46% of Millennial Borrowers Don’t Want Their Kids to Have Student Loans: Survey

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Student loans can be both a blessing and a curse.

On one hand, they enable students to cover the costs of college and earn a degree, which remains a valuable asset in today’s job market.

But on the other, student loans can drag down a borrower’s finances, creating a heavy burden that often lasts a decade or more.

Given the complex nature of student loans, Student Loan Hero wanted to find out how real borrowers feel about their student debt. We surveyed more than 1,000 Americans across many generations to find out if they regretted taking on debt to finance their education — and whether or not they’d encourage their kids to do the same.

Key findings

  • 46% of millennials who borrowed for their educations don’t want their kids to do the same. The same is true for 39% of Gen Xers.
  • 1 out of every 3 borrowers regret taking out a student loan.
  • 40% of millennials and 39% of Gen Xers regret taking on student loans.
  • 1 in 4 regret how they’ve handled their loans
  • 69% of those who are not in good standing on all their loan repayments regret taking on debt, and 63% think they handled their debt poorly.
  • Overall, people who didn’t complete a degree or certification are the most likely to regret their loans — and how they handled them — while people who attended trade and graduate schools are the least likely.
  • Almost half (48%) struggle to make their monthly payments, and another 20% occasionally struggle.
  • Fewer than half of respondents (42%) have researched consolidating or refinancing their student loans.
  • 21% of borrowers who carry balances don’t know how to change their payment plans. That number jumps to 23% for those who struggle to make their payments, and to 30% for those who aren’t in good standing.

1 out of 3 borrowers regret taking on student loans

According to our survey, 1 out of 3 respondents with school debt said they regretted borrowing student loans to pay for college or grad school. Considering the high monthly payments that often accompany student loans, it’s not surprising that so many wish they’d borrowed less, or nothing at all.

We also found that borrowers who regret taking on student loans the most are those who never completed their degree, who don’t have their loans in good standing, or both.

Of those who didn’t attain their degree, 42.5% regret taking on debt. And of those whose loans have gone delinquent, 69.1% regret borrowing.

Student loans can be a useful tool for covering tuition, but if you borrow too much — or leave school before earning your degree — they can become a lot more burdensome than they are helpful.

Millennials and Gen Xers regret their loans the most

When we took a closer look at the responses, we found that more millennials and Gen Xers regret taking on student loans than baby boomers or Gen Z respondents — about 40% compared with approximately 25%.

Considering how the costs of college have risen over the years, millennials and Gen Xers likely had to take on more debt than boomers. Today, the average annual cost at a private college is $35,830, according to College Board. In 1989, the average annual cost was less than half that, at just $17,010.

While Gen Z students are facing some of the highest tuition costs ever, the survey results suggest that some members of this generation might be learning from their predecessors’ regrets and minimizing the amount of debt they take on to pay for a degree.

46% of millennials don’t want their kids to take out student loans


Given millions of Americans’ experience with student loans, we were curious if borrowers would let their children take on debt to attend college. According to our survey, Gen Zers are most comfortable letting their kids take out student loans, with 73.1% saying they would allow it.

That number dropped starkly among millennials, with only 54.3% saying it would be okay. Gen Xers and boomers fell somewhere in between, with 61.2% and 66.8% saying they’d let their children finance their education with student loans, respectively.

The decision to take on debt for college is a big one that shouldn’t be made lightly. While student loans might sometimes seem like the only option to pay tuition, students and their families should make sure to max out their options for free financial aid and scholarships before turning to lenders.

Nearly half of borrowers struggle to cover monthly payments

While 65.1% of respondents said their student loans were in good standing, nearly half (48.0%) said they struggle to make monthly payments. What’s more, 1 in 4 borrowers wish they’d handled their student loans differently.

The struggle to make monthly payments varies between the generations, from 59% of Gen Xers to who struggle, to 48% of millennials, to 47% of boomers, and 21% of Gen Zers. Among those who “occasionally struggle” to make payments were 35% of Gen Zers, 21% of millennials, and 14% of both Gen Xers and boomers.

Even among those whose loans are in good standing, 31.5% regret how they’ve managed their student debt. And for those whose loans have gone delinquent or fallen into default, 62.5% regret their student loan choices.

Unfortunately, our survey also uncovered that 1 out of 5 borrowers don’t know how to change their repayment plan. If this applies to you, know that with federal loans, you can easily apply to adjust your monthly payments via an income-driven repayment plan, such as Income-Based Repayment or Pay As You Earn. Other plans, such as graduated repayment or extended repayment, can also lower your bills.

If you’re struggling to pay back your student loans, find out if you can adjust monthly payments with a new repayment plan. Learning about your options could be the difference between keeping your loans current and falling into default.

58% of borrowers have never looked into refinancing their student loans


Refinancing your student loans is another way to adjust your monthly bills and change your repayment plan, as well as simplify your repayment by combining multiple loans into one. If you qualify, refinancing might also get you a lower interest rate, potentially allowing you to save hundreds or even thousands of dollars on your debt.

But among our survey respondents, more than half said they’d never explored student loan refinancing as an option.

Given the possibility that refinancing can trim your interest rate, it’s usually worth at least investigating what’s on offer. Since many refinancing providers will give you initial rate quotes based on soft credit checks that won’t affect your credit score, you can check with multiple lenders online to see what you qualify for.

But along with the benefits, keep in mind that refinancing federal loans turns them into a private loan. This means you would lose access to federal repayment plans, such as income-driven repayment, as well as forgiveness programs, such as Public Service Loan Forgiveness (PSLF). So before refinancing, make sure you’re comfortable sacrificing these federal protections.

Finding the right strategies for your student debt

Unfortunately, there’s no time machine that lets you go back to make different choices with your student loans. But if you have regrets, try to learn from past mistakes and make different choices with your loans in the future.

Here are a few strategies for managing your student debt:

  • Learn about the different repayment plans. Although most federal student loans automatically go on the standard 10-year plan, you can adjust your monthly payments by applying for a different plan. And if you have private student loans, speak with your lender about the possibility of changing your plan.
  • If you’ve run into serious financial hardship, consider postponing your payments through deferment or forbearance. Although interest might continue to accrue, pausing payments could help you avoid default until you get back on your feet.
  • Look into student loan forgiveness programs, such as PSLF and Teacher Loan Forgiveness, which offer partial or complete discharge of your loans in exchange for qualifying service. Some states, universities and employers also offer student loan repayment assistance if you meet certain criteria.
  • Learn about federal loan consolidation. A direct consolidation loan won’t lower your interest rate, but it could combine multiple loans into one, making it easier to track repayment.
  • Explore options for student loan refinancing. If you have strong credit and a steady income, or can apply with a cosigner who does, refinancing your student loans could help you choose a new repayment plan and potentially save money on interest.

If you have kids heading off to college, have them learn about student loan repayment before they borrow. Our student loan calculator will help them estimate their future payments before signing on the dotted line.

Although student loans can be a useful tool for paying tuition, they can also become stressful if you borrow too much, as many borrowers have found out the hard way. But instead of dwelling on your regrets, be proactive about getting rid of your student loans as fast as you can.

Methodology

Student Loan Hero commissioned Qualtrics to survey 1,038 Americans who have taken out student loans to fund their own educations. The survey was conducted online from Jan. 22-29, 2019. See the full results here.

Generations are defined as follows: Millennials were born between 1981 and 1996, Gen Xers were born between 1965 and 1980, baby boomers were born between 1946 and 1964, and members of Gen Z were born between 1997 and 2011.

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
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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
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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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