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If you’re looking to go to college for cheap, you might want to stay out of Delaware.
The state has some of the highest student loan debt in the country. The Institute for College Access and Success ranks Delaware No. 4 in the country, with debt averaging $33,838 per borrower.
Not all hope is lost, though, for Delaware residents. If you need money for school, there are ways to get Delaware student loans. Or if you’ve already graduated, you can refinance the ones you have to lower your payments.
Delaware student loans
Once you’ve exhausted your options for free money through grants and scholarships, you’ll have the option for student loans, whether through the government or local banks and lenders.
Federal student loans
There are a few federal student loans for which you could qualify, depending on your level of need. They include:
- Direct Subsidized Loans: Need-based aid awarded by the government.
- Direct Unsubsidized Loans: Non-need-based aid available to all students.
- Direct PLUS Loans: Available to students enrolled in a graduate program, as well as parents of undergraduates. Unlike other Direct Loans, Direct PLUS Loans require a credit check.
- Direct Consolidation Loans: Combine your federal student loans into a single loan with one payment.
Subsidized and unsubsidized student loans don’t require a credit check. You also don’t need to start paying these back until six months after graduation.
Private student loans
If you’re coming up short on funds after receiving federal aid, you might want to think about getting private student loans. These terms are more stringent than federal student loans. They usually require you to get a credit check and have a decent credit score to get approved.
If you’re looking for private student loans, compare the top online lenders to find the best one for you. You can also contact your local bank branch or credit union to see if they offer private student loans. DEXSTA Federal Credit Union, for example, has private student loans available.
Delaware student loan forgiveness
If you’ve already graduated from college or are currently enrolled, there are some forgiveness options available.
Delaware State Loan Repayment Program
The Delaware State Loan Repayment Program is available to some health care professionals working in underserved communities. If you have loans that aren’t in default, work in a designated site, and are a U.S. citizen, you could qualify for up to $100,000 in aid.
Delaware Nursing Incentive Program
The Delaware Nursing Incentive Program awards up to $5,000 per academic year to nursing students who are residents or current state employees. You can get loan forgiveness if you work at a state-owned hospital or clinic.
Christa McAuliffe Teacher Incentive Program
If you’re enrolled in college and plan to teach in a Delaware public school for at least a year, you could qualify for the Christa McAuliffe Teacher Incentive Program. Preference goes to those who will teach in a designated “critical need area.” For each year you teach in a Delaware public school, you get a year of loan forgiveness.
Delaware Teacher Corps
If you’re planning to teach middle or high school math or science, you have a strong chance of qualifying for the Delaware Teacher Corps. You can also teach in other areas of critical need to qualify. You get a year of loan forgiveness for each year you teach.
Ada Leigh Soles Memorial Professional Librarian and Archivist Incentive Program
For the Ada Leigh Soles Memorial Professional Librarian and Archivist Incentive Program, you need to first complete a Free Application for Federal Student Aid (FAFSA). This is available to undergraduate students who have worked at least two years at a qualifying library, as well as graduate students pursuing a related degree. One year of loans are forgiven for undergrads for each year of employment at a library.
Optometry Incentive Program
If you’re a full-time graduate student getting an optometry license, you could qualify for the Optometry Incentive Program. You could get your loans forgiven for every year you’re employed as an optometrist in Delaware.
Speech/Language Pathologist Incentive Program
If you’re on track to becoming a speech-language pathologist or you already are one, you might qualify for the Speech/Language Pathologist Incentive Program. This program provides loan forgiveness for one year if you have been employed for two years at a Birth to 3 Early Intervention System location or a public school. You must complete the FAFSA before this application to qualify.
Refinancing Delaware student loans
If you don’t meet the standards for loan forgiveness programs, there are other ways to ease the high costs of student loan debt. Once you’ve graduated, you can look into refinancing your student loans.
Refinancing replaces all your loans with one new loan. This can lower your monthly payments or interest rates — or both. Compare online lenders to see which ones have the lowest fees and best financing options for your situation.
Keep in mind that if you can’t find a lower interest rate or your new terms don’t have lower monthly payments, refinancing student loans might not be best for your situation.
You also could lose certain federal protections if you refinance your loans, so weigh all your options before making your decision.
Avoid drowning in student loan debt
It’s hard to pay for college when costs are high, so getting student loans can help you afford college in the short term. In the long term, though, they can be difficult to repay if you aren’t prepared.
Do your best to find as much free money as possible through grants, scholarships, and family members before applying for loans. If you’re still having trouble getting money, get loans to cover the rest.
Need a student loan?Here are our top student loan lenders of 2018!
|1 Important Disclosures for CollegeAve.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
2 Important Disclosures for Discover.
3 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB) or Turnstile Capital Management, LLC (TCM), which are not affiliated entities. Certain restrictions and limitations may apply. Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. All loan products may not be available in certain jurisdictions. Other terms and conditions apply. Ascent is a federally registered trademark of TCM and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for PNC.
PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.
6 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
7 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
8 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
9 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|3.82% – 12.82%3||Undergraduate and Graduate||Visit Ascent|
|3.69% – 10.94%1||Undergraduate, Graduate, and Parents||Visit CollegeAve|
|4.34% – 12.99%2||Undergraduate and Graduate||Visit Discover|
|4.12% – 10.98%*,4||Undergraduate and Graduate||Visit SallieMae|
|5.03% – 11.23%5||Undergraduate and Graduate||Visit PNC|
|3.88% – 12.88%6||Undergraduate and Graduate||Visit SunTrust|
|4.68% – 9.77%7||Undergraduate and Graduate||Visit LendKey|
|3.72% – 9.68%8||Undergraduate, Graduate, and Parents||Visit CommonBond|
|4.04% – 12.01%9||Undergraduate, Graduate, and Parents||Visit Citizens|