Refinancing with Laurel Road
Refinancing APRs starting at 1.89%. Checking your rates won’t affect your score.
Missouri federal and private student loan borrowers have an average balance of $32,634, 11% lower than the average balance nationwide of $36,689.
The state has a range of scholarships and grants to help students pay for their college education. For those who graduate and work within the state, there are also student loan repayment programs that can make this debt more manageable.
Here’s what you need to know about Missouri student loans and your available repayment options.
Missouri residents have a wide range of educational options. The state is home to 13 public four-year universities, 14 public two-year colleges, 25 independent colleges and universities, and 11 specialized or technical colleges. Top schools include the University of Missouri, Washington University in St. Louis and the College of the Ozarks.
There are some grants and scholarship programs available to residents that can lower education costs and reduce the need for student loans:
- A+ Scholarship Program: Eligible graduates of A+-designated high schools who attend participating public colleges or technical schools (some private technical schools are also considered eligible) can receive a scholarship that covers the cost of tuition and fees after other financial aid is deducted.
- Bright Flight Program: The Bright Flight Program gives merit-based awards to top-ranked high school seniors to attend approved postsecondary institutions in Missouri.
As a Missouri resident, you may qualify for student loan repayment assistance or forgiveness programs if you work for certain employers or are in certain professions.
Students attending Missouri universities and pursuing an education that would lead to a career as a licensed practical nurse or nursing professional can qualify for Health Professional Nursing Student Loans. If the student agrees to work in a designated health professional shortage area for a set period, they can receive up to $5,000 a year in loan forgiveness.
The Missouri Health Professional Student Loan Repayment Program gives up to $50,000 in loan repayment assistance to certain medical professionals. Eligible professions include primary care physicians in fields like internal medicine, psychiatry, pediatrics and obstetrics and gynecology, as well as general dentists or dental surgeons.
In return, applicants must agree to a two-year service contract and practice in a designated health professional shortage area in Missouri.
Through PRIMO, students looking to become health care professionals can get funding to attend a Missouri university, leading to licensing in the state as primary care physicians, dentists, dental hygienists, psychiatrists and other mental health practitioners.
Once they graduate and begin working, they can qualify for loan forgiveness if they complete a service obligation (maximum of five years) in underserved areas within the state. Depending on the degree, those who qualify could receive up to $25,000 per academic year.
Federal loan borrowers who work for the government or nonprofit organizations may be eligible for PSLF. Through this program, you can qualify for loan forgiveness after working for an eligible employer while making 120 qualifying monthly payments.
If you have federal student loans and teach in a low-income school or educational service agency, you can apply for partial loan forgiveness through Teacher Loan Forgiveness. Teachers can receive up to $17,500 in repayment assistance for federal loans if they teach in a qualifying school for at least five years.
Missouri federal student loan borrowers younger than 25 owe more than national average — and more comparisons
Nearly 7% of Missouri student loan borrowers owe $100,000 or more in student loans. If you have such a large balance, interest can accrue rapidly, and you can pay thousands more than you initially borrowed due to interest charges.
Student loan refinancing can be especially effective for borrowers with six-figure loan balances.
When you refinance your student loans, you apply for a loan from a private lender to cover the amount of your existing debt. Using the new loan to pay off your old balances, you can refinance both federal and private student loans. Your new loan will have different terms, including your interest rate, helping you save money and reduce your monthly payment.
You can refinance your loans with banks, credit unions and online lenders. In Missouri, there are two state-based credit unions that offer student loan refinancing:
- Neighbors Credit Union: This credit union allows you to refinance up to $125,000 in undergraduate loans and up to $250,000 in graduate loans.
- Electro Savings Credit Union: Electro Savings Credit Union offers competitive rates and a loan maximum of $100,000.
Before refinancing federal student loans, though, keep in mind that it means your federal loans are transferred into private ones. Once you refinance, you’ll no longer be eligible for federal benefits or forbearance programs. Some private refinancing lenders do offer financial hardship programs like forbearance or deferment, but their terms are typically different than those of federal loans. For instance, the forbearance or deferment period may be shorter.
- 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.