Refinancing with Laurel Road
Refinancing APRs starting at 1.89%. Checking your rates won’t affect your score.
The average student loan balance for Maryland residents is $39,505, which is 8% higher than the national average of $36,689. The state has the second-highest average balance in the country, with only the District of Columbia outpacing it.
Maryland does have an extensive list of grants and scholarships to reduce the need for student loans, and it also has multiple student loan repayment programs to help existing borrowers.
Here’s what you need to know about your Maryland student loans.
Opting for a public university over a private one is an excellent way to reduce your education expenses. The University of Maryland System includes 12 institutions and three regional higher education centers.
Maryland is also home to some prestigious private universities. There are more than 20 four-year, private universities within the state, including top schools like John Hopkins University and Washington College.
The Maryland Higher Education Commission operates several need-based grant and merit-based scholarship programs. Some of the awards include:
- 2+2 Transfer Scholarship: This scholarship is designed to encourage students in community colleges to transfer to four-year, public universities. Qualifying students can receive $1,000 or $2,000 a year, depending on their major. The reward can be renewed for up to three years (or six semesters) of study.
- Cybersecurity Public Service Scholarship Program: Students majoring in cybersecurity subjects at either public or private universities can qualify for a scholarship to pay for tuition and room and board. In return, recipients must sign an agreement stating that they’ll work full time in Maryland for a state government unit or a public high school in the state.
- Howard P. Rawlings Guaranteed Access (GA) Grant: Low-income, in-state students can qualify for this grant, valued up to $19,400. The grant can be renewed for up to three years of undergraduate study at a Maryland school.
While federal borrowers can qualify for loan forgiveness programs like Public Service Loan Forgiveness and Teacher Loan Forgiveness, Maryland residents may also qualify for one of the state’s many repayment assistance programs.
If you live and have received your training within the state (such as a college degree, law degree or teaching certificate) and provide public service to low-income individuals through your employment with the state government, local government or a nonprofit organization, you can qualify for up to $10,000 a year in loan repayment assistance with the Janet L. Hoffman LARP.
The following professions are eligible:
- Licensed clinical counselors
- Physical and occupational therapists
- Social workers
- Speech pathologists
The John R. Justice Grant is a federally funded program that provides loan repayment assistance to state and federal public defenders and prosecutors within the state. To qualify for the reward, public defenders and prosecutors must agree to stay employed in their roles for at least three years, and the award can only be used to repay federal student loans. The amount of the award is dependent on your income relative to your student loan balance.
There is an income limit for this grant. You can’t earn more than $60,000 a year ($130,000 if married), and have at least $40,000 in eligible student loans.
Maryland residents who practice dentistry and administer care to Maryland Medical Assistant Program recipients are eligible for up to $23,740 in student loan repayment assistance for each year of obligated service through the MDC-LARP. You can receive the award for a maximum of three years.
If you’re a Maryland resident and were in foster care for three years or more, you’re eligible for loan assistance up to $5,000 a year (or 10% of your total debt, whichever is less). To qualify, you must have a college or graduate degree from an educational institution in the state, and be employed by a state, local or county government agency on at least a part-time basis. The reward for the Maryland Loan Assistance Repayment Program for Foster Care Recipients is renewable for up to three years.
Physicians, physician assistants and medical residents within their last year of residency are eligible for the Maryland Loan Assistance Repayment Program for Physicians. Recipients can get up to $50,000 a year in loan repayment assistance. In exchange, you must make a two-year commitment to work full time in a health professional shortage area or medically underserved area. The award is renewable, up to a maximum of $200,000.
The Maryland SmartBuy program is a unique initiative that helps qualified borrowers with student loan debt become homeowners. Maryland SmartBuy financing provides up to 15% of the home purchase price or up to a maximum of $30,000 (whichever amount is lower) for the borrower to repay their student loans. The portion designated for student loan payoff is structured as a 0% interest deferred loan, and is forgivable over five years.
To qualify, you must have a 5% down payment saved for the home, have at least $1,000 in student loans, and your student loan balance can’t exceed 15% of the home’s purchase price. You must also complete homeownership counseling and live in the selected house as your primary residence.
For example, let’s say you had $30,000 in student loans and wanted to buy a $200,000 home. The SmartBuy program would require you to have a down payment of at least $10,000 — 5% of the home’s purchase price. In exchange, the state would give you up to $30,000 — 15% of the home’s price — for you to pay off your student loans.
With Maryland SmartWork, state employees working in designated shortage areas — including nursing, public safety, psychology and information technology — can get up to $20,000 over 10 years of service to repay their student loans or a child’s education debt.
Maryland federal student loan borrowers younger than 25 owe more than national average — and more comparisons
In Maryland, 10.7% of borrowers owe $100,000 or more in federal or private student loans. With such a large loan balance, high interest rates can be especially costly, and you could owe far more than you initially borrowed.
If you have high-interest debt, student loan refinancing may be a valuable solution. You can apply for a loan from a refinancing lender for the amount of your existing debt and use it to pay off the old loans. Going forward, you’ll have just one loan instead of several, and your new loan can have different repayment terms than you had before. Depending on your credit and selected repayment term, you could qualify for a lower interest rate and save money over the life of your loan.
Along with major banks and online lenders, there are some Maryland-based credit unions that also offer student loan refinancing:
- FedChoice Federal Credit Union: With FedChoice, you can refinance your loans and pay only the interest that accrues for the first four years. After that, you’ll pay principal and interest for 11 years. Cosigner releases are available after 12 consecutive months of full payments (both principal and interest).
- SECU: SECU allows you to refinance up to $150,000 in student loans, with loan terms as long as 15 years.
However, there are some drawbacks to refinancing, particularly if you have federal loans. Refinancing turns federal loans into private ones, and you’ll lose federal benefits like access to income-driven repayment plans and forbearance. Some private lenders offer alternative payment options if you’re dealing with financial hardship, but not all do. Check with the lender to see what options are available.
- 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 6 lenders of 2021!
|Lender||Variable APR||Eligible Degrees|
|1.89% – 5.99%1||Undergrad & Graduate|
|1.99% – 5.64%2||Undergrad & Graduate|
|1.99% – 6.84%3||Undergrad & Graduate|
|2.25% – 6.88%4||Undergrad & Graduate|
|1.91% – 5.25%5||Undergrad & Graduate|
|1.89% – 5.90%6||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 Feburary 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 2.98% APR (with Auto Pay) to 5.49% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.34% 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 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.
4 Important Disclosures for SoFi.
5 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 02/17/2021 student loan refinancing rates range from 1.91% APR – 5.25% Variable APR with AutoPay and 2.95% APR – 7.63% Fixed APR with AutoPay.
6 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 January 4, 2021. Information and rates are subject to change without notice.