Refinancing with Laurel Road
Refinancing rates from 1.99% APR. Checking your rates won’t affect your credit score.
Thinking of going to school in Georgia? If so, you may need Georgia student loans.
Six out of 10 students who obtain a four-year degree in the state graduate with debt, according to the Institute for College Access & Success, and the average debt balance is $27,657.
Student debt is fairly common, but you should secure grants and scholarships before leaning on student loans. Once you’ve exhausted your options for money, you can consider borrowing funds for your education.
Check out this guide to federal, private, and state loans for Georgia schools and ways you can refinance or consolidate your existing student debt.
Your guide to finding Georgia student loans
Before you apply for Georgia student loans, exhaust your options for scholarships and grants, which are sources of college funds you don’t have to repay. These resources for finding Georgia scholarships can help you start your search.
GAfutures also provides information on sources of financing for school, including scholarships, grants, and student loans.
GAfutures is run by the Georgia Student Finance Commission (GSFC), which was originally created to provide loans. It now administers scholarships and grants funded by the state and by the lottery and offers free financial aid counseling. Students also can receive loans through GSFC that may be cancelable through service work.
Federal student loan options
If you need to borrow money after obtaining scholarships and grants, federal student loans usually are your best bet. These loans provide competitive interest rates and can be easy to qualify for. Federal loans also allow you to choose affordable and flexible repayment options. Plus, they provide borrower protections you may not get with private loans.
Your options for federal loans include:
- Direct Subsidized Loans: For undergraduate students with demonstrated financial need, these loans typically are the best option because the government covers interest charges while you’re in school, during your grace period, and during deferment.
- Direct Unsubsidized Loans: While interest isn’t subsidized on these loans, qualifying is easy for both undergraduate and graduate students. There’s no requirement for you to demonstrate financial need.
- Direct PLUS Loans: Both parents and graduate students can obtain PLUS Loans. Unlike with Direct Loans, however, your credit matters in determining your eligibility. PLUS Loans aren’t always a better deal than private loans, so comparison shopping is important.
To obtain federal student loans, students must complete the Free Application for Federal Student Aid (FAFSA).
Georgia student loans
The Georgia Student Finance Authority administers the Student Access Loan Program (SAL). This program offers fixed-rate loans at 1.00% interest to eligible undergraduate students who need help funding their education. Students can obtain financing to attend a private postsecondary institution or a school within the University System of Georgia or within the Technical College System of Georgia.
The loan application and eligibility requirements are available online. However, funds for the 2018-19 academic year are no longer available. Students must submit the FAFSA before being considered for loans through SAL.
Private student loans
Some students need to fill a funding gap left by grants, scholarships, and state and federal student loans. Private student loans may be a good option, and they’re available through banks, credit unions, and online lenders. Loan terms vary among private lenders, so make sure you shop around.
Consider the interest rates, repayment terms, and borrower protections offered by lenders. Keep in mind that private loans won’t qualify for federal borrower protections or income-driven repayment (IDR) plans. You’ll also need good credit or a cosigner with good credit to qualify for private loans.
Refinancing or consolidating Georgia student loans
Graduates who leave school with Georgia student loans may be interested in making repayment easier. Student loan consolidation and refinancing are possible options.
Loan consolidation through the federal government allows you to combine multiple federal loans, including Direct Loans, into one loan. A Direct Consolidation Loan makes repayment simpler because you’ll have only one loan to repay instead of several. It also can give you access to additional IDR plans and Public Service Loan Forgiveness.
A Direct Consolidation Loan won’t reduce your interest rate, however. Your new rate will be the weighted average of the rates on your consolidated loans.
Refinancing isn’t offered by the federal government. Instead, you’ll need to work with a private lender to refinance your student loans. When you refinance, you take out a new loan with different terms to repay your existing education debt. Students should shop carefully to find a lender offering the best rates and terms.
It’s also important to weigh the pros and cons of refinancing before you trade your federal debt for a private loan.
Which Georgia student loans are right for you?
Choosing the right Georgia student loans is important because you don’t want to be burdened with unaffordable debt after graduation. You should, however, prioritize applying for grants and scholarships before turning to student loans.
In many cases, federal student loans are preferable to private debt, thanks to borrower protections and flexible repayment plans offered by the government. Compare loan terms carefully so you get the most affordable loan. It may take time to do the research, but it’s worth it to make a smart investment in your future.
Interested in refinancing student loans?Here are the top 6 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|1.99% – 6.65%1||Undergrad & Graduate|
|1.99% – 7.10%2||Undergrad & Graduate|
|2.99% – 6.44%3||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|1.99% – 6.43%4||Undergrad & Graduate|
|3.18% – 6.07%5||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Laurel Road.
Laurel Road Disclosures
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of June 23, 2020. Information and rates are subject to change without notice.
2 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member.
The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website.
You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 1, 2020.
Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).
Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is 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 April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates 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 co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are 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.
3 Important Disclosures for SoFi.
4 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 3.19% APR (with Auto Pay) to 6.43% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.43% 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 June 15, 2020, 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 6/15/2020. 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 [email protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2020 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.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). 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. 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 0.19% effective June 10, 2020.