Refinancing with Laurel Road
Refinancing rates from 1.89% APR. Checking your rates won’t affect your credit 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 2020!
|1.24% – 11.98%1||Undergraduate, Graduate, and Parents|
|1.25% – 11.10%*,2||Undergraduate and Graduate|
|1.12% – 12.37%3||Undergraduate and Graduate|
|1.24% – 11.44%4||Undergraduate, Graduate, and Parents|
|1.77% – 11.89%5||Undergraduate and Graduate|
|2.69% – 12.98%6||Undergraduate and Graduate|
|3.52% – 9.50%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.
Information advertised valid as of 9/24/2020. 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 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 1.87% to 11.66% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 11.37% APR (with autopay), variable rates from 1.77% 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 1.94% to 11.89% APR (with autopay). PARENT LOANS: Fixed rates from 4.60% to 10.76% APR (with autopay), variable rates from 1.87% 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 10/20/2020. 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).
6 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). 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. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (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 applicant’s ability to supply the necessary information for submission.
7 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. 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 0.17% effective Sep 1, 2020 and may increase after consummation.