LGBTQ Student Loan Borrowers Face Rough Road: Survey

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Having to work multiple jobs and scraping by paycheck to paycheck, with the lingering worry that you’ll probably never be able to buy a house.

Many in the LGBTQ community are so concerned with such fallout from their student loans that they regret borrowing at all. In fact, 54% of those surveyed said they wish they’d avoided education debt, only a slight decrease from the 60% figure cited in our 2018 survey of LGBTQ borrowers.

Student loans weighed heavily on respondents from all income levels, particularly because of the specific problems LGBTQ students endure, such as discrimination in their own home and when seeking outside help with their finances.

Unfortunately, LGBTQ community members also reported feeling behind on other financial goals, including retirement planning, due in no small part to their student loan, credit card and other debt.

Key findings

  • About 3 in 10 LGBTQ borrowers say their student loan debt is unmanageable. Slightly less — 23% — feel their debt is “very manageable,” while most (48%) said their debt is “somewhat manageable.”
  • Despite their regrets about borrowing, 62% are glad they went to college. Most (58%) reported feeling accepted by their college peers — although more than 1 in 10 did not feel accepted.
  • Roughly 4 in 10 LGBTQ borrowers said they’ve been denied financial help due to their sexual orientation. About 14% of them said they’d experienced this discrimination on multiple occasions.
  • Student loans have also stopped 87% of respondents from reaching key financial milestones. Specific goals missed due to student debt include homebuying (41%), moving out (27%), buying a first car (23%), starting a family (19%) and getting married (18%).
  • Nearly 6 in 10 LGBTQ borrowers also have other types of debt. Credit card debt (63%) is by far the most common, but other sources include auto loans (38%), personal loans (20%) and mortgages (16%).
  • The majority of borrowers in the LGBTQ community (65%) are familiar with student loan refinancing, but only 38% have refinanced their debt. Those who have refinanced said they mainly did so to lower monthly payments or lower their interest rate. Ultimately, 63% of those who refinanced said refinancing helped them move closer to their financial goals.

Many LGBTQ borrowers have more student loan debt than they can handle

The LGBTQ community includes many student loan borrowers with regrets — again, 54% polled say they wish they could have a redo.

“I regret taking out my student loans because my degree didn’t help me get a well-enough-paying job to cover the cost of living, plus my student loan debt,” said one respondent. “Now I am stuck working two jobs just to stay above water, which is very frustrating.”

Although the reasons for regret vary, having taken on too much debt is a common theme. Nearly 29% of LGBTQ borrowers feel their debt isn’t manageable, though a plurality of respondents (48%) describe their debt as “somewhat manageable.”

Finding a well-salaried job isn’t necessarily a problem unique to LGBTQ borrowers — among all college seniors with loans to repay, about 7 in 10 expressed doubt they’d be able to make ends meet, according to a recent Student Loan Hero survey.

Still, LGBTQ professionals undoubtedly face more obstacles in the workplace than the average college graduate. In fact, 1 in 4 LGBTQ workers report facing discrimination at their job within the last five years, according to nonprofit Out & Equal Workplace Advocates’ 2019 report.

But despite some regrets, 62% of borrowers in the LGBTQ community say they’re glad they attended college. For some, it’s one of the places in society where they felt most accepted — about 58% reported feeling welcomed by peers on campus.

Some LGBTQ borrowers get turned away by financial professionals

Unfortunately, many LGBTQ members in debt have found a less-welcoming atmosphere away from their college campus. About 40% of the borrowers we surveyed said their sexual orientation caused others to decline to offer financial help. And 14% report multiple instances of this type of discrimination.

In fact, the number of LGBTQ individuals denied financial assistance due to their sexual orientation increased from our 2018 survey, from 32% to 40%.

“Reaching out for financial help is hard enough. Throw in discrimination and homophobia, and it can be downright miserable,” said David Rae, the founder of a Los Angeles-based wealth management firm. “Look for resources specifically tailored for the LGBT community. I’m not alone as an out and proud financial planner.”

Chicago-based financial planner Brian Thompson, whose clients include LGBTQ couples, agrees that more financial-service providers are reaching out to the community. “My advice is to look for non-traditional places. We’re out there and eager to help.”

And there are some encouraging signs out there, including the growing number of scholarships reserved for LGBTQ undergrads.

And some also lack key support from family

Aside from facing the possibility of discrimination in public settings, 60% of our survey respondents also reported feeling at least partially unwelcome within their own families. In addition, about 28% reported that they have been kicked out of the home because of their sexuality.

A lack of family support could harm LGBTQ individuals right out of the gate. Without parental support, students could end up taking out more loans. Parents can also play a broad role in securing financial aid, such as by providing their information on the Free Application for Federal Student Aid (FAFSA).

Without mom, dad or more family in their corner, LGBTQ borrowers’ repayment could also be harmed. Those who report not feeling at least somewhat accepted by their families are more likely to say their debt is unmanageable (38%) than those who feel accepted at home (26%). They’re also more likely to report not being on the right track for retirement (62% versus 45%).

“Knowing that people will have your back, or possibly provide financial support if things get hairy, helps keep us in a healthy mental state,” said John Schneider, a co-host of the Queer Money podcast. “In addition, those that have familial support are more likely to also have financial support when they leave the home, compared to those that are leaving because their home is not a welcoming place.”

And there may be other less-obvious, and potentially dangerous, consequences. LGBTQ student borrowers who don’t feel supported by their families are twice as likely to report that their debt has kept them from leaving a bad relationship. Overall, 15% said their student loans had kept them from walking away from an ill-fitting partner.

With overwhelming debt comes unachieved financial goals

With a heavy student loan debt burden in some cases and a lack of a support system in others, it’s no surprise that 87% of LGBTQ borrowers are falling behind on their other financial goals.

Most notably, 41% of respondents say their debt had stopped them from being able to buy a home. Other financial goals left unmet include:

  • Pursuing passions (35%)
  • Traveling (26%)
  • Moving out (27%)
  • Buying a first car (23%)
  • Starting a family (19%)
  • Getting married (18%)

At the same time, student loans aren’t the only money-related problem for many of the LGBTQ individuals we surveyed. About 57% report being burdened by other types of debt. Credit card debt is far and away the biggest bugaboo of those respondents, at 63%, although that figure was down significantly from 79% in our 2018 survey results.

“This is the first bit of good credit-card-debt news we’ve seen in a while,” said Schneider, also a founder of Debt Free Guys, adding that perhaps a somewhat stronger economy may have helped matters.

In 2019, auto loans (38%), personal loans (20%), mortgages (16%) and shorter-term loans (15%) also accounted for LGBTQ borrowers’ debt.

Student loans and secondary debt have also dimmed many LGBTQ borrowers’ hopes in terms of saving for retirement: Nearly half of the people we surveyed (48%) don’t think they’re on the right track, with 56% saying they don’t even have a retirement investment account, such as a 401(k) or IRA.

“I can’t save,” one respondent told us. “I contribute a small amount to a 401(k), but it’s not significant enough for retirement — yet [it’s] all I can barely afford.”

Finding student loan relief via refinancing, other strategies

For LGBTQ borrowers, there’s no single solution to all of their student loan concerns. Some could benefit from pursuing student loan forgiveness or enrolling in income-driven repayment (if they have federal student loans), while others might be better off cutting expenses and throwing extra income at their outstanding balance.

For creditworthy LGBTQ borrowers — or those with creditworthy cosigners — student loan refinancing could offer some relief. It allowed some of the survey’s respondents to either decrease their monthly payment or reduce their interest rate, along with providing the additional perk of consolidating multiple older loans into one new, simpler repayment.

While 65% of the borrowers surveyed say they are familiar with the practice of refinancing, only about 38% report having gone ahead with it. That’s a significant departure from the approximate 66% who said they refinanced in our 2018 LGBTQ survey.

Of those who did refinance in this latest survey, however, 63% say it helped them advance toward achieving other financial goals.

Interested in refinancing student loans?

Here are the top 6 lenders of 2019!
LenderVariable APREligible Degrees 
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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 3.47% APR (with Auto Pay) to 7.59% APR (with Auto Pay). Variable rate loan rates range from 2.27% APR (with Auto Pay) to 6.89% 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 August 15, 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 08/15/2019. 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 3.49% APR to 7.94% APR (with AutoPay). Variable rates from 2.27% APR to 7.55% 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 2.27% APR assumes current 1 month LIBOR rate of 2.27% 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.  
  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)

3 Important Disclosures for Laurel Road.

Laurel Road Disclosures

FIXED APR
Fixed rate options consist of a range from 3.50% per year to 5.55% per year for a 5-year term, 4.00% per year to 6.00% per year for a 7-year term, 4.30% per year to 6.40% per year for a 10-year term, 4.60% per year to 6.80% per year for a 15-year term, or 5.05% per year to 7.02% 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 3.50% per year to 5.55% per year for a 5-year term would be from $184.00 to $193.00. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.00% per year for a 7-year term would be from $138 to $148. The monthly payment for a sample $10,000 loan at a range of 4.30% per year to 6.40% per year for a 10-year term would be from $104 to $115. The monthly payment for a sample $10,000 loan at a range of 4.60% per year to 6.80% per year for a 15-year term would be from $79 to $91. The monthly payment for a sample $10,000 loan at a range of 5.05% per year to 7.02% per year for a 20-year term would be from $68 to $80.

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 2.43% per year to 6.05% per year for a 5-year term, 3.75% per year to 6.10% per year for a 7-year term, 4.00% per year to 6.15% per year for a 10-year term, 4.25% per year to 6.40% per year for a 15-year term, or 4.50% per year to 6.65% 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 0.25% to 3.80% for the 5-year term loan, 1.50% to 3.85% for the 7-year term loan, 1.75% to 3.90% for the 10-year term loan, 2.00% to 4.15% for the 15-year term loan, and 2.25% to 4.40% 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 2.43% per year to 6.05% per year for a 5-year term would be from $179 to $195. The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 6.10% per year for a 7-year term would be from $137 to $148. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.15% per year for a 10-year term would be from $103 to $114. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.40% per year for a 15-year term would be from $77 to $88. The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.65% per year for a 20-year term would be from $65 to $77.

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.

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.


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

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 2.37% effective July 10, 2019.


6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan 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 August 1, 2019, the one-month LIBOR rate is 2.26%. Variable interest rates range from 2.46%-9.24% (2.46%-9.24% 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 co-signer. Fixed interest rates range from 3.45%-9.62% (3.45%-9.62% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown 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. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. 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. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 
  7. Citizens Bank Education Refinance Loan and Education Refinance Loan for Parents Eligibility: For the Citizens Bank Education Refinance Loan and Education Refinance Loan for Parents, 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 reached the age of majority in their state of residence, a co-signer will be required and may not be eligible for co-signer release. For the Citizens Bank Education Refinance Loan, applicants may not be currently enrolled in school and applicants with an Associate’s degree, or with no degree, must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Citizens Bank observes the right to modify or discontinue these benefits at any time. Both Education Refinance Loans and Education Refinance Loan for Parents 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 or affordability, as applicable. The minimum student loan refinance amount is $10,000. 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. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. Resources are available to help the borrower make a decision, including a comparison of federal and private student loan benefits, at https://studentaid.ed.gov/sa/types/loans/federal-vs-private.
2.27% – 6.89%1Undergrad
& Graduate

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2.27% – 7.55%2Undergrad
& Graduate

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2.43% – 6.65%3Undergrad
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2.24% – 6.67%4Undergrad
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2.37% – 7.95%5Undergrad
& Graduate

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2.46% – 9.24%6Undergrad
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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. 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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