Does Your State Offer Student Loan Refinancing? Here’s How to Find Out

state student loans

Paying off student loan debt can feel like running on a hamster wheel. Every month, payments eat up your paycheck, but your balance somehow seems unchanged.

Luckily, there may be a way you can beat this ceaseless cycle.

How? It’s all about refinancing.

Find your state-level student loan refinancing options

There are a few different ways to find student loan refinancing options on the state level:

  • Reach out to your state’s higher education agencies using this map made by the U.S. Department of Education.
  • Contact the financial aid department of your alma mater to uncover options they may know about.
  • Check your local credit unions; they may offer student loan refinancing, too.
  • A good old fashioned Google search never hurts either.

It’s important to stay on top of your search – laws and refinancing options can change from year to year. Programs that used to be available might not exist anymore and there might be new programs that weren’t there the last time you checked.

For now, here are the programs available by state.

State Program(s)
Alabama Advantage Refinance Loan
Alaska ACPE’s Alaska Education Loan Refinancing Program (Refi)
Alternative Consolidation Loan
Connecticut CHESLA Connecticut Higher Education Supplemental Loan Authority Refinance Program
Florida Advantage Refinance Loan
Georgia Advantage Refinance Loan
Indiana INvestED Refi Loan
Iowa Reset Refinance Loan
Kentucky Advantage Refinance Loan
Massachusetts Massachusetts Educational Financing Authority (MEFA) Education Refinancing Loan
Minnesota SELF Refi
Mississippi Advantage Refinance Loan
Missouri Advantage Refinance Loan
New Jersey NJCLASS Refi+ Loan
NJCLASS Loan Consolidation
North Dakota DEAL One Loan
DEAL One Consolidation Loan
Ohio Advantage Refinance Loan
Rhode Island RISLA Refinance Loan
South Carolina PAL Refi Loan
Tennessee Advantage Refinance Loan
Virginia Advantage Refinance Loan
West Virginia Advantage Refinance Loan

What about state employee student loan forgiveness?

Based on the needs of the state you live in or attended college in, you may qualify for state employee student loan forgiveness. For example, some states offer teachers or medical personnel forgiveness for committing to a certain number of years working in underserved or rural areas.

You can find out what your state and/or line of work might qualify for with Student Loan Hero’s repayment assistance program directory. Filter your search based on location, occupation, type of forgiveness, or forgiveness amount to see if you qualify.

You might even find the work you’ve already been doing qualifies you for state employee student loan forgiveness.

What to do if your state comes up short

Let’s say you do an extensive search for options in your state only to find that there really aren’t any state student loan refinancing options available.

Don’t worry – there are still plenty of other ways you can refinance your student loans.

There are several top student loan refinancing companies that work with borrowers nationally. Even better, many of them don’t require a hard credit check right away. Instead, they’ll pre-qualify you for a few interest rate and repayment term options, enabling you to shop around for the best offer before choosing one.

In fact, even if you can get state student loan refinancing, it’s still a good idea to do you research and make sure you’re getting the lowest interest rate possible.

Make sure refinancing is right for you

Whether you refinance your loans with your state or a nationwide lender, you need to take everything into consideration – your financial goals, available interest rates, how much money you’ll save, and any benefits you may be giving up or gaining.

It’s important to know what you want out of refinancing. Want lower monthly payments? Get a longer repayment term (though that means paying more for your debt). Want out of debt faster? Choose the shortest repayment term you can afford.

In the end, the most important thing is that you choose a repayment plan that works for you and will be sustainable over time. 

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