Refinancing with Earnest
Refinancing rates from 2.47% APR. Checking your rates won’t affect your credit score.Check out Earnest
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.
|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|
|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.
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 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 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
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|
|2.80% – 6.22%2||Undergrad & Graduate||Visit Laurel Road|
|2.51% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.57% – 8.17%6||Undergrad & Graduate||Visit Citizens|