Refinance rates with Laurel Road start at 1.89%.
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Federal and private student loan borrowers in Kansas owe an average of $32,045, 13% below the U.S. average of $36,689. But it’s still a significant amount of money, which is why many borrowers are looking for repayment programs and refinancing options for Kansas student loans.
The state offers government-funded loan repayment or forgiveness programs for borrowers working in eligible professions in the state. For students looking to reduce their expenses and minimize their debt from the start, the state also has scholarships geared toward Kansas students.
Here’s what you need to know about Kansas student loans and your repayment options.
|Kansas student debt overview|
|Total outstanding debt||$12.8 billion|
|Number of borrowers||0.4 million|
|Average total monthly payment||$255|
|Note: Averages include federal and private student loan debt.|
In the fall of 2019, 123,824 students attended both public and private institutions across Kansas. Kansas students could benefit from several scholarships offered by the state for both undergraduate and graduate students. Kansas has 10 state-led undergraduate scholarships (including one for technical students) and six scholarships or fellowships for graduate students. Here are some of the popular scholarships they offer:
- Kansas State Scholarship: This scholarship is for a certain percentage of the state’s top high school seniors who show financial need (up to $1,000 is available annually). Students must have completed the required Kansas Scholars Curriculum and been named a Kansas State Scholar as certified by the Kansas Board of Regents.
- Kansas Ethnic Minority Scholarship: Up to $1,850 is available annually for eligible students (those described as “academically competitive”) who are African American, American Indian or Alaskan Native, Asian or Pacific Islander or Hispanic.
- Kansas Teacher Service Scholarship: In exchange for making a service commitment, eligible bachelor’s and master’s students pursuing a career in education can receive up to $5,536 a year in financial assistance. Recipients agree to work in hard-to-fill disciplines or underserved areas of the state. One year of teaching for each year of funding is required.
- Kansas Military Service Scholarship: Kansas residents who have served in the military overseas could be eligible for a scholarship that covers up to four years of undergraduate study at a designated Kansas institution.
- Kansas National Guard Educational Assistance Program: This program covers a percentage of tuition and fees for eligible members of the Kansas National Guard in good standing. Award amounts vary.
The state also offers tuition assistance to dependents and spouses of deceased public safety officers or military personnel, prisoners of war and foster children.
|Student loan debt in most populous Kansas counties|
|County||Average student loan balance||Average monthly student loan payment|
|Note: Limited to counties with a population of at least 300,000 residents; averages include federal and private student loan debt.|
Here are some options to help you create your student loan repayment strategy in Kansas.
Through the Community Stipend Program, physicians in Kansas could receive monthly funds during their residency. These funds are contingent upon a service commitment.
Tip: You can use a repayment calculator to help determine whether it’s worth it to fulfill your service commitment and receive the stipend, or potentially go with a more lucrative option elsewhere.
The Kansas Bridging Plan is a loan forgiveness initiative designed to motivate residents in primary care and psychiatry to remain in the state. Residents who commit to 36 months could receive up to $26,000 toward their student loan repayment.
Students must commit to completing their residency in an eligible county — Douglas, Johnson, Sedgwick, Shawnee and Wyandotte aren’t eligible. The program is competitive, as the state annually funds just 14 positions for primary care physicians and three psychiatrist slots.
The KMSL is available for primary care medicine and psychiatry students, providing tuition and a monthly stipend to recipients who agree to practice in the state after their residency. It’s awarded annually.
Students who pursue the loan for primary care must complete their service obligation in emergency medicine, family medicine, internal medicine or pediatrics after completing their residency. Those who pursue the loan for psychiatry must practice in child or general psychiatry after their residency. Students can’t receive funding from both programs.
There’s also a Retro KMSL that requires a one-year service commitment for each contract.
The Kansas State Loan Repayment Program is for health care workers who pledge a commitment of at least two years while practicing in an area where there is a shortage.
Physicians or dentists can receive up to $25,000 in repayment assistance a year, while other eligible providers can receive up to $20,000 in repayment assistance. Nurse practitioners, dental hygienists and mental health professionals are among those who are eligible.
Kansas has classified 77 of its counties as rural opportunity zones (ROZs). Through the ROZ student loan repayment program, individuals who reside outside a ROZ but become a full-time resident in one of them could receive up to $15,000 in student loan repayment assistance over five years. (Note that the 2021 application period is pending new state legislation.)
Kansas federal student loan borrowers younger than 25 owe less than national average — and more comparisons
Refinancing student loans is a common strategy, one that could be especially advantageous for the 5.9% of Kansas student loan borrowers who owe $100,000 or more in student loans. When you refinance at a lower interest rate, you could potentially save thousands in interest payments throughout the life of your loan.
Before refinancing, you should always compare lenders to make sure you’re getting the best deal available to you. To refinance your student loans, you first obtain a new loan — ideally at a lower interest rate — then use the funds from this loan to repay your original loan. If you want, you can also consolidate your debt at the same time by repaying multiple loans with the new loan. Then, you’d only have one loan payment to focus on each month.
Refinancing can help you save money on interest payments, potentially helping you get out of debt faster if you redirect what you were previously paying in interest toward the principal of the loan. Refinancing could also help you obtain a new term or release a cosigner.
You can refinance both federal and private student loans — keep in mind, however, that when you refinance federal loans, you’ll lose the federal protections available to student loan borrowers, such as forbearance, deferment, income-driven repayment and Public Service Loan Forgiveness. While some private lenders offer similar options, especially for forbearance or deferment, there are distinct differences between them and what’s available through the government.
- U.S. Department of Education data as of June 30, 2020
- Anonymized My LendingTree June 2020 credit reports
- Federal Reserve Bank of New York Consumer Credit Panel/Equifax as of June 2020
Because the latter data is from 2015, researchers estimated the increase in student loan debt per borrower in the state using statewide data from anonymized credit reports.
Interested in refinancing student loans?Here are the top 9 lenders of 2021!
|Lender||Variable APR||Eligible Degrees|
|1.88% – 6.15%1||Undergrad & Graduate|
|1.88% – 5.64%2||Undergrad & Graduate|
|1.88% – 5.64%3||Undergrad & Graduate|
|2.50% – 6.85%4||Undergrad & Graduate|
|2.25% – 6.39%5||Undergrad & Graduate|
|1.90% – 5.25%6||Undergrad & Graduate|
|1.89% – 5.90%7||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|2.13% – 5.25%8||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews!
1 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. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of June 1, 2021.
2 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 2.50% APR (with Auto Pay) to 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.88% APR (with Auto Pay) to 5.64% 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 26, 2020, 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 10/26/2020. 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 [email protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2020 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.
3 Important Disclosures for Navient.
4 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.
5 Important Disclosures for SoFi.
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.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 04/07/2021 student loan refinancing rates range from 1.90% APR – 5.25% Variable APR with AutoPay and 2.95% APR – 7.63% Fixed APR with AutoPay.
7 Important Disclosures for Laurel Road.
Laurel Road Disclosures
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. 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. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
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.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
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.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of April 29, 2021. Information and rates are subject to change without notice.
8 Important Disclosures for PenFed.
Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.89%-4.78% APR and Variable Rates range from 2.13%-5.25% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are 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.