The Complete Guide to Income-Driven Repayment Plans for Federal Student Loans

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Class of 2016 graduates left school with an average of $37,172 in student loan debt. With a Standard Repayment Plan of 10 years for federal student loans and an interest rate of 4.50%, that’s a monthly payment of $391. For some, it could be even higher.

If you feel like your monthly payments are too much, there’s a solution. The Department of Education offers income-driven repayment (IDR) plans to borrowers who qualify, and they can lower your payments to as little as 10 percent of your discretionary income.

But with four income-driven repayment plans available, choosing one can be a little overwhelming and confusing. We’re here to break it down for you so you can decide which student loan repayment plan is best for you.

In this article

Income-Based Repayment (IBR)
Pay As You Earn (PAYE)
Revised Pay As You Earn (REPAYE)
Income-Contingent Repayment (ICR)
Choosing a plan
Applying for income-driven repayment plans
Choose your IDR plan wisely

1. Income-Based Repayment (IBR)

Income-Based Repayment (IBR) is an option regardless of when you received your loans. It’s similar to Pay As You Earn (PAYE) but offers more flexibility.

To qualify for IBR, your prospective payments must be lower than they’d be on the Standard Repayment Plan. You also must demonstrate financial need based on your income.

For example, if your student loan debt is higher than your annual discretionary income or is a significant portion of your annual income, you should qualify.

Eligible loans:

  • Direct Loans (both subsidized and unsubsidized)
  • Direct PLUS Loans made to graduate or professional students (loans made to parents are ineligible)
  • Direct Consolidation Loans that didn’t repay PLUS Loans made to parents
  • Federal Stafford Loans (both subsidized and unsubsidized)
  • Federal Family Education Loan (FFEL) PLUS Loans made to graduate or professional students (loans made to parents are ineligible)
  • FFEL Consolidation Loans that didn’t repay PLUS Loans made to parents

Eligible loans if consolidated:

Payment amount: Generally, 10 or 15 percent of your discretionary income, depending on the date of the first loan. Your discretionary income is calculated as the difference between your adjusted gross income and 150 percent of the federal poverty guideline for your family size and state.

Use our income-based repayment calculator to see what your monthly payment would be.

The 10 percent amount is for new borrowers who didn’t borrow from the Direct Loan Program or FFEL Program until July 1, 2014, or later. The 15 percent amount is for everyone who began borrowing before that date.

Repayment period: 20 to 25 years. It’s a 20-year term for new borrowers on or after July 1, 2014, and 25 years for everyone else.

Pros:

  • It lowers your monthly payments.
  • Your loans are eligible for forgiveness if you carry a balance after the repayment period is complete.

Cons:

2. Pay As You Earn (PAYE)

Pay As You Earn (PAYE) is one of the newest income-driven repayment plans to help borrowers manage their student loans. Unveiled in 2012, it’s similar to IBR but has stricter requirements.

To qualify for PAYE, you must demonstrate financial need. You also must be a fairly recent borrower. Specifically, you must be a new borrower as of Oct. 1, 2007, and have received a disbursement of a Direct Loan on or after Oct. 1, 2011.

To take advantage of PAYE, your prospective payments must be smaller than they’d be on the Standard Repayment Plan.

Eligible loans:

  • Direct Loans (both subsidized and unsubsidized)
  • Direct PLUS Loans made to graduate or professional students (loans made to parents are ineligible)
  • Direct Consolidation Loans that didn’t repay PLUS Loans made to parents

Eligible loans if consolidated:

  • Federal Stafford Loans (both subsidized and unsubsidized)
  • FFEL PLUS Loans made to graduate or professional students (loans made to parents are ineligible)
  • FFEL Consolidation Loans that didn’t repay PLUS Loans made to parents
  • Federal Perkins Loans

Payment amount: Generally, 10 percent of your discretionary income, which is the difference between your annual income and 150 percent of the federal poverty guideline for your family size and state.

Use our PAYE calculator to see what your monthly payment would be.

Repayment period: 20 years.

Pros:

  • It offers the lowest payment amount for all eligible borrowers.
  • The loans are eligible for loan forgiveness after 20 years.

Cons:

  • You must be a new borrower to qualify.
  • Forgiven loans might be considered taxable income.

3. Revised Pay As You Earn (REPAYE)

Revised Pay As You Earn (REPAYE), which became available in December 2015, is the newest income-driven repayment plan.

This plan is similar to PAYE, with a few key differences. The most notable difference is the fact that you’re eligible regardless of when you took out your first federal student loan. You also don’t have to demonstrate financial need.

Eligible loans:

  • Direct Loans (both subsidized and unsubsidized)
  • Direct PLUS Loans made to graduate or professional students (loans made to parents are ineligible)
  • Direct Consolidation Loans that didn’t repay PLUS Loans made to parents

Eligible loans if consolidated:

  • Federal Stafford Loans (both subsidized and unsubsidized)
  • FFEL PLUS Loans made to graduate or professional students (loans made to parents are ineligible)
  • FFEL Consolidation Loans that didn’t repay PLUS Loans made to parents
  • Federal Perkins Loans

Payment amount: Generally, 10 percent of your discretionary income, which is the difference between your annual income and 150 percent of the federal poverty guideline for your family size and state.

Use our REPAYE calculator to see what your monthly payment would be.

Repayment period: 20 or 25 years. It’s a 20-year term if all your loans under the plan were for undergraduate study. It’s a 25-year term if any of your loans were for graduate or professional study.

Pros:

  • It offers the lowest payment amount for all eligible borrowers.
  • Undergraduate loans are eligible for loan forgiveness after 20 years.

Cons:

  • Borrowers with graduate and professional student loans must make payments for 25 years before qualifying for forgiveness.
  • Your spouse’s income is included in the monthly payment calculation, regardless of tax filing status.
  • Forgiven loans might be considered taxable income.

4. Income-Contingent Repayment (ICR)

Income-Contingent Repayment (ICR), like REPAYE, doesn’t have an income eligibility requirement. It’s also the only income-driven repayment plan under which Parent PLUS Loans qualify after you consolidate them into a Direct Loan.

So, if you don’t qualify for the other plans but want a lower payment, Income-Contingent Repayment is the best repayment plan for student loans for you.

Eligible loans:

  • Direct Loans (both subsidized and unsubsidized)
  • Direct PLUS Loans made to graduate or professional students
  • Direct Consolidation Loans

Eligible loans if consolidated:

  • Direct PLUS Loans made to parents
  • Federal Stafford Loans (both subsidized and unsubsidized)
  • FFEL PLUS Loans
  • FFEL Consolidation Loans
  • Federal Perkins Loans

Under ICR, your monthly payment is based on your income and family size and might even be higher than it would be on the Standard Repayment Plan.

Check out our ICR repayment estimator to calculate your monthly payments. It’ll help you determine whether ICR is a better option than the Standard Repayment Plan.

Payment amount: The lesser of the following options:

  • 20 percent of your discretionary income, which is the difference between your annual income and 100 percent of the federal poverty guideline for your family size and state
  • The payment amount on a 12-year fixed repayment plan, adjusted for income

Repayment period: 25 years.

Pros:

  • It’s easier to qualify since there’s not an income eligibility requirement.
  • You might be eligible for loan forgiveness once you complete your repayment plan.
  • Parents with Parent PLUS Loans can qualify once they consolidate their loans into a Direct Loan.

Cons:

  • It has the highest potential payment amount of all income-driven plans.
  • Your payment might not be lower than it would be on the Standard Repayment plan.
  • Forgiven loans could be considered taxable income.

Choosing a plan

Choosing an income-driven repayment plan can help you manage your payments. But which one is the best student loan repayment plan for you?

For starters, determine whether you qualify based on your income and family size. You can do so by calculating your household income and comparing it with the federal poverty guideline.

If you do qualify, estimate your payments using our online calculator. Then, consider how much more you might pay in interest compared with the Standard Repayment Plan.

With a lower monthly payment and a longer repayment period, you’ll likely pay a lot more in interest over time. So, if you can afford it, it makes sense to go with the Standard Repayment Plan.

Applying for income-driven repayment plans

Submit the income-driven repayment plan request form online at StudentLoans.gov. Or you could fill out a paper form, which you can get from your loan servicer.

Remember: For IBR and PAYE, you must demonstrate financial need to be eligible. You can verify your adjusted gross income with your federal tax return or with the IRS Data Retrieval Tool, which adds your tax information to your application.

If you haven’t filed a tax return or have no income to report, you can provide alternative documentation, such as pay stubs or unemployment benefits.

Choose your IDR plan wisely

Income-driven repayment plans can be a great way to reduce your federal student loan payments. But it’s important to look at the long-term benefits and consequences.

On one hand, IDR plans can help you in the present. But in the future, you could deal with taxable income on forgiven loans and might pay more in interest over time. Be clear about your goals and choose the right repayment plan for you.

Melanie Lockert contributed to this article.

Interested in refinancing student loans?

Here are the top 7 lenders of 2019!
LenderVariable APREligible Degrees 
Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.45% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 2.05% APR (with Auto Pay) to 6.49% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of October 11, 2019, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 10/11/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on our student loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.


2 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.46% APR to 5.98% APR (with AutoPay). Variable rates from 2.05% APR to 5.98% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.05% APR assumes current 1 month LIBOR rate of 2.05% minus 0.15% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. 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. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

3 Important Disclosures for Laurel Road.

Laurel Road Disclosures

Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

ANNUAL PERCENTAGE RATE (“APR”)
This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

FIXED APR

Fixed rate options consist of a range from 3.75% per year to 5.80% per year for a 5-year term, 4.25% per year to 6.25% per year for a 7-year term, 4.55% per year to 6.65% per year for a 10-year term, 4.85% per year to 7.05% per year for a 15-year term, or 5.30% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.25% per year for a 7-year term would be from $137.84 to $147.29. The monthly payment for a sample $10,000 loan at a range of 4.55% per year to 6.65% per year for a 10-year term would be from $103.88 to $114.31. The monthly payment for a sample $10,000 loan at a range of 4.85% per year to 7.05% per year for a 15-year term would be from $78.30 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.27% per year for a 20-year term would be from $67.66 to $79.16.

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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