Refinancing with Earnest
Refinancing rates from 2.49% APR. Checking your rates won’t affect your credit score.
When you have beautiful beaches and Spam is a household staple, it’s hard to find a better place to live than Hawaii.
There’s some bad news too. Students graduate from four-year public and private colleges in Hawaii with an average of $26,092 in student loan debt, according to the Institute for College Access and Success. But that’s better than the national average of $37,172.
Sometimes, taking out student loans is necessary for attending college. Here’s how to get the best rates on Hawaii student loans, whether you’re looking to get loans as you head to school or hoping to refinance after you leave.
Hawaii student loans
After you fill out the Free Application for Federal Student Aid (FAFSA) and find out which grants and scholarships you’ll receive, you might not have enough money to cover the rest of your college costs. Here are the different ways Hawaii residents can get student loans.
Federal student loans
If you qualify for federal student loans, you’ll probably end up with Direct Subsidized Loans or Direct Unsubsidized Loans. With subsidized loans, the government covers your interest while you’re in school. It doesn’t cover your interest on unsubsidized loans, however, which means you’re responsible for interest when you get your loan. Your award letter will let you know the loans for which you’re eligible.
Private student loans
After grants, scholarships, and federal student loans, you still might not have enough money to pay for college. That’s where private student loans come in. While federal student loans are issued by the government, private student loans are issued by individual lenders. Compare private student loan lenders to find the best one for you.
Banks and credit unions, including HawaiiUSA Federal Credit Union, also offer private student loans. With HawaiiUSA, you can apply for money you can use for tuition, fees, and books, among other things. There’s a 25-year repayment period, which means lower monthly payments when it’s time to start repaying your loan.
Unlike with most federal loans, though, your credit score matters when it comes to taking out a private student loan. Your credit score can impact your interest rate, which means you could pay more in the long run for borrowed money.
Once you’ve chosen a plan, you can see how long it’ll take you to pay back your loan with our student loan payment calculator.
Hawaii student loan forgiveness
If you had to take out loans for school but are worried about paying them back, you might qualify for the Hawaii State Loan Repayment Program (HSLRP). This is a grant funded by the federal government for health care providers in Hawaii.
Physicians, social workers, and counselors are among those who qualify for repayment help. But a two-year commitment at an approved HSLRP location — a place with a proven shortage of health care professionals — is required. If you’re licensed to practice, see if you qualify for HSLRP.
How to refinance Hawaii student loans
If you’ve already graduated from college and are struggling to pay back your loans, you might want to consider refinancing your student loans. Refinancing could lower your interest rate and give you more flexible repayment terms.
Plenty of refinancing options are available, so choose the one that’s best for you. But remember that refinancing isn’t for everyone. You could give up federal benefits such as loan forgiveness and income-driven repayment plans if you go this route.
Make sure to do your research.
Limit Hawaii student loans now and later
Always apply for grants and scholarships to get as much free money as you can before exploring student loans. Then, after filling out the FAFSA, decide which loans you need and which ones are right for you.
Keep your options open and limit how much you take out in student loans. It will result in less debt and less hassle for you when it comes time to repay your loans.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for SoFi.
2 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 3.50% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.49% APR (with Auto Pay) to 7.27% 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 April 17, 2019, 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 04/17/2019. 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@example.com, or call 888-601-2801 for more information on our student 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.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
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.
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.
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 2.48% effective April 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.49% – 7.27%1||Undergrad & Graduate|
|2.49% – 6.65%3||Undergrad & Graduate|
|2.49% – 7.41%4||Undergrad & Graduate|
|2.50% – 6.65%2||Undergrad & Graduate|
|2.49% – 7.11%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|