Refinancing with Laurel Road
Refinancing APRs starting at 1.89%. Checking your rates won’t affect your score.
Student loan borrowers in Minnesota owe an average $31,250 in federal and private student debt, which is 15% less than the national average of $36,689.
There are 900,000 Minnesota student loan borrowers, with an average monthly payment of $254. While many federal loan borrowers are seeing temporary relief by having payments and interest suspended through Sept. 30, 2021, it’s still important to understand Minnesota student loans — and know your options for repayment.
The University of Minnesota has five statewide campuses, including its main campus in the Twin Cities, while the Minnesota State system features 30 colleges and seven universities spread over 54 campuses. To help students pay for college, Minnesota offers various scholarships and grants in addition to federal aid.
One program, the Minnesota State Grant, works in conjunction with the Federal Pell Grant to provide education access on a need basis. There are also grants aimed at helping students with children cover child care costs, as well as scholarships for students of American Indian heritage.
If you have Minnesota student loans, there are some programs that can help you receive some student loan forgiveness, depending on your profession. For those who don’t qualify for state loan repayment help, there are federal loan programs, like Public Service Loan Forgiveness (PSLF), that may be available.
Law graduates who work in public interest areas can apply to the Loan Repayment Assistance Program of Minnesota to potentially receive forgiveness of up to 80% to 95% of their student loans. The amount of the award varies based on various factors, including annual income, assets and years of qualifying employment.
For those teaching in eligible postsecondary instruction programs in the health care field, the Allied Health Care Faculty Loan Forgiveness program provides up to $11,000 in student loan forgiveness per year. Recipients are expected to commit to at least three years of instruction, and can receive the award for up to four years with an additional year of service.
The Dentist Loan Forgiveness program offers licensed dentists up to $40,000 a year in student loan repayment help if at least 25% of their patient visits are through public programs or based on a sliding fee scale. To take advantage of this program, you must serve at least three years, and you can receive the award for up to four years if you commit to an additional year in the program.
With the Long Term Care Nurse Loan Forgiveness program, it’s possible to receive up to $6,000 a year in student loan repayment help. The minimum term is two years, with an option to extend for another two years. Nurses must work in long-term care facilities (like nursing homes and intermediate care facilities) that meet certain requirements or provide home care.
For licensed pharmacists working in rural areas, the Rural Pharmacist Loan Forgiveness program can provide up to $24,000 a year. To receive the reward, pharmacists must work at least 30 hours a week for at least 45 weeks of the year in an area designated rural by the state legislature. The minimum term of service is three years, and the award can’t be received for more than four years.
The Minnesota SLRP is designed for primary care providers that practice in health professional shortage areas, which can be rural or urban. For full-time primary care providers, it’s possible to receive up to $20,000 a year in repayment help. Part-time providers can receive up to $10,000 a year. However, you must commit to providing services for at least two years.
Minnesota federal student loan borrowers younger than 25 owe more than national average — and more comparisons
Nearly 6% of Minnesota student loan borrowers owe $100,000 or more in federal student loans. For those borrowers, refinancing can be an attractive strategy, as it could potentially reduce your interest rate, allowing you to pay off the debt faster.
When you refinance student loans, you get a new loan that you can use to pay off your smaller student loans. Once the process is complete, you only have one student loan and one payment.
However, while this can simplify your finances and save you money, it’s important to remember that student loan refinancing is a private process, so if you refinance federal loans, you’ll lose government benefits like access to PSLF, income-driven repayment and certain loan deferment options.
Carefully consider your situation, and decide whether it might make more sense to use federal loan consolidation to streamline your federal student loans, while using refinancing for any private student loans you have.
- 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|
|1.91% – 5.25%3||Undergrad & Graduate|
|2.25% – 6.88%4||Undergrad & Graduate|
|1.89% – 5.90%5||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|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 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.
4 Important Disclosures for SoFi.
5 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.