Refinance rates with Laurel Road start at 1.89%.
Checking your rates won’t affect your score.
If you’re attending the University of Delaware or another college in the First State, you might be on the hunt for Delaware student loans. As long as you don’t overborrow, loans could be a smart way to cover the costs of your education.
Let’s take a look at options to pay for school in Delaware (after you’ve exhausted your options for scholarships and grants), as well as what to do if you already have Delaware student loans. We’ll deal with three main topics:
Once you’ve exhausted your options for money through grants and scholarships, you’ll have the option to borrow student loans, whether through the government, banks, credit unions or online 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 to 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. Since most undergraduates don’t have much credit to speak of, they get private student loans by applying with a cosigner, such as a parent.
If you’re looking for private student loans, compare the top online lenders to find the best one for you. Shopping around could help you find a loan with your lowest interest rate (and lowest costs of borrowing).
You can also contact your local bank branch or credit union to see if they offer private student loans.
If you’ve already graduated from college or are currently enrolled, there are some forgiveness options available:
- Delaware State Loan Repayment Program
- Delaware Nursing Incentive Program
- Christa McAuliffe Teacher Incentive Program
- Delaware Teacher Corps
- Ada Leigh Soles Memorial Professional Librarian and Archivist Incentive Program
- Optometry Incentive Program
- Speech/Language Pathologist Incentive 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.
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.
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. The award amount is $5,000 for each year you teach in a Delaware public school, and it is renewable for an additional three years.
If you’re planning to teach in special education, math, science or another shortage area, 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.
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 is forgiven for undergrads for each year of employment at a library. For graduate students, one year of loans is forgiven for every two years of employment.
If you’re a full-time graduate student getting an optometry license, you could qualify for the Optometry Incentive Program. You could get an award of $4,000 for every year you’re employed as an optometrist in Delaware for up to four years.
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 an award of $5,000 if you have been employed at a Birth to 3 Early Intervention System location or a public school. The award is renewable for one additional year.
If you don’t meet the standards for loan forgiveness programs, there are other ways to ease the 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 could 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 money as possible through grants, scholarships and family members before applying for loans. If you’re still having trouble getting money, consider loans to cover the rest of your college costs.
Rebecca Safier contributed to this report.
Need a student loan?Here are our top student loan lenders of 2021!
|1.04% – 11.98%1||Undergraduate, Graduate, and Parents|
|1.13% – 11.23%*,2||Undergraduate, Graduate, and Parents|
|3.80% – 9.36%3||Undergraduate and Graduate|
|1.05% – 11.44%4||Undergraduate and Graduate|
|1.22% – 11.66%5||Undergraduate and Graduate|
|1.68% – 11.98%6||Undergraduate and Graduate|
|1.24% – 11.99%7||Undergraduate and Graduate|
|* 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. |
1 Important Disclosures for College Ave.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
Information advertised valid as of 4/22/2021. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.
2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
3 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. 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. If you choose to complete an application, we will conduct a hard credit pull, which may affect your credit score. 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 0.15% effective Jan 1, 2021 and may increase after consummation.
4 Important Disclosures for Earnest.
5 Important Disclosures for SoFi.
UNDERGRADUATE LOANS: Fixed rates from 4.23% to 11.26% annual percentage rate (“APR”) (with autopay), variable rates from 1.22% to 11.66% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 11.37% APR (with autopay), variable rates from 1.12% to 11.73% APR (with autopay). MBA AND LAW SCHOOL LOANS: Fixed rates from 4.30% to 11.52% APR (with autopay), variable rates from 1.29% to 11.89% APR (with autopay). PARENT LOANS: Fixed rates from 4.60% to 10.76% APR (with autopay), variable rates from 1.22% to 11.16% APR (with autopay). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin and your APR may increase after origination if the LIBOR increases. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. 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. Information current as of 4/1/2021. Enrolling in autopay is not required to receive a loan from SoFi. SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
Undergraduate Rate Disclosure: Variable interest rates range from 1.68% – 11.98% (1.68% – 11.07% APR)Fixed interest rates range from 4.24% – 12.40% (4.24% – 11.43% APR).
Graduate Rate Disclosure: Variable interest rates range from 1.91% – 11.63% (1.91% – 11.33% APR). Fixed interest rates range from 4.64% – 11.93% (4.64% – 11.61% APR).
Business/Law Rate Disclosure: Variable interest rates range from 1.91% – 10.19% (1.91% – 9.47% APR). Fixed interest rates range from 4.38% – 10.44% (4.38% – 9.72% APR).
Medical/Dental Rate Disclosure: Variable interest rates range from 1.91% – 8.99% (1.91% – 8.69% APR). Fixed interest rates range from 4.28% – 9.24% (4.28% – 8.94% APR).
Parent Loan Rate Disclosure: Variable interest rates range from 2.49% – 8.33% (2.49% – 8.33% APR). Fixed interest rates range from 4.94% – 8.58% (4.94% – 8.58% APR).
Bar Study Rate Disclosure: Variable interest rates range from 4.46% – 9.60% (4.46% – 9.54% APR). Fixed interest rates range from 7.39% – 12.94% (7.40% – 12.83% APR).
Medical Residency Rate Disclosure: Variable interest rates range from 3.55% – 7.05% (3.55% – 6.78% APR). Fixed interest rates range from 6.99% – 10.49% (6.98% – 10.09% APR).
Variable Rate Disclosure: Variable Rates are 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 May 10, 2021, the one-month LIBOR rate is 0.11%. Variable interest rates will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable rate is the greater of 21.00% or Prime Rate plus 9.00%.
Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
Lowest Rate Disclosure: Lowest rates require a 5-year repayment term, immediate repayment, a graduate degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
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. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, 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. 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 on our website 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.
Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school.
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.
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.
7 Important Disclosures for Discover.
Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.