When it comes to student loans and student loan refinancing, interest rates are a huge factor. Your interest rates can affect how much money you end up paying back over time, and high rates can make it difficult to keep pace in repayment.
So, you might have a very important choice to make between a fixed or variable rate. Which one you pick could have significant consequences, and there are different factors to consider, depending on whether you are getting new student loans to pay for college or are looking to refinance your current debt.
A fixed interest rate means never changes for the life of your loan. Having fixed-rate loans can help you predict how much you’ll pay in interest and can keep your interest payments at manageable levels. A variable interest rate, meanwhile, can rise and fall with market conditions.
So, how do you choose between a fixed or variable rate for your student loans? We’re here to break it down for you. Click on one of the links below, or scroll down to get the lay of the land for both situations:
College is a big expense, and many students can’t afford an education on their own. Student loans can help put that higher education within reach, but how long they take to repay — and how much that repayment adds up to — can depend in large part on the interest rate.
The type of rate you receive (fixed interest rate or variable interest rate) is, in turn, connected to whether you have federal or private loans. Let’s take a look at both:
Federal student loan = Fixed-rate loan
If you get a federal Direct loan, you won’t have the choice of a fixed or variable rate. Your interest rate will be fixed for the life of the loan. Congress sets interest rates on federal loans each year. For the 2017-2018 school year, the fixed rate on undergraduate Direct loans (subsidized and unsubsidized) is 4.45%. The rate for graduate or professional Direct unsubsidized loans is 6.00%. Direct PLUS loans have an interest rate of 7.00%.
However, that doesn’t mean all your debt has the same interest rate. Each year you attend school means a new student loan and a new interest rate. By the time you finish school, you might have several different loans — each a different fixed-rate student loan.
If you decide to consolidate your federal loans after you graduate, your interest rate will be an average of your loan rates, and it too will remain fixed during your repayment term.
What about private student loans?
These are a different story. You can choose a variable interest rate instead of a fixed interest rate, if you think it will work better for your situation.
Interest rates for student loans have been at historic lows in recent years, allowing borrowers to enjoy relatively cheap debt (with the lowest rates reserved for those with excellent credit scores). For example, private student loan candidates with good credit could potentially score a variable interest rate below 4.00%.
However, interest rates can rise. When this happens, a low-interest loan could jump to a higher rate and affect your monthly payments.
The London Interbank Offered Rate (better know as LIBOR) is a key market benchmark for everything from mortgages to credit cards to, yes, student loans. LIBOR fell in the wake of the Great Recession in 2008, and only began to rise by the end of 2015. Recently, global interest rates have been on the rise, with LIBOR doubling between mid-2016 and mid-2017, according to historical data from Macrotrends.
Committing to a variable rate means committing to the market’s ebbs and flows.
Federal or private student loans: Which is right for you?
If you can qualify for a low variable interest rate, it can be tempting to take the private student loan rather than go with the federal loan. However, one of the issues you run into is when that interest starts accruing.
When you only qualify for unsubsidized federal student loans, your interest starts piling up immediately — just like with private student loans. With subsidized federal loans, however, the government pays your interest while you’re in school; you can save thousands of dollars just in interest.
Let’s say you borrow $12,000 for school expenses. With a subsidized loan, you don’t have to worry about interest charges over your time in school. However, with a private student loan, the interest is accruing during that four years.
Using our student loan payment calculator, you can see that you would pay right around $1,000 in interest over that four years if you have a 3.98% APR. Of course, that assumes your variable interest rate hasn’t risen, adding to your charges.
Another consideration is that some private lenders require you to start repaying your loans immediately. So even though you are in school, you might have to find a way to make your payments. When you have federal loans, you don’t have to start repaying them until you actually graduate. (Parent PLUS loans are a different story, though.) You might even be eligible for a six-month grace period when you finish your degree. If you can’t afford to start making student loan payments while you’re in school, federal loans can make sense.
Federal student loan protections
Sometimes it’s not just about a fixed or variable student loan. Federal student loans come with protections you might not see with private student loans. With federal loans, there are income-driven repayment and loan forgiveness programs that can protect you during times of economic hardship. Your private loans might not provide that. On top of that, federal deferment and forbearance programs are often easier to access than similar options offered by private lenders.
On the other hand, you can save thousands of dollars in interest charges if your private variable-rate loans come with lower interest than your federal loans, especially if those federal loans are unsubsidized. Plus, private student loans often come with shorter loan terms, so you could potentially pay off your debt in five years if you can afford the monthly payments. The shortest term for a federal loan is 10 years (although you can always pay off your federal loans early).
4 questions to ask about your options
When deciding between fixed or variable rate student loans, it’s important to ask yourself the following questions:
- Do I qualify for federal subsidized student loans to help me avoid accruing interest while I’m in school?
- Can I afford to make student loan payments while I’m in school?
- Is there a chance I will need the protections that come with federal student loans?
- Do I have good enough credit to qualify for the lowest private student loan variable interest rate?
Start by filling out the Free Application for Federal Student Aid (FAFSA) to see what federal programs you qualify for. After you submit the FAFSA, your schools of choice will send you financial aid offers that can help you sort through your options.
For some students, it makes sense to take what you can from the federal government and only use private student loans if there is still a college funding gap. This is especially true if you want access to more flexible payment plans and hardship options when you finish school.
If you reach graduation and are concerned about your federal fixed-rate student loans, it’s possible to refinance them privately if you decide that’s the right thing for your situation.
Need a student loan?Here are our top student loan lenders of 2019!
|* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
1 Important Disclosures for College Ave.
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.
(1)All rates shown include the auto-pay 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.
(2)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.
(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Information advertised valid as of 9/3/2019. Variable interest rates may increase after consummation.
2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
3 Important Disclosures for Discover.
Discover's lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.
4 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restrictions. Loans are offered through CommonBond Lending, LLC (NMLS #1175900).
5 Important Disclosures for Citizens.
Undergraduate Rate Disclosure: Variable 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 October 1, 2019, the one-month LIBOR rate is 2.05%. Variable interest rates range from 3.15% – 11.41% (3.15% – 11.26% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.72% – 12.19% (4.72% – 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school 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. 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 the loan.
Citizens Bank Student Loan Eligibility: Borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Borrowers must be a U.S. citizen or permanent resident or an international borrower/eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For borrowers 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 anytime. Interest rate ranges subject to change. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, 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.
Please Note: International Students are not eligible for the multi-year approval feature.
|3.70% – 11.98%1||Undergraduate, Graduate, and Parents|
|3.25% – 10.65%*,2||Undergraduate and Graduate|
|3.37% – 11.87%3||Undergraduate and Graduate|
|3.52% – 9.50%4||Undergraduate and Graduate|
|3.15% – 11.41%5||Undergraduate and Graduate|
When you refinance your student loans, you take out one new loan (hopefully with a lower interest rate) and use it to pay off an existing loan or group of loans. You can refinance federal and private student loans.
It’s possible to choose which loans to refinance — you don’t have to refinance all your loans if there’s a benefit to keeping some as they are.
One thing you’ll have to decide when you refinance, though, is what type of interest rate you want. Maybe you didn’t get to choose between a fixed or variable student loan when borrowing, but if you’re applying for student loan refinancing now the choice is yours.
If you’re refinancing fixed-rate student loans, then you’ll need to consider the tradeoffs between fixed and variable interest rates. With fixed interest rates, you know what your exact payment will be until you pay off the loan. On the other hand, a fixed rate can sometimes be higher than a variable interest rate, costing you more.
On top of that, if rates drop during your loan term, you’ll miss out if you have a fixed interest rate. The flip side, though, is that a fixed-rate loan protects you from rising interest rates. You need to consider the tradeoffs as you make your decision.
This second consideration can be vital. Although interest rates have hovered near historic lows recently, the LIBOR benchmark rate, on which most variable interest rate loans are based, more than doubled in the year through July 2017, dragging payments for variable interest rate student loans up with them. And these rates could rise further in the near future.
Fixed or variable student loan refinance: Which is right for you?
If you have federal student loans, chances are you have fixed interest rates — which can be a blessing or a curse. Depending on when you consolidated, you might have undergraduate loans at the low rate of 2.30%. However, your graduate PLUS Loans could be either 6.80% or 7.90% (and maybe you have a loan at each rate), depending on the year you took them out. That’s a big difference.
This is why student loan refinancing is an attractive option for so many borrowers. Through refinancing, you have the potential to drop your interest rate, effectively saving you thousands of dollars. If you can refinance to a fixed interest rate that’s lower than your current rate, so much the better.
Even if you decide to refinance to a variable interest rate that can fluctuate at any time, you might still come out ahead. As long as rates stay low, you can save thousands of dollars in interest charges over the life of your loan.
Because you can choose which loans to refinance, it’s a good idea to consider which ones make the most sense. If you have low-rate federal loans, refinancing to a variable interest rate probably doesn’t make sense. However, if your federal loan rates are high, and you aren’t concerned about accessing income-driven repayment, you can save money by refinancing to a private loan — even if it comes with a variable interest rate.
3 questions to ask about your options
There are a few things to consider before deciding if refinancing to a fixed or variable interest rate is best for your student loans. First, ask yourself these questions:
- How long will it take you to pay off your loans?
- What type of interest rate feels most comfortable to you?
- Does the variable-rate loan have an interest-rate cap?
If you want to see the whole picture of your loan situation, these questions are important to answer. A variable interest rate might be a good option if you can pay off your loans in a few years or less, before rates climb too high. On top of that, you can reduce the risk associated with a variable interest rate if the lender caps how high that rate can go.
Second, consider the non-mathematical aspect of the equation. Choosing the rate type that you’re most comfortable with might make repayment easier in the future. If the greater uncertainty of variable interest rates is going to add to your stress level, for example, put one point in the column of fixed rates.
On the other hand, if you can get a low variable interest rate and can afford to make higher payments for a shorter loan term, that might be the way to go. This is especially true if just having debt makes your cringe and you want to get rid of it as quickly as possible.
Also, consider what type of interest rates you currently have. Perhaps you have private student loans with variable rates and are looking to gain the stability of a fixed rate. Refinancing those private student loans to a single fixed-rate loan can make a big difference in the long run.
How much your choice could save you?
Lastly, you should look at the overall savings. How much will you save by refinancing in general? How much will you save in interest by choosing a variable interest rate over a fixed rate?
Here’s an example showing your total interest and total payment for three scenarios:
|Fixed Rate||Variable Rate (No Change)||Variable Rate (Rising Rate)|
|Interest Rate||6.30%||5.09%||5.75% (average)|
|Repayment Term||10 years||10 years||10 years|
|Monthly Payment||$394||$373||$384 (average)|
|Total Interest||$12,264||$9,733||$11,103 (estimated)|
|Total Payment||$47,264||$44,733||$46,103 (estimated)|
This example took average rates from Laurel Road and used our Student Loan Hero monthly payment calculator to do the hard part. As you can see from the results, variable rates can save you money. This is especially true if you have a shorter repayment term — even if rates increase.
On the flip side, while the Laurel Road example above favors variable interest rate loans, the situation could certainly be reversed in a high-rate environment. Plus, rising rates can hinder your ability to budget month to month. The initial monthly payment ($373) and the increased monthly payment ($384) for the variable rate aren’t all that different. But when you sign up for a variable-rate loan, you are taking the chance that your recurring payment will rise, putting a potential strain on your budget.
Before you choose which option is right for you, look closely at your repayment term and consider your level of risk tolerance. If your repayment period will be 20 years and you like stability, a fixed-rate loan might be a better option for you. If, on the other hand, you believe the savings of a lower, fluctuating rate outweigh the risk that it could skyrocket, go with the variable rate.
Andrew Pentis and Melanie Lockert contributed to the reporting for this article.
Interested in refinancing student loans?Here are the top 7 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
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 firstname.lastname@example.org, 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.
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.
ANNUAL PERCENTAGE RATE (“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 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.
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%.
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.
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.
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).
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.
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.
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.
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.
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%1||Undergrad & Graduate|
|2.05% – 5.98%2||Undergrad & Graduate|
|2.25% – 6.65%3||Undergrad & Graduate|
|2.43% – 7.60%4||Undergrad & Graduate|
|2.14% – 7.21%5||Undergrad & Graduate|
|2.01% – 8.88%6||Undergrad & Graduate|
|2.74% – 6.24%7||Undergrad & Graduate|