pay for earning a bachelor’s: $18,334

Average wages are also low for Arkansas’s high school grads; they earn $25,767 a year.

Yet someone with a bachelor’s degree earns an average income of $44,101 — that’s a 71 percent increase in pay.

Combine this impressive increase with low college costs of $41,629 for a four-year degree, and it takes just 2.3 years for the average grad to break even.

4. Texas: 114% 5-Year ROI on College

  • Average high school graduate salary: $27,232
  • Average bachelor’s degree holder salary: $51,701
  • Increase in annual pay for earning a bachelor’s: $24,469

In Texas, earning a bachelor’s degree will generate an average pay increase of 90 percent — the third-highest in the nation.

This steep increase in pay means that college pays off for Texas residents. While that $57,121 price tag for a bachelor’s degree may be steep, college grads will break even in 2.3 years.

5. Georgia: 105% 5-Year ROI on College

  • Average high school graduate salary: $26,350
  • Average bachelor’s degree holder salary: $49,989
  • Increase in annual pay for earning a bachelor’s: $23,639

Workers in Georgia who attain a bachelor’s degree earn 90 percent more than those with just a high school diploma. This means attending college can nearly double pay for most residents in this state.

Combine this big pay boost with lower college costs, and grads can quickly earn back the investment of a college degree in 2.4 years.

6. Arizona: 102% 5-Year ROI on College

  • Average high school graduate salary: $26,898
  • Average bachelor’s degree holder salary: $48,159
  • Increase in annual pay for earning a bachelor’s: $21,261

A typical Arizona resident will break even on college costs in only 2.5 years. That’s thanks to the low costs of a bachelor’s degree, at $52,524. It also reflects a higher local pay difference of 79 percent from high school to college levels of educational attainment.

7. California: 102% 5-Year ROI on College

  • Average high school graduate salary: $27,963
  • Average bachelor’s degree holder salary: $56,010
  • Increase in annual pay for earning a bachelor’s: $28,047

California’s jump in pay from a high school to an undergraduate diploma is the second-highest among the top 20 states listed in this study. The average pay for workers with bachelor’s degrees is, in fact, more than double what high school graduates earn in this state.

At 102 percent, that’s the biggest pay increase for earning a bachelor’s degree in any state. That helps college graduates earn back the investment of a degree in 2.5 years.

8. Alabama: 96% 5-Year ROI on College

  • Average high school graduate salary: $26,132
  • Average bachelor’s degree holder salary: $46,434
  • Increase in annual pay for earning a bachelor’s: $20,302

The pay levels for Alabama college graduates are about 78 percent higher than high school grads in this state. Thanks to this percentage, residents with bachelor’s degrees break even on the $51,732 cost of a degree in 2.6 years.

9. Alaska: 95% 5-Year ROI on College

  • Average high school graduate salary: $34,236
  • Average bachelor’s degree holder salary: $52,769
  • Increase in annual pay for earning a bachelor’s: $18,560

Alaska’s high school graduates are the best paid in the U.S., earning $34,236 on average.

What’s more, the average salary for a college graduate in Alaska is 54 percent higher than graduates who only hold a high school diploma, a smaller gap than in most states.

However, residents of this state receive a relatively low-cost education at $47,524 in this state, and break even in just 2.6 years.

10. Montana: 92% 5-Year ROI on College

  • Average high school graduate salary: $25,186
  • Average bachelor’s degree holder salary: $38,283
  • Increase in annual pay for earning a bachelor’s: $13,097

Montana has some of the lowest college costs in the country. In fact, a bachelor’s degree costs just $34,184, an investment a college grad in this state will earn back in just 2.6 years.

However, Montana is actually the lowest-paying state for college graduates. It’s also the only place where a bachelor’s degree doesn’t come with an average pay greater than $40,000 a year. Overall, a bachelor’s degree only bumps up annual pay by 52 percent.

11. New Jersey: 85% 5-Year ROI on College

  • Average high school graduate salary: $32,207
  • Average bachelor’s degree holder salary: $61,128
  • Increase in annual pay for earning a bachelor’s: $28,921

Among these 20 top states, New Jersey has the highest incomes for graduates with a bachelor’s and the highest dollar-for-dollar pay increase from high school diploma to a bachelor’s degree (a bump of 90 percent).

This makes college a good deal, even with the state’s higher college costs — a bachelor’s degree costs just over $78,000. But New Jersey college grads can recoup that cost in 2.7 years, thanks to the state’s higher incomes.

12. Mississippi: 84% 5-Year ROI on College

  • Average high school graduate salary: $25,954
  • Average bachelor’s degree holder salary: $40,952
  • Increase in annual pay for earning a bachelor’s: $14,998

Mississippi is another state in which wages start low for those with high school diplomas.

However, wages for college graduates are also among the lowest of any state ranked among the top 20. Unfortunately, that means a graduate with a bachelor’s degree will only see a pay increase of 58 percent — a pay bump that lags behind college graduates in most other states.

The low cost of college in Mississippi means college still pays off in this state. The typical college grad will break even in 2.7 years.

13. Maryland: 82% 5-Year ROI on College

  • Average high school graduate salary: $33,584
  • Average bachelor’s degree holder salary: $60,287
  • Increase in annual pay for earning a bachelor’s: $26,703

Maryland is the only other top 20 state (besides New Jersey) in which bachelor’s graduates earn more than $60,000 a year.

In fact, those with a high school diploma can expect an average pay increase of 80 percent after earning a bachelor’s degree. This means that with a steeper-than-average cost of a bachelor’s degree of $73,213, most graduates will break even in 2.7 years.

14. Louisiana: 81% 5-Year ROI on College

  • Average high school graduate salary: $28,300
  • Average bachelor’s degree holder salary: $47,115
  • Increase in annual pay for earning a bachelor’s: $18,815

In Louisiana, a bachelor’s degree typically results in a 66 percent boost in pay, putting this state near the middle of the pack in this measure. However, lower costs on college mean a typical grad needs only 2.8 years to repay the average $51,973 bachelor’s degree.

15. Washington: 80% 5-Year ROI on College

  • Average high school graduate salary: $31,011
  • Average bachelor’s degree holder salary: $53,802
  • Increase in annual pay for earning a bachelor’s: $22,791

Washington residents can earn a bachelor’s degree at an average cost of $63,281, and break even on this cost in 2.8 years. The higher dollar difference in average pay between the state’s high school and college grads represents a 73 percent increase for the latter.

16. Hawaii: 75% 5-Year ROI on College

  • Average high school graduate salary: $30,971
  • Average bachelor’s degree holder salary: $46,590
  • Increase in annual pay for earning a bachelor’s: $15,619

In Hawaii, earning a bachelor’s degree results in an average pay increase of 50 percent — one of the lowest (by percentage difference) in the nation.

However, the relatively low cost of $44,738 of a bachelor’s degree in this state makes for a smart investment. Plus, a typical college graduate will earn back the money spent on a degree in a short 2.9 years.

17. Virginia: 72% 5-Year ROI on College

  • Average high school graduate salary: $29,303
  • Average bachelor’s degree holder salary: $55,509
  • Increase in annual pay for earning a bachelor’s: $26,206

Earning a bachelor’s degree is an achievement worth an 89 percent pay bump in Virginia, one of the largest pay increases in the nation. These higher earnings mean the average Virginia college graduate can pay back his or her $76,000 bachelor’s degree in 2.9 years.

18. North Carolina: 71% 5-Year ROI on College

  • Average high school graduate salary: $26,059
  • Average bachelor’s degree holder salary: $45,377
  • Increase in annual pay for earning a bachelor’s: $19,318

College costs are lower than average among North Carolina colleges at $56,400 for a four-year degree.

What’s more, this cost is recouped in just 2.9 years. That’s thanks to the decent jump in pay for North Carolina residents with bachelor’s degrees, who earn 74 percent more than workers with only a high school diploma.

19. North Dakota: 69% 5-Year ROI on College

  • Average high school graduate salary: $31,691
  • Average bachelor’s degree holder salary: $43,555
  • Increase in annual pay for earning a bachelor’s: $11,864

North Dakota has the lowest-percentage pay bump from earning a bachelor’s degree in the nation — only 37 percent. That’s largely because high school graduates earn higher wages, with North Dakota among the 10 states that pay these workers the most.

Despite having one of the smallest gaps in pay between these two educational degree levels, North Dakota residents would still benefit from the state’s low college costs. A $35,198 price tag for a bachelor’s degree is the fourth-lowest in the nation.

College graduates would break even on these costs after three years.

20. Michigan: 66% 5-Year ROI on College

  • Average high school graduate salary: $26,347
  • Average bachelor’s degree holder salary: $48,622
  • Increase in annual pay for earning a bachelor’s: $22,275

Last on the list is Michigan, a state that earns its spot thanks to the higher pay of college graduates. Michigan workers with a bachelor’s degree earn 85 percent more, on average, than those with high school diplomas.

With such a big pay bump, graduates break even on the $67,130 cost of a four-year degree in three years.

Methodology: Student Loan Hero sourced wage data by state and educational attainment from the U.S. Census Bureau.

College costs were based on data from a previous Student Loan Hero study finding the average cost of a college credit in each state, multiplied by the typical 120 credit hours required for a bachelor’s degree.

Return on investment data was calculated by finding the differences in average wages between a high school graduate and a worker with a bachelor’s degree in a given state, multiplied over five years. This was then compared to the initial cost of a bachelor’s degree in that state by calculating the five-year ROI.

Rank State High school graduate salary College graduate salary Pay difference with college degree Cost of a Bachelor’s degree 5-year ROI of a Bachelor’s degree Years to break even on college costs
1 Wyoming $31,936 $45,519 $13,583 $22,422 202.89% 1.65
2 New Mexico $25,747 $43,257 $17,510 $34,945 150.54% 2.00
3 Arkansas $25,767 $44,101 $18,334 $41,629 120.21% 2.27
4 Texas $27,232 $51,701 $24,469 $57,121 114.18% 2.33
5 Georgia $26,350 $49,989 $23,639 $57,719 104.78% 2.44
6 Arizona $26,898 $48,159 $21,261 $52,524 102.39% 2.47
7 California $27,963 $56,010 $28,047 $69,506 101.76% 2.48
8 Alabama $26,132 $46,434 $20,302 $51,732 96.22% 2.55
9 Alaska $34,236 $52,769 $18,533 $47,524 94.99% 2.56
10 Montana $25,186 $38,283 $13,097 $34,184 91.56% 2.61
11 New Jersey $32,207 $61,128 $28,921 $78,100 85.15% 2.70
12 Mississippi $25,954 $40,952 $14,998 $40,657 84.44% 2.71
13 Maryland $33,584 $60,287 $26,703 $73,213 82.36% 2.74
14 Louisiana $28,300 $47,115 $18,815 $51,973 81.01% 2.76
15 Washington $31,011 $53,802 $22,791 $63,281 80.08% 2.78
16 Hawaii $30,971 $46,590 $15,619 $44,738 74.56% 2.86
17 Virginia $29,303 $55,509 $26,206 $75,970 72.48% 2.90
18 North Carolina $26,059 $45,377 $19,318 $56,410 71.23% 2.92
19 North Dakota $31,691 $43,555 $11,864 $35,198 68.53% 2.97
20 Michigan $26,347 $48,622 $22,275 $67,130 65.91% 3.01
21 Delaware $30,981 $51,156 $20,175 $62,078 62.50% 3.08
22 Kansas $27,716 $45,639 $17,923 $55,448 61.62% 3.09
23 Colorado $30,366 $48,901 $18,535 $61,226 51.36% 3.30
24 Illinois $28,850 $52,080 $23,230 $77,702 49.48% 3.34
25 District of Columbia $29,756 $62,267 $32,511 $110,050 47.71% 3.38
26 Oklahoma $27,001 $42,732 $15,731 $53,429 47.21% 3.40
27 West Virginia $26,844 $42,183 $15,339 $52,474 46.16% 3.42
28 Connecticut $33,775 $60,338 $26,563 $92,028 44.32% 3.46
29 Idaho $25,140 $40,843 $15,703 $54,868 43.10% 3.49
30 Nevada $29,351 $45,840 $16,489 $58,660 40.55% 3.56
31 Ohio $28,203 $49,281 $21,078 $75,800 39.04% 3.60
32 Minnesota $30,662 $51,329 $20,667 $75,272 37.28% 3.64
33 New York $30,084 $54,214 $24,130 $88,700 36.02% 3.68
34 South Carolina $25,698 $43,712 $18,014 $66,614 35.21% 3.70
35 Florida $25,275 $43,371 $18,096 $70,750 27.89% 3.91
36 Kentucky $26,518 $44,249 $17,731 $69,478 27.60% 3.92
37 Missouri $27,162 $44,482 $17,320 $68,875 25.73% 3.98
38 Utah $29,531 $45,046 $15,515 $64,316 20.61% 4.15
39 Tennessee $25,990 $44,289 $18,299 $76,297 19.92% 4.17
40 Nebraska $28,325 $44,255 $15,930 $67,895 17.31% 4.26
41 Wisconsin $29,904 $47,339 $17,435 $75,422 15.58% 4.33
42 South Dakota $27,706 $40,472 $12,766 $55,804 14.38% 4.37
43 Oregon $26,514 $43,452 $16,938 $77,652 9.06% 4.58
44 New Hampshire $32,844 $51,767 $18,923 $93,098 1.63% 4.92
45 Pennsylvania $29,692 $50,170 $20,478 $103,810 -1.37% 5.07
46 Massachusetts $32,237 $57,029 $24,792 $126,338 -1.88% 5.10
47 Iowa $29,615 $46,382 $16,767 $88,702 -5.49% 5.29
48 Maine $26,716 $41,612 $14,896 $83,966 -11.30% 5.64
49 Indiana $28,846 $45,632 $16,786 $96,182 -12.74% 5.73
50 Rhode Island $31,196 $51,769 $20,573 $139,248 -26.13% 6.77
51 Vermont $29,566 $41,109 $11,543 $132,793 -56.54% 11.50

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1 Important Disclosures for College Ave.

CollegeAve 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.

Rates shown are for the College Ave Undergraduate Loan product and 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.
 
This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. 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 7/22/2021. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.


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3 Important Disclosures for CommonBond.

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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.  If you choose to complete an application, we will conduct a hard credit pull, which may affect your credit score. 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 EdvestinU.

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EDvestinU is a product of the nonprofit New Hampshire Higher Education Loan Corporation (dba The NHHEAF Network) NMLS ID#1527348.

APR range and repayment rates displayed assume a $10,000 loan disbursed in two equal disbursements. APR low assumes immediate repayment and 7 year repayment. APR high assumes deferred repayment and 15 year repayment. APR’s presented include a .50% interest rate reduction for electing to have payments automatically deducted from a bank account. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. All examples are provided for educational purposes and actual terms may vary based on credit history, loan amount, applicable repayment term, and chosen repayment plan and method. Please note that the interest rate on variable rate programs may increase or decrease over time. The variable rate example assumes the same standard rate for the life of the loan. The NHHEAF Network reserves the right to modify or cancel its program at any time.  

Eligibility: Dependent and independent U.S. citizen students. Currently residents of Washington and California are not eligible for EDvestinU programs.
Students must be enrolled at least half-time at a U.S.-based Title IV, degree-granting college or university.
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Loan Limits: Minimum loan amount of $1,000.
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Repayment: Standard or graduated repayment options available during repayment; 7, 10, or 15 year term selected by the borrower.
6-month grace period available to borrowers electing a full in-school deferment. 
No prepayment penalty.
Payments may be postponed during repayment by qualifying for an economic hardship deferment.

Cosigner Release: Cosigner release allowed if an account is in current standing, after 36 months of consecutive & on-time payments with a borrower FICO >749 for EDvestinU Private Student Loans and minimum income requirement of $30,000 with no foreclosures, repossessions, wage garnishments, unpaid tax liens, unpaid judgments or other public records having an open balance exceeding $100 during the last 7 years. The borrower must not currently be involved in bankruptcy proceeding or had any bankruptcy filings during the past 10 years and cannot have any defaults on education loans.


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    In school deferred payment is not available in AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, and WA).


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Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: >AscentFunding.com/Ts&Cs;.

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7 Important Disclosures for Funding U.

FundingU Disclosures

Offered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University’s website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.


8 Important Disclosures for SoFi.

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UNDERGRADUATE LOANS: Fixed rates from 4.13% to 10.66% annual percentage rate (“APR”) (with autopay), variable rates from 1.12% to 11.23% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 10.90% APR (with autopay), variable rates from 1.10% to 11.34% APR (with autopay). MBA AND LAW SCHOOL LOANS: Fixed rates from 4.08% to 10.86% APR (with autopay), variable rates from 1.05% to 11.29% APR (with autopay). PARENT LOANS: Fixed rates from 4.23% to 10.66% APR (with autopay), variable rates from 1.20% to 11.23% APR (with autopay). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin and your APR may increase after origination if the LIBOR increases. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. 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. Information current as of 4/1/2021. Enrolling in autopay is not required to receive a loan from SoFi. SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636 (>www.nmlsconsumeraccess.org).


9 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

Undergraduate Rate Disclosure: Variable interest rates range from 1.15% – 11.01% (1.15% – 10.24 APR)Fixed interest rates range from 4.18% – 11.70% (4.18% – 10.83% APR).

Graduate Rate Disclosure: Variable interest rates range from 1.89% – 10.66% (1.89% – 10.41% APR). Fixed interest rates range from 4.64% – 11.23%% (4.64% – 10.95% APR).

Business/Law Rate Disclosure: Variable interest rates range from 1.89% – 9.22% (1.89% – 8.50% APR). Fixed interest rates range from 4.38% – 10.44% (4.38% – 9.72% APR).

Medical/Dental Rate Disclosure: Variable interest rates range from 1.89% – 8.02% (1.89% – 7.72% APR). Fixed interest rates range from 4.28% – 9.24% (4.28% – 8.94% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 1.97% – 7.06% (1.97% – 7.06% APR). Fixed interest rates range from 4.94% – 8.58% (4.94% – 8.58% APR).

Bar Study Rate Disclosure: Variable interest rates range from 4.44% – 9.58% (4.44% – 9.52% APR). Fixed interest rates range from 7.39% – 12.94% (7.40% – 12.83% APR).

Medical Residency Rate Disclosure: Variable interest rates range from 3.53% – 7.03% (3.53% – 6.76% APR). Fixed interest rates range from 6.99% – 10.49% (6.98% – 10.09% APR).

Variable Rate Disclosure: Variable Rates are based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of June 1, 2021, the one-month LIBOR rate is 0.09%. Variable interest rates will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable rate is the greater of 21.00% or Prime Rate plus 9.00%. 

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates require a 5-year repayment term, immediate repayment, a graduate degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer.  Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school.

Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.