Refinancing with Earnest
Refinancing rates from 2.47% APR. Checking your rates won’t affect your credit score.Check out Earnest
Oklahoma residents graduate with some of the lowest student loan debt in the country, according to a 2017 ValuePenguin report. But that doesn’t mean student loans aren’t a burden for those who have them.
Whether you’re planning to attend college in the state or you’ve already graduated, there are a few different options for tackling your Oklahoma student loans.
Federal student loan options in Oklahoma
If you’re on your way to college in Oklahoma, start by filling out the Free Application for Federal Student Aid (FAFSA). Your award letter will detail how much money you’ll get in grants, scholarships, and federal loans. The amount you receive is based on the information you provide in your FAFSA.
The Oklahoma Student Loan Authority (OSLA) is the nonprofit company that handles Oklahoma student loans. It acts as a middleman for borrowers and the Department of Education. If you live in Oklahoma and have federal student loans, you might already be familiar with OSLA.
Private student loan options in Oklahoma
The money you receive from grants, scholarships, and federal loans might not be enough to cover the cost of college. You might need a private student loan to cover the cost of school and other expenses.
Once you receive your award letter, you’ll know how much aid you qualify for. If there’s any funding gap, getting a private student loan can help cover your additional expenses.
Private student loans are offered by individual lenders, rather than the federal government. If you’re a student with little or no credit, you might need a cosigner to get a private student loan.
OSLA can help keep you on track
OSLA is more than just the middleman for collecting student loans for the Department of Education. They also keep borrowers in check so they don’t miss payments or fall behind. For example, OSLA contacts you in the event of a federally declared natural disaster to give you forbearance options for your student loans.
OSLA will also contact you if you’re having trouble staying current on payments. Borrowers are offered different options based on their financial needs. But the goal is to keep borrowers from defaulting on student loans.
OSLA also offers student loan forgiveness programs, disability discharge options, and consolidation.
How to refinance in Oklahoma
Student loan refinancing can help with student loan debt because it can reduce your interest payments and lower your monthly payments. Through refinancing, you can choose a new repayment term, such as a five, 10, or even 20-year plan. A longer repayment period will mean lower monthly payments, but it will take longer for you to pay off your loan.
Keep in mind that if you refinance your federal loans with a private lender, you will lose most federal student loan protections. Lenders will also do a soft credit check on you. This alone won’t hurt your credit but other things will, such as continually making late payments on your new loan.
Not everyone is a good match for refinancing. It’s important to see if you qualify and if it makes sense for your financial situation. If you do decide to move forward, there are a few refinancing options to choose from.
Student Loan Refinancing Calculator
Getting Oklahoma student loans that are right for you
It’s best to take advantage of all the free money you can before applying for student loans. But it’s OK if you need to take out a loan. If you’re short on money to pay for college, getting Oklahoma student loans might even be necessary.
With the help of OSLA and other agencies, you should have plenty of resources to borrow money and pay it back in a smart way. It’s better to take loans out now so you aren’t worried about paying for college while you’re in school.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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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 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% 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 Month/Day/Year, 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 08/21/18. 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@example.com, or call 888-601-2801 for more information on ourstudent 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 Laurel Road.
Laurel Road Disclosures
3 Important Disclosures for SoFi.
4 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.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.57% – 6.98%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 5.87%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.80% – 6.22%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.57% – 8.17%6||Undergrad & Graduate||Visit Citizens|