Refinancing with Laurel Road
Refinancing APRs starting at 1.89%. Checking your rates won’t affect your score.
Note that many student loan lenders and servicers are offering relief options during the coronavirus outbreak, so be sure to also check out our Student Loan Hero Coronavirus Information Center for additional news and details.
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If you’re heading to college or graduate school in the Gem State, you might be looking for student loans to finance your degree. But before signing for any Idaho student loans, make sure you’ve found an affordable loan with low costs of borrowing. And if you already have student debt, consider refinancing it to save money or restructure your repayment term.
Here’s what you need to know about getting and refinancing Idaho student loans:
- Where to get Idaho student loans
- Refinancing Idaho student loans
- Which Idaho student loans are right for you?
The first step to getting Idaho student loans is understanding the options available to you. Idaho doesn’t have a state-level program to extend loans to college students, though you can still get institutional loans from Idaho schools, as well as the federal government and private lenders.
Here are your three main options:
Many colleges offer their own financing, such as institutional or emergency student loans. Head to your school’s website or contact your financial aid office to find out if your school has any loan options available.
Here are a few examples of college-provided student loans from the University of Idaho:
- The Benjamin O. Braham Loan has an interest rate of just 3.00% and a nine-month grace period. It’s offered to current University of Idaho students who graduated from Kellogg High School in Kellogg, Idaho.
- Vandal loans carry a 5.00% rate. Students enrolled at the University of Idaho should speak with the financial aid office to find out if they qualify.
- Emergency or short-term student loans are offered at many colleges to help cover costs that are due before federal student aid or other funds are disbursed. The University of Idaho, for example, offers short-term emergency loans of up to $600 with a 7.00% interest rate and repayment term of 90 days.
Alongside institutional student loans, you might want to explore federal student loans offered through the Department of Education. Idaho college students who meet federal aid eligibility requirements can get these loans.
Federal student loans are a smart option to finance college, thanks to several benefits:
- Accessibility: There are no credit requirements for undergraduates who need federal student loans.
- Affordability: Federal student loans offer low interest rates and low fees. You might even qualify for Direct subsidized loans, for which the government pays your interest while you’re still in school.
- Repayment protections: Borrowers have many options to delay or adjust federal student loan repayment. This includes pausing payments through deferment or forbearance or lowering payments through income-driven repayment.
These benefits make it easy and cost-effective to borrow federal loans. Here are the details, as of July 20, 2020, on federal student loans:
|Type of federal student loan||Who is eligible?||Loan fee||Interest rate|
|Direct subsidized loans||Undergraduates with demonstrated financial need||1.059%||2.75%|
|Direct unsubsidized loans||Undergraduates||1.059%||2.75%|
|Direct unsubsidized loans (graduate students)||Graduate and professional students||1.059%||4.3%|
|Direct PLUS loans||Graduate and professional students, and parents of undergraduates||4.236%||5.3%|
Some students might need to borrow more student loans than they can get through the federal government. In these cases, private student loans can provide students and their families with the necessary funds for college.
Before applying for private student loans, students should learn about the potential drawbacks.
For instance, private student loans require an applicant to have decent credit to qualify. If you’re like most college students, you’ll need a parent or other student loan cosigner to help you get a private student loan.
You’ll also want to pay attention to costs and terms offered on private student loans:
- Interest rates and fees on private student loans will affect what you pay to borrow. The lower, the better, so try to find lenders with competitive costs.
- Loan lengths on private student loans often range from five to 15 years. Which term you choose will impact both monthly payments and your total loan costs.
- In-school deferment means you don’t have to pay student loans before you graduate. With College Ave, for example, you can choose to defer in-school payments fully, pay $25 a month or pay interest only until you graduate.
- Borrower protections help you manage your private student loan in repayment. CommonBond, for instance, offers hardship forbearance for their borrowers who encounter a financial setback.
It’s important for students and their cosigners to shop around for private student loans. Check out all available options, from online lenders to credit unions and banks, to be sure you’re getting the best private student loan for your particular situation.
If you’re stuck paying a high interest rate on your student loans, it’s not too late to find a better option. Lowering your interest rate through student loan refinancing is possible.
If you have good credit, a stable income, and a low debt-to-income ratio, you could qualify to refinance your student loans at a lower rate. Some of the best loans to refinance student debt currently on the market offer competitive interest rates, and some also offer borrower protections.
On the other hand, note that refinancing federal student loans in particular comes with some risks. For instance, you’ll lose access to federal benefits such as the government’s income-driven repayment plans and federal student loan forgiveness.
Understand the risks before refinancing Idaho student loans and only do so if you’re confident you can responsibly repay your new debt.
College students in Idaho should try to use scholarships, savings and other federal student aid before turning to student loans.
If you need to get or refinance Idaho student loans, the information here can help you get started in your search. It’s up to you to choose wisely, so do your research and compare lenders before you act.
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|
|1.24% – 11.99%3||Undergraduate and Graduate|
|1.78% – 11.89%4||Undergraduate and Graduate|
|1.05% – 11.44%5||Undergraduate and Graduate|
|1.19% – 11.51%6||Undergraduate and Graduate|
|2.46% – 12.98%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 1/27/2021. 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 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.
4 Important Disclosures for SoFi.
UNDERGRADUATE LOANS: Fixed rates from 4.23% to 11.26% annual percentage rate (“APR”) (with autopay), variable rates from 1.88% to 11.66% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 11.37% APR (with autopay), variable rates from 1.78% 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 1.95% to 11.89% APR (with autopay). PARENT LOANS: Fixed rates from 4.60% to 10.76% APR (with autopay), variable rates from 1.88% 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 11/04/2020. 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).
5 Important Disclosures for Earnest.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
Undergraduate Rate Disclosure: Variable interest rates range from 1.19% – 11.51% (1.19% – 10.67% APR). Fixed interest rates range from 3.99% – 11.80% (3.99% – 10.92% APR).
Graduate Rate Disclosure: Variable interest rates range from 1.37% – 11.41% (1.37% – 11.12% APR). Fixed interest rates range from 4.39% – 11.70% (4.39%-11.39% APR).
Business/Law Rate Disclosure: Variable interest rates range from 1.37% – 9.55% (1.37% – 8.83% APR). Fixed interest rates range from 4.13% – 9.84% (4.13% – 9.12% APR).
Medical/Dental Rate Disclosure: Variable interest rates range from 1.37% – 8.35% (1.37% – 8.05% APR). Fixed interest rates range from 4.03% – 8.64% (4.03% – 8.34% APR).
Parent Loan Rate Disclosure: Variable interest rates range from 2.11% – 7.42% (2.11%-7.42% APR). Fixed interest rates range from 4.69% – 7.83% (4.69% – 7.83% APR).
Bar Study Rate Disclosure: Variable interest rates range from 4.47% – 9.61% (4.47% – 9.54% APR). Fixed interest rates range from 7.39% – 12.94% (7.38% – 12.81% APR).
Medical Residency Rate Disclosure: Variable interest rates range from 3.56% – 7.06% (3.56% – 6.78% APR). Fixed interest rates range from 6.99% – 10.49% (6.97% – 10.08% 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
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 Ascent.
Ascent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products December not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions December apply. For Ascent Terms and Conditions please visit: www.AscentStudentLoans.com/Ts&Cs
Rates are effective as of 12/01/2020 and reflect an automatic payment discount of 0.25% on the lowest offered rate and a 2.00% discount on the highest offered rate. Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentStudentLoans.com/Rates
1% Cash Back Graduation Reward subject to terms and conditions. Click here for details.