Refinancing with Earnest
Refinancing rates from 2.57% APR. Checking your rates won’t affect your credit score.
Rhode Island college graduates in the Class of 2016 had an average of $31,217 in student loan, according to The Institute for College Access & Success. That’s a lot of debt to have when starting your career, but it’s well below the average student loan balance of $37,172.
According to the report, 39% of residents managed to make it through four-year public and private schools without resorting to Rhode Island student loans. But the majority of students might have a hard time making it to graduation without loans.
If you’re having difficulty in paying for school, the key is to know your options. That could help you avoid borrowing more money than you need and get lower rates on the loans you take out.
Rhode Island student loans
All Rhode Island students can choose between federal and private student loans to help pay for college. Additionally, you’ll have access to state-based education loans through the nonprofit Rhode Island Student Loan Authority (RISLA).
Federal student loans
The federal government offers loans to undergraduate and graduate students, as well as to parents who want to help their children. Federal student loans offer some benefits that you won’t see with private student loans, including forgiveness programs and income-driven repayment (IDR) plans.
Direct Subsidized Loans and Direct Unsubsidized Loans don’t require a credit check of borrowers before they’re approved, but Direct PLUS Loans do.
Here’s a summary of what’s available, as of April 13, 2018. For more recent information, contact the Federal Student Aid office.
|Loan type||Designed for||Requires a credit check?||Interest rates||Loan fee|
|Direct Subsidized Loans||Undergraduate students who demonstrate financial need||No||4.45%||1.066%|
|Direct Unsubsidized Loans||Undergraduate, graduate, and professional students||No||4.45% for undergraduates, 6.00% for graduate and professional students||1.066%|
|Direct PLUS Loans||Graduate and professional students, and parents of undergraduate students||Yes||7.00%||4.264%|
Private student loans
Unlike federal loans, all private student loans require a credit check of borrowers. If you’re brand new to credit or have made some mistakes, you might need to get a cosigner to improve your chances of being approved.
Also, private student loans typically don’t come with student loan forgiveness programs or IDR plans. Despite these drawbacks, the top private student loan companies offer competitive interest rates and terms to borrowers who qualify. Here are a few examples.
|Student loan company||Variable interest rates||Fixed interest rates||Origination fees|
|LendKey||As low as 5.62%||As low as 4.68%||None|
|Citizens Bank||4.26% – 12.13%||5.25% – 12.09%||None|
|College Ave||3.94% – 12.78%||5.29% – 12.07%||None|
RISLA student loans
RISLA is a nonprofit quasi-state agency that offers college loans and student loan refinancing. To qualify, you need to be a Rhode Island resident or attend school in the state.
Students and parents can take out a RISLA College Loan, which is designed for undergraduate students. If you’re a graduate or professional student, you can apply for a RISLA Graduate School Loan.
Unlike private student loan companies, RISLA offers special benefits to its borrowers. For example, you can get on an Income-Based Repayment plan if you can’t afford your payments. You also will have access to the following programs:
- Student Loan Forgiveness for Internships: You can access up to $2,000 in student loan forgiveness on nonfederal RISLA loans for completing an eligible internship for credit.
- Nursing Rewards: If you’re a new nurse working in Rhode Island, you’ll pay no interest on RISLA loans for up to four years.
- Primary Care Provider Loan Repayment: If you’re a physician, nurse practitioner, or physician assistant, you can get thousands of dollars in loan forgiveness by staying and working in Rhode Island.
To be eligible for a RISLA loan, you need to earn at least $40,000 a year and have a credit score of at least 680. If you don’t meet these requirements, you can use a cosigner who does meet the criteria to help you get approved.
Here are some details about RISLA student loans, as of April 13, 2018. Check the RISLA website for the latest information.
|Undergraduate loans||Graduate loans||Parent loans|
|Payment plan||Immediate repayment plan||Deferred repayment plan||Immediate repayment plan||Deferred repayment plan||Immediate repayment plan|
|Fixed APR (with autopay)||4.49%||6.25% to 6.42%||4.74%||6.67%||5.49%|
|Repayment term||10 years||15 years||10 years||15 years||10 years|
|Repayment begins||15 days after final disbursement||Six months after you leave school||15 days after final disbursement||Six months after you leave school||15 days after final disbursement|
|Loan limits||$1,500 to $40,000 per year||Up to $40,000 per year||$1,500 to $40,000 per year|
Refinancing Rhode Island student loans
If you’ve already left school, it might be worth taking another look at your student loans to make sure you’re not paying more than you should. Refinancing your Rhode Island student loans could potentially get you a lower interest rate, monthly payment, or both.
Here are a few of the top student loan refinancing companies and how they compare with RISLA.
|Student loan company||Variable interest rates||Fixed interest rates||Minimum loan balance||Origination fees|
|CommonBond||2.50% – 7.24%||3.67% – 7.57%||$5,000||None|
|Earnest||2.57% – 6.97%||3.89% – 7.89%||$5,000||None|
|SoFi||2.47% – 6.99%||3.90% – 7.98%||$5,000||None|
|RISLA||N/A||3.49% to 7.64% (with autopay)||$7,500||None|
Be sure to compare the top student loan refinancing companies and examine repayment terms and other features that might fit your needs best.
Getting Rhode Island student loans that are right for you
Ideally, you shouldn’t need to take out student loans to pay for college. But having access to the options when you need them can help you avoid paying more than you have to for your education.
As you research your student loan options, keep other financing methods in mind, including scholarships, grants, and jobs. The more time you spend trying to get funds from these sources, the less you’ll need to borrow.
If you do end up taking out student loans, make sure to look into refinancing the debt when you graduate. Depending on what you’re paying, you could get a better deal.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|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 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% 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 firstname.lastname@example.org, 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
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% 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 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% 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 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
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.
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.
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 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.57% – 6.97%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.50% – 7.24%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|