Everything You Need to Know About Repaying Your Dartmouth Student Loans

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.

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Dartmouth University is one of the most prestigious schools in the world. But when your student loan payments begin — and you’re still living on ramen so you can pay off your debt — that prestige might seem more like a curse.

The total cost of attendance, including Dartmouth tuition, is $71,409 for the upcoming school year. By the time you complete your degree, you could rack up thousands in loans.

Although you might feel overwhelmed and strangled by your debt, it’s important to understand your loans and repayment options. Here’s everything you need to know to take control of your student loans.

Identify what loans you have

To pay for school, you probably took out several different types of loans. Each loan could have its own terms, so the first step in managing your debt is identifying each one. You need to know your loan servicer, grace period, repayment term, and interest rate.

If you don’t know where to start, there are three ways to get the necessary information:

  1. Contact Dartmouth’s financial aid office. A financial aid officer will be able to tell you what kind of loans you have and how to locate your loan servicer.
  2. Search for your loans using the National Student Loan Data System. The NSLDS database is a comprehensive listing of all federal student loans. You’ll find out what federal loans you have, if any, and who services your debt.
  3. Check your credit report. You can check your credit report for free at AnnualCreditReport.com. Your report will show all of the accounts that exist in your name, including the companies that own your debt.

Types of Dartmouth student loans

As a graduate of Dartmouth, you might have one or more of the following loans.

Federal Perkins loans

The government issued Perkins loans to only the neediest students. Regulations limited these loans to $5,500 a year or $27,500 for your entire undergraduate career.

The grace period for Perkins loans was nine months. Once that time is over, repayment begins. Your interest rate for recent Perkins loans is 5.00%, and you’ll repay your loans for 10 years.

The Perkins Loan program expired on September 30, 2017. No new Perkins loan will be issued after that date. However, if you already took out a Perkins loan, the loan remains as it is. There are no changes to the loan’s terms or interest rate.

Federal Direct loans

The U.S. Department of Education is the lender for federal Direct loans. There are two forms of Direct loans: subsidized and unsubsidized. With subsidized loans, the government covers your interest charges while you’re in school, which can help you save thousands.

Unsubsidized loans don’t have this perk, so you’re responsible for covering the interest charges yourself. Direct loans have an interest rate of 4.45% and a 10-year repayment term.

Dartmouth Educational Association loan

Funded by alumni donations, the Dartmouth Educational Association loan is a need-based loan. According to Dartmouth’s financial aid handbook, these loans have similar interest rates and repayment terms to Perkins loans. The specifics will be outlined in your promissory note.

Dartmouth Educational Loan Corporation loan

The Dartmouth Educational Loan Corporation (DELC) provides need-based loans to students who need financial aid assistance beyond what the federal government offers. Interest accrues as soon as you take out the loan, but you don’t have to start making payments until three months after graduation.

As of the 2016-2017 school year, DELC loans had an interest rate of 6.80%. The loans have a 10-year repayment term.

Dartmouth student loan for foreign students

International students are often ineligible for federal or private student loans. To help them pay for school, Dartmouth offers need-based loans to foreign students. The interest rate for these loans is 7.00%, and they have a 10-year repayment term.

Private loans

If you exhausted your federal and school-issued loan options, you might have turned to private student loans to cover the rest of your costs.

Private student loans often have higher interest rates than federal loans, but the actual interest rates and repayment terms may vary. Check with your lender to find out when your repayment begins and how much goes towards interest fees.

Know your repayment options

Dartmouth alumni have a lower than average default rate. More than 7 percent of students nationwide default on their student loans within three years, according to College Factual. But just 1.7 percent of Dartmouth graduates default on theirs.

dartmouth tuition

Although that’s encouraging for your future prospects, those numbers aren’t comforting if you are already struggling to afford your payments. These four options could help make your payments more manageable.

1. Income-driven repayment plans

If you can’t pay the minimum amount due each month, an income-driven repayment (IDR) plan could give you more breathing room.

Under an IDR plan, the government caps your student loan payments at a percentage of your income and extends your repayment term. If you have federal student loans, signing up for an IDR plan can significantly reduce your payments.

However, IDR plans do have some drawbacks. For example, the extended repayment term means you’ll pay much more in interest over the length of your loan. You could end up paying thousands more than you originally borrowed.

You can check out our guide to learn more about IDR plans.

2. Forgiveness programs

Depending on your career path, some or all of your loans might be eligible for forgiveness. For example, if you work for a qualifying non-profit organization or government agency, you could be eligible for Public Service Loan Forgiveness (PSLF).

Our repayment assistance program tool is a searchable database of over 120 forgiveness programs. You can search by location, occupation, or award amount to find programs that match your situation.

3. Loan consolidation

If you have several different federal loans with varying payments and due dates, it’s easy to lose track of them all. One option that might help is a Direct Consolidation loan. When you apply for a Direct Consolidation loan, you combine all of your federal student loans into one debt with one monthly payment.

Although consolidating your loans can make remembering your payments easier, this process won’t save you money. A Direct Consolidation loan’s interest rate is the weighted average of all of your previous loans, so the consolidated loan’s cost will be similar to your old loans.

However, you can choose to extend your repayment term when you consolidate your loans. With a longer repayment term, you can have a much lower monthly payment. You’ll pay back more in interest over the length of your loan, but if your payments are unaffordable, it can be a smart strategy to stay current on your debt.

4. Student loan refinancing

Dartmouth graduates have a median starting salary of $55,500, which is higher than the national average for college graduates. With a good income, you might be an excellent candidate for refinancing your federal or private student loans.

If the other repayment options don’t help or you’re looking to save money over the length of your repayment, refinancing your student loans can be a wise move. When you refinance, you work with a private bank or organization to take out a new loan for the amount of some or all of your current loans.

The new loan will have a completely different repayment term. Depending on your credit, income, and loan term, you could qualify for a lower interest rate. That means more of your payments would go towards the principal, helping you save money over time.

Our refinancing calculator can help you find out how much you could save by refinancing your loans.

Student Loan Refinancing Calculator






Before proceeding with refinancing, make sure you understand all of the consequences. If you have federal student loans and refinance them with a private lender, you’ll lose out on federal benefits. Some of those benefits are: IDR plans, the ability to enter into deferment or forbearance, and eligibility for Public Service Loan Forgiveness.

Tackling your Dartmouth student loans

Graduating from Dartmouth is a huge achievement that will help propel your career. But if you’re struggling with repaying your student loans, you might find that your payments hold you back. These repayment options can help you overcome your debt.

For ideas on how to get out of debt as quickly as possible, here’s how you can pay off your student loans even faster.

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!
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 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% 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 Month/Day/Year, 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 08/21/18. 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 ourstudent 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 Laurel Road.

Laurel Road Disclosures

  1. VARIABLE APR – APR is subject to increase after consummation. 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.

3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.899% APR to 8.179% APR (with AutoPay). Variable rates from 2.570% APR to 6.980% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. SoFi rate ranges are current as of September 14, 2018 and are subject to change without notice. See APR examples and terms. Lowest variable rate of 2.570% APR assumes the current index rate derived from the 1-month LIBOR of 2.08% plus 0.740% margin minus 0.25% AutoPay 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. 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.
  2. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

4 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.

5 Important Disclosures for CommonBond.

CommonBond Disclosures

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.

6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, 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 August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.57%-8.17% (2.57%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.75%-8.69% (3.75%-8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. 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 with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, 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 and replace those with the benefits of the Education Refinance Loan. 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 at http://www.citizensbank.com/EdRefinance, 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.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. 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.
  5. 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.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Estimated average savings amount is based on 14,659 Education Refinance Loan customers who saved on loans between August 1, 2017 and July 31, 2018. The calculation is derived by averaging monthly savings across Education Refinance Loan customers whose payment amounts decreased after refinancing, calculated by taking the monthly payment prior to refinancing minus the monthly payment after refinancing. We excluded monthly savings from customers that exceeded $4,375 and were lower than $20 to minimize risk of data error skewing the savings amounts. Savings will vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Borrower’s overall repayment amount may be higher than the loans they are refinancing even if monthly payments are lower.

2.57% – 6.98%3Undergrad
& Graduate
Visit SoFi
2.47% – 5.87%1Undergrad
& Graduate
Visit Earnest
2.47% – 8.03%4Undergrad
& Graduate
Visit Lendkey
2.80% – 6.22%2Undergrad
& Graduate
Visit Laurel Road
2.48% – 6.25%5Undergrad
& Graduate
Visit CommonBond
2.57% – 8.17%6Undergrad
& Graduate
Visit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.