Your State-by-State Guide to Statute of Limitations on Debt

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Did you know that if certain unpaid debt hits a certain age, debt collectors can no longer sue you for repayment? That, my friends, is called the statute of limitations on debt. However, the terms of these laws vary state-by-state and even by types of debt. Here's everything you need to know about what each state's statute of limitations covers, including what the statute of limitations on debt collection is throughout the U.S. What is the statute of limitations on debt? The Consumer Finance Protection Bureau (CFPB) defines the statute of limitations on debt as, “The limited period of time creditors or debt collectors have to file a lawsuit to recover debt.” So if you’ve gone delinquent on certain types of debt and the statute of limitations on that debt runs out, then a judgment brought against you in court shouldn’t be upheld. You do, however, have to defend yourself in court if a collector tries to sue you for that debt. When the statute of limitations on your debt runs out, it becomes what’s called “time-barred debt.” Therefore, if your debt collector is trying to collect on time-barred debt, you can use these sample letters from the CFPB to write a letter asking them to stop. 3 major statute of limitations on debt caveats 1. Time-barred debt doesn’t mean you’ll get left alone Although your debt might be covered under the statute of limitations, that doesn’t mean debt collectors have to stop contacting you. They just can’t necessarily successfully sue you to collect anymore. However, that debt is in your name and collectors can try to get you to repay. In short, debt never goes away just because the collector can’t sue you for it. Essentially, "the statute of limitations only bars the creditor from suing you - it doesn’t wipe away the loan," according to US News & World Report. If you end up getting brought to court on a time-barred debt, then you can use the statute of limitations law to protect you. 2. It’s easy to accidentally restart the clock Anytime you make a payment on a past-due debt, you risk restarting the clock on the statute of limitations. Even if you were just months away from your debt becoming time-barred, one payment can bounce you right back to the beginning. “Say you stop paying your private student loan in 2010 in a state with a six-year statute of limitations on such debts," writes the US News & World Report. "The clock starts ticking on the six-year limit in 2010 when you stop paying. If, however, you make a payment in 2013, the statute of limitations period may start again and not end until 2019.” 3. Federal student loans don’t fall under the statute of limitations on debt Unfortunately, federal student loans don’t fall under the statute of limitations on debt. That means, if you have federal student loans, there’s never a time after which collectors are unable to sue you to collect. Private student loans can sometimes be covered under the statute of limitations. However, for some states, private student loans might take longer to become time-barred debt. That’s because you have to sign a promissory note to get your student loans. And, depending on the state, those promissory notes could mean a longer time period before the statute of limitations on debt expires. Oral contracts vs. written contracts Every state is different when it comes to what their statute of limitations on debt covers, especially when it comes to language they use to describe different types of debt. But two main categories are oral contracts and written contracts. Oral contracts (also know as open-ended accounts or contracts not in writing) are just what they sound like. For example, a verbal agreement between you and another person to loan money and pay it back. However, what you’re most likely going to use this for is credit card debt. Credit cards are open-ended agreements and don’t fall into the written contracts category. That said, there are a handful of states that break this rule. So it’s possible your credit card falls under the timeline for written contracts in your state. On the other hand, written contracts refer to agreements for which you sign paperwork. These are closed contracts. In terms of finances, they are usually loans. After all, a loan isn’t revolving debt. If you wanted more money on a loan, you couldn’t increase it. You would have to take out another loan. It’s important to note one thing about written contracts. If they’ve been signed under seal, then that creates a whole separate category. Written contracts under seal almost always take longer to become time-barred debt, just like promissory notes. Statute of limitations on debt collection by state Alabama Oral contracts: 3 years (Alabama Code § 6.2.37) Written contracts: 6 years (Alabama Code § 6.2.34) Alaska Oral contracts: 3 years (Alaska Statute § 09.10.053) Written contracts: 3 years (Alaska Statute § 09.10.053) Arizona Oral contracts: 3 years (A.R.S. § 12-543) Written contracts: 6 years (A.R.S. § 12-548) Credit card debt: 6 years * *While credit cards are open accounts and thus don’t fall under laws governing written contracts, Arizona passed a law in 2011 lengthening the statute of limitations on them to six years. Arkansas Oral contracts: 3 years (Ark. Code Ann. § 4-3-118 - Justia) Written contracts: 5 years (Ark. Code Ann. § 4-3-118 - Justia) California Oral contracts: 2 years (California Code of Civil Procedure § 339) Written contracts: 4 years (California Code of Civil Procedure § 337) Colorado Oral contracts: 6 years (C.R.S. 13-80-103.5 Lexis Nexis) Written contracts: 6 years (C.R.S. 13-80-103.5 Lexis Nexis) Connecticut Oral contracts: 3 years (Connecticut General Statute § 52-581) Written contracts: 6 years (Connecticut General Statute § 52-576) Delaware Oral contracts: 3 years (Delaware Code § 10-8106) Written contracts: 3 years (Delaware Code § 10-8106) Florida Oral contracts: 4 years (Florida Statute § 95.11) Written contracts: 5 years (Florida Statute § 95.11) Georgia Oral contracts: 4 years (Georgia Code § 9-3-25) Written contracts: 6 years (Georgia Code § 9-3-24) Hawaii Oral contracts: 6 years (Hawaii Revised Statute § 657-1) Written contracts: 6 years (Hawaii Revised Statute § 657-1) Idaho Oral contracts: 4 years (Idaho Code § 5-217) Written contracts: 5 years (Idaho Code § 5-216) Illinois Oral contracts: 5 years (735 ILCS 5/13-205) Written contracts: 10 years (735 ILCS 5/13-206) Indiana Oral contracts: 6 years (Indiana Code § 34-11-2-7) Written contracts: 6 years or 10 years* (Indiana Code § 34-11-2-9) *Written contracts executed between September 19, 1881, and September 1, 1982, are time-barred after ten years. Whereas written contracts executed after September 1, 1982, are time-barred after six years. Iowa Oral contracts: 5 years (Iowa Code § 614.1-4) Written contracts: 10 years (Iowa Code § 614.1-5) Kansas Oral contracts: 3 years (Kansas Statute § 60-512) Written contracts: 5 years (Kansas Statute § 60-511) Kentucky Oral contracts: 5 years (Kentucky Revised Statute § 413.120) Written contracts: 10 years or 15 years* (Kentucky Revised Statute § 413.090) *Written contracts executed after July 15, 2014, are time-barred after ten years. However, written contracts executed on or before July 15, 2014, are time-barred after fifteen years. Louisiana Oral contracts: 3 years (Louisiana Civil Code §3494-2) Written contracts: 10 years (Louisiana Civil Code § 3501) Maine Oral contracts: 6 years (Maine Revised Statute § 14-752) Written contracts: 6 years (Maine Revised Statute § 14-752) Maryland Oral contracts: 3 years (Code of Maryland §5–101) Written contracts: 3 years (Code of Maryland §5–101) Massachusetts Oral contracts: 6 years (Massachusetts Legislature § 260-2) Written contracts: 6 years (Massachusetts Legislature § 260-2) Michigan Oral contracts: 6 years (Michigan Legislature § 600.5807) Written contracts: 6 years (Michigan Legislature § 600.5807) Minnesota Oral contracts: 6 years (Minnesota Statutes § 541.05) Written contracts: 6 years (Minnesota Statutes § 541.05) Mississippi Oral contracts: 3 years (Mississippi Code § 15-1-29) Written contracts: 3 years (Mississippi Code § 15-1-29) Missouri Oral contracts: 5 years (Missouri Revised Statute § 516.120) Written contracts: 10 years (Missouri Revised Statute § 516.110) Montana Oral contracts: 5 years (Montana Code § 27-2-202) Written contracts: 8 years (Montana Code § 27-2-202) Nebraska Oral contracts: 4 years (Nebraska Revised Statute § 25-206) Written contracts: 5 years (Nebraska Revised Statute § 25-205) Nevada Oral contracts: 4 years (Nevada Revised Statute § 11.190) Written contracts: 6 years (Nevada Revised Statute § 11.190) New Hampshire Oral contracts: 3 years (New Hampshire Revised Statute § 382-A:3-118) Written contracts: 3 years (New Hampshire Revised Statute § 382-A:3-118) New Jersey Oral contracts: 6 years (New Jersey Statute § 2A:14-1) Written contracts: 6 years (New Jersey Statute § 2A:14-1) New Mexico Oral contracts: 4 years (New Mexico Statute § 37-1-4 - Justia) Written contracts: 6 years (New Mexico Statute § 37-1-3 - Justia) New York Open contracts: 6 years (New York Civil Practice Laws & Rules § 213) Written contracts: 6 years (New York Civil Practice Laws & Rules § 213) North Carolina Oral contracts: 3 years (North Carolina General Statute § 1-52) Written contracts: 3 years (North Carolina General Statute § 1-52) North Dakota Oral contracts: 6 years (North Dakota Century Code § 28-01-16) Written contracts: 6 years (North Dakota Century Code § 28-01-16) Ohio Oral contracts: 6 years (Ohio Revised Code § 2305.07) Written contracts: 8 years (Ohio Revised Code § 2306.06) Oklahoma Oral contracts: 3 years (O.S. §, 12-3-95) Written contracts: 5 years (O.S. §, 12-3-95) Oregon Oral contracts: 6 years (Oregon Revised Statute § 12.080) Written contracts: 6 years (Oregon Revised Statute § 12.080) Pennsylvania Oral contracts: 4 years (Pennsylvania Statute § 42-5525) Written contracts: 4 years (Pennsylvania Statute § 42-5525) Rhode Island Oral contracts: 10 years (Rhode Island General Laws § 9-1-13) Written contracts: 10 years (Rhode Island General Laws § 9-1-13) South Carolina Oral contracts: 3 years (South Carolina Code of Laws § 15-3-530) Written contracts: 3 years (South Carolina Code of Laws § 15-3-530) South Dakota Oral contracts: 6 years (South Dakota Codified Laws § 15-2-13) Written contracts: 6 years (South Dakota Codified Laws § 15-2-13) Tennessee Oral contracts: 6 years (Tennessee Code § 28-3-109) Written contracts: 6 years (Tennessee Code § 28-3-109) Texas Oral contracts: 4 years (Texas Civil Practice & Remedies Code § 16.004) Written contracts: 4 years (Texas Civil Practice & Remedies Code § 16.004) Utah Oral contracts: 4 years (Utah Code § 78B-2-307) Written contracts: 6 years (Utah Code § 78B-2-309) Vermont Oral contracts: 6 years (12 V.S.A. § 511) Written contracts: 6 years (12 V.S.A. § 511) Virginia Oral contracts: 3 years (Virginia Code § 8.01-246) Written contracts: 5 years (Virginia Code § 8.01-246) Washington Oral contracts: 3 years (Washington Revised Code § 4.16.080) Written contracts: 6 years (Washington Revised Code § 4.16.040) West Virginia Oral contracts: 5 years (West Virginia Code § 55-2-6) Written contracts: 10 years (West Virginia Code § 55-2-6) Wisconsin Oral contracts: 6 years (Wisconsin Statute § 893.43) Written contracts: 6 years (Wisconsin Statute § 893.43) Wyoming Oral contracts: 8 years (Wyoming Statute § 1-3-105) Written contracts: 10 years (Wyoming Statute § 1-3-105) [table id=5]
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Did you know that if certain unpaid debt hits a certain age, debt collectors can no longer sue you for repayment? That, my friends, is called the statute of limitations on debt.

However, the terms of these laws vary state-by-state and by types of debt. Here’s everything you need to know about what each state’s statute of limitations covers, including what the statute of limitations on debt collection is throughout the U.S.

What is the statute of limitations on debt?

The Consumer Finance Protection Bureau (CFPB) defines the statute of limitations on debt as: “The limited period of time creditors or debt collectors have to file a lawsuit to recover debt.”

If you’ve gone delinquent on certain types of debt and the statute of limitations on that debt runs out, a judgment brought against you in court shouldn’t be upheld. You do, however, have to defend yourself in court if a collector tries to sue you for that debt.

When the statute of limitations on your debt runs out, it becomes what’s called “time-barred debt.” Therefore, if your debt collector is trying to collect on a time-barred debt, you can use these sample letters from the CFPB to write a letter asking them to stop.

Three major statutes of limitations on debt warnings

1. Time-barred debt doesn’t mean you’ll be left alone

Although your debt might be covered under the statute of limitations, that doesn’t mean debt collectors have to stop contacting you. They just can’t necessarily successfully sue you to collect anymore. However, that debt is in your name and collectors can try to get you to repay.

In short, debt never goes away just because the collector can’t sue you for it. Essentially, “the statute of limitations only bars the creditor from suing you – it doesn’t wipe away the loan,” according to US News & World Report.

If you end up getting brought to court on a time-barred debt, then you can use the statute of limitations law to protect you.

2. It’s easy to accidentally restart the clock

Anytime you make a payment on a past-due debt, you risk restarting the clock on the statute of limitations.

Even if you were just months away from your debt becoming time-barred, one payment can bounce you right back to the beginning.

“Say you stop paying your private student loan in 2010 in a state with a six-year statute of limitations on such debts,” the US News & World Report explained. “The clock starts ticking on the six-year limit in 2010 when you stop paying. If, however, you make a payment in 2013, the statute of limitations period may start again and not end until 2019.”

3. Federal student loans don’t fall under the statute of limitations on debt

Unfortunately, federal student loans don’t fall under the statute of limitations on debt. If you have federal student loans, there’s never a time after which collectors are unable to sue you to collect.

Private student loans can sometimes be covered under the statute of limitations. However, for some states, private student loans might take longer to become time-barred debt.

That’s because you have to sign a promissory note to get your student loans. And, depending on the state, those promissory notes could mean a longer time period before the statute of limitations on debt expires.

Oral contracts vs. written contracts

Every state is different when it comes to what their statute of limitations on debt covers, especially when it comes to the language they use to describe different types of debt. But two main categories are oral contracts and written contracts.

Oral contracts (also know as open-ended accounts or contracts not in writing) are just what they sound like. For example, a verbal agreement between you and another person to loan money and pay it back.

However, what you’re most likely going to use this for is credit card debt. Credit cards are open-ended agreements and don’t fall into the written contracts category.

That said, there are a handful of states that break this rule. So it’s possible your credit card falls under the timeline for written contracts in your state.

On the other hand, written contracts refer to agreements for which you sign paperwork. These are closed contracts. In terms of finances, they are usually loans.

After all, a loan isn’t revolving debt. If you wanted more money on a loan, you couldn’t increase it. You would have to take out another loan.

It’s important to note one thing about written contracts. If they’ve been signed under seal, then that creates a whole separate category. Written contracts under seal almost always take longer to become time-barred debt, just like promissory notes.

State-by-state statute of limitations on debt collection

Alabama

Oral contracts: 3 years (Alabama Code § 6.2.37)

Written contracts: 6 years (Alabama Code § 6.2.34)

Alaska

Oral contracts: 3 years (Alaska Statute § 09.10.053)

Written contracts: 3 years (Alaska Statute § 09.10.053)

Arizona

Oral contracts: 3 years (A.R.S. § 12-543)

Written contracts: 6 years (A.R.S. § 12-548)

Credit card debt: 6 years *

*While credit cards are open accounts and thus don’t fall under laws governing written contracts, Arizona passed a law in 2011 lengthening the statute of limitations on them to six years.

Arkansas

Oral contracts: 3 years (Ark. Code Ann. § 4-3-118 – Justia)

Written contracts: 5 years (Ark. Code Ann. § 4-3-118 – Justia)

California

Oral contracts: 2 years (California Code of Civil Procedure § 339)

Written contracts: 4 years (California Code of Civil Procedure § 337)

Colorado

Oral contracts: 6 years (C.R.S. 13-80-103.5 Lexis Nexis)

Written contracts: 6 years (C.R.S. 13-80-103.5 Lexis Nexis)

Connecticut

Oral contracts: 3 years (Connecticut General Statute § 52-581)

Written contracts: 6 years (Connecticut General Statute § 52-576)

Delaware

Oral contracts: 3 years (Delaware Code § 10-8106)

Written contracts: 3 years (Delaware Code § 10-8106)

Florida

Oral contracts: 4 years (Florida Statute § 95.11)

Written contracts: 5 years (Florida Statute § 95.11)

Georgia

Oral contracts: 4 years (Georgia Code § 9-3-25)

Written contracts: 6 years (Georgia Code § 9-3-24)

Hawaii

Oral contracts: 6 years (Hawaii Revised Statute § 657-1)

Written contracts: 6 years (Hawaii Revised Statute § 657-1)

Idaho

Oral contracts: 4 years (Idaho Code § 5-217)

Written contracts: 5 years (Idaho Code § 5-216)

Illinois

Oral contracts: 5 years (735 ILCS 5/13-205)

Written contracts: 10 years (735 ILCS 5/13-206)

Indiana

Oral contracts: 6 years (Indiana Code § 34-11-2-7)

Written contracts: 6 years or 10 years* (Indiana Code § 34-11-2-9)

*Written contracts executed between September 19, 1881, and September 1, 1982, are time-barred after ten years. Whereas written contracts executed after September 1, 1982, are time-barred after six years.

Iowa

Oral contracts: 5 years (Iowa Code § 614.1-4)

Written contracts: 10 years (Iowa Code § 614.1-5)

Kansas

Oral contracts: 3 years (Kansas Statute § 60-512)

Written contracts: 5 years (Kansas Statute § 60-511)

Kentucky

Oral contracts: 5 years (Kentucky Revised Statute § 413.120)

Written contracts: 10 years or 15 years* (Kentucky Revised Statute § 413.090)

*Written contracts executed after July 15, 2014, are time-barred after ten years. However, written contracts executed on or before July 15, 2014, are time-barred after fifteen years.

Louisiana

Oral contracts: 3 years (Louisiana Civil Code §3494-2)

Written contracts: 10 years (Louisiana Civil Code § 3501)

Maine

Oral contracts: 6 years (Maine Revised Statute § 14-752)

Written contracts: 6 years (Maine Revised Statute § 14-752)

Maryland

Oral contracts: 3 years (Code of Maryland §5–101)

Written contracts: 3 years (Code of Maryland §5–101)

Massachusetts

Oral contracts: 6 years (Massachusetts Legislature § 260-2)

Written contracts: 6 years (Massachusetts Legislature § 260-2)

Michigan

Oral contracts: 6 years (Michigan Legislature § 600.5807)

Written contracts: 6 years (Michigan Legislature § 600.5807)

Minnesota

Oral contracts: 6 years (Minnesota Statutes § 541.05)

Written contracts: 6 years (Minnesota Statutes § 541.05)

Mississippi

Oral contracts: 3 years (Mississippi Code § 15-1-29)

Written contracts: 3 years (Mississippi Code § 15-1-29)

Missouri

Oral contracts: 5 years (Missouri Revised Statute § 516.120)

Written contracts: 10 years (Missouri Revised Statute § 516.110)

Montana

Oral contracts: 5 years (Montana Code § 27-2-202)

Written contracts: 8 years (Montana Code § 27-2-202)

Nebraska

Oral contracts: 4 years (Nebraska Revised Statute § 25-206)

Written contracts: 5 years (Nebraska Revised Statute § 25-205)

Nevada

Oral contracts: 4 years (Nevada Revised Statute § 11.190)

Written contracts: 6 years (Nevada Revised Statute § 11.190)

New Hampshire

Oral contracts: 3 years (New Hampshire Revised Statute § 382-A:3-118)

Written contracts: 3 years (New Hampshire Revised Statute § 382-A:3-118)

New Jersey

Oral contracts: 6 years (New Jersey Statute § 2A:14-1)

Written contracts: 6 years (New Jersey Statute § 2A:14-1)

New Mexico

Oral contracts: 4 years (New Mexico Statute § 37-1-4 – Justia)

Written contracts: 6 years (New Mexico Statute § 37-1-3 – Justia)

New York

Open contracts: 6 years  (New York Civil Practice Laws & Rules § 213)

Written contracts: 6 years (New York Civil Practice Laws & Rules § 213)

North Carolina

Oral contracts: 3 years (North Carolina General Statute § 1-52)

Written contracts: 3 years (North Carolina General Statute § 1-52)

North Dakota

Oral contracts: 6 years (North Dakota Century Code § 28-01-16)

Written contracts: 6 years (North Dakota Century Code § 28-01-16)

Ohio

Oral contracts: 6 years (Ohio Revised Code § 2305.07)

Written contracts: 8 years (Ohio Revised Code § 2306.06)

Oklahoma

Oral contracts: 3 years (O.S. §, 12-3-95)

Written contracts: 5 years (O.S. §, 12-3-95)

Oregon

Oral contracts: 6 years (Oregon Revised Statute § 12.080)

Written contracts: 6 years (Oregon Revised Statute § 12.080)

Pennsylvania

Oral contracts: 4 years (Pennsylvania Statute § 42-5525)

Written contracts: 4 years (Pennsylvania Statute § 42-5525)

Rhode Island

Oral contracts: 10 years (Rhode Island General Laws § 9-1-13)

Written contracts: 10 years (Rhode Island General Laws § 9-1-13)

South Carolina

Oral contracts: 3 years (South Carolina Code of Laws § 15-3-530)

Written contracts: 3 years (South Carolina Code of Laws § 15-3-530)

South Dakota

Oral contracts: 6 years (South Dakota Codified Laws § 15-2-13)

Written contracts: 6 years (South Dakota Codified Laws § 15-2-13)

Tennessee

Oral contracts: 6 years (Tennessee Code § 28-3-109)

Written contracts: 6 years (Tennessee Code § 28-3-109)

Texas

Oral contracts: 4 years (Texas Civil Practice & Remedies Code § 16.004)

Written contracts: 4 years (Texas Civil Practice & Remedies Code § 16.004)

Utah

Oral contracts: 4 years (Utah Code § 78B-2-307)

Written contracts: 6 years (Utah Code § 78B-2-309)

Vermont

Oral contracts: 6 years (12 V.S.A. § 511)

Written contracts: 6 years (12 V.S.A. § 511)

Virginia

Oral contracts: 3 years (Virginia Code § 8.01-246)

Written contracts: 5 years (Virginia Code § 8.01-246)

Washington

Oral contracts: 3 years (Washington Revised Code § 4.16.080)

Written contracts: 6 years (Washington Revised Code § 4.16.040)

West Virginia

Oral contracts: 5 years (West Virginia Code § 55-2-6)

Written contracts: 10 years (West Virginia Code § 55-2-6)

Wisconsin

Oral contracts: 6 years (Wisconsin Statute § 893.43)

Written contracts: 6 years (Wisconsin Statute § 893.43)

Wyoming

Oral contracts: 8 years (Wyoming Statute § 1-3-105)

Written contracts: 10 years (Wyoming Statute § 1-3-105)

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Earnest Disclosures

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Laurel Road Disclosures

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3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.899% APR to 8.179% APR (with AutoPay). Variable rates from 2.570% APR to 6.980% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. SoFi rate ranges are current as of September 14, 2018 and are subject to change without notice. See APR examples and terms. Lowest variable rate of 2.570% APR assumes the current index rate derived from the 1-month LIBOR of 2.08% plus 0.740% margin minus 0.25% AutoPay discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
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4 Important Disclosures for LendKey.

LendKey Disclosures

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.

CommonBond Disclosures

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.

6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.57%-8.17% (2.57%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.75%-8.69% (3.75%-8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Estimated average savings amount is based on 14,659 Education Refinance Loan customers who saved on loans between August 1, 2017 and July 31, 2018. The calculation is derived by averaging monthly savings across Education Refinance Loan customers whose payment amounts decreased after refinancing, calculated by taking the monthly payment prior to refinancing minus the monthly payment after refinancing. We excluded monthly savings from customers that exceeded $4,375 and were lower than $20 to minimize risk of data error skewing the savings amounts. Savings will vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Borrower’s overall repayment amount may be higher than the loans they are refinancing even if monthly payments are lower.

2.57% – 6.98%3Undergrad
& Graduate
Visit SoFi
2.47% – 5.87%1Undergrad
& Graduate
Visit Earnest
2.47% – 8.03%4Undergrad
& Graduate
Visit Lendkey
2.80% – 6.22%2Undergrad
& Graduate
Visit Laurel Road
2.48% – 6.25%5Undergrad
& Graduate
Visit CommonBond
2.57% – 8.17%6Undergrad
& Graduate
Visit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.