Navigating the world of student loans sometimes feels like living in a country where you don’t speak the language.
The different programs, rules, and strategies are so complex, so dependent on your situation, and so full of jargon that it’s no wonder you feel frustrated.
If you don’t know what to do and want someone to analyze your financial situation and give you personalized student loan advice, these organizations might be able to help.
Where to get free or low-cost personalized student loan advice
There are plenty of scammy businesses that promise to magically erase your student loan debt.
Spoiler alert: They can’t.
The purpose of these nonprofits, however, is to help consumers like you. So here are two options for you to consider.
The National Foundation for Credit Counseling
The National Foundation for Credit Counseling (NFCC) is a network of more than 60 nonprofit financial counseling agencies. For nearly 70 years, NFCC-certified credit counselors have helped consumers navigate financial topics like housing and credit cards — and since 2016, student debt.
“The idea is to offer a holistic assessment of a consumer’s student loan repayment options,” said Matt Ribe, senior director of legislative affairs and corporate secretary for NFCC, “but to do so in the context of their broader financial picture — so understanding what their financial goals are and also what their obligations and constraints are.”
According to Ribe, counseling sessions typically cover:
- Which repayment options make the most sense for your situation
- The pros and cons of various strategies
- How repayment can fit with your other financial goals
To find a NFCC-certified student loan counselor, visit StudentLoanHelp.org and enter your information into the platform’s student loan “advice engine.” That way, Ribe explained, counselors can dive right into your situation — instead of spending time gathering data.
You can connect with a counselor immediately or schedule an appointment for later. Most charge between $50 and $200 per session and promise you’ll leave with a comprehensive game plan for paying back your student loans.
If that cost seems out of reach, don’t despair. Since the NFCC and its member agencies are nonprofits, they can’t refuse you services because you can’t pay, Ribe noted. So fill out your information, and if an agency determines you can’t afford its services, it’ll work with you on a fair price — which sometimes will be nothing.
“We are very proud of the service,” said Ribe. “And we hope that as many people will avail themselves of it as possible.”
American Student Assistance
Whether you’ve already taken out loans or are trying to decide how to pay for college, American Student Assistance (ASA) can help.
It offers services directly through phone, email, or chat. If you’re in Massachusetts, you also can seek in-person help at one of the organization’s college planning centers.
Here are some of the things ASA can help with, according to Alle Lanza-Cosgrove, director of communications at the organization’s Center for Consumer Advocacy:
- Determining how much to borrow
- Understanding different loan types
- Picking the right repayment plan
- Figuring out how to communicate with your loan servicer
- Deciding how to file paperwork appropriately
- Finding solutions when you can’t afford your payment
“Sometimes, borrowers want or need advice from someone who’s not collecting the debt or affiliated with the lender of the debt,” said Lanza-Cosgrove. “ASA is a good choice … because of our extensive experience (more than 60 years working with student loan borrowers) and our neutrality in that process.”
ASA’s services are free. Just register with its financial education site Salt, upload your loan information, and get in touch with a counselor.
“Our main goal is to help protect the interests of borrowers looking to fulfill the American dream with the hope of a higher education in a way unhampered by crippling student loan debt,” said Lanza-Cosgrove. “We do this on an individual level — one borrower at a time.”
If you’re overwhelmed by your student loans, remember that you don’t have to go it alone. Seek help from resources like the ones above — and start making forward progress today.
Interested in refinancing student loans?Here are the top 6 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|1.99% – 5.64%1||Undergrad & Graduate|
|1.89% – 5.90%2||Undergrad & Graduate|
|2.25% – 6.28%3||Undergrad & Graduate|
|1.89% – 6.77%4||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|1.99% – 5.61%5||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews! |
1 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 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.64% 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 July 31, 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 7/31/2020. 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.
2 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 September 9, 2020. Information and rates are subject to change without notice.
3 Important Disclosures for SoFi.
4 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 September 10, 2020.
5 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 0.16% effective Sep 1, 2020 and may increase after consummation.