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Kansas is known as “Midway, U.S.A.” — a fitting nickname since the state smack-dab in the middle of the country. It’s also in the middle of all states when it comes to student loan debt.
Kansas is No. 25 in the nation for students graduating four-year colleges with debt, according to The Institute for College Access & Success. The average debt for graduates is $28,776.
While it’s not ideal, taking out loans can be necessary for your college education. Here’s how to get the best Kansas student loans or refinance the loans you have.
Kansas student loans
Before you can take out any loans, you’ll need to complete the Free Application for Federal Student Aid (FAFSA). This is your ticket to federal grants and scholarships, but you might not get enough money to cover all your costs. In that case, you have the option to get two types of student loans: federal and private.
Federal student loans
There are a few options for federal student loans, most notably Direct Subsidized Loans or Direct Unsubsidized Loans. Subsidized loans are based on financial need, while unsubsidized loans are available to any student. Unsubsidized loans accrue interest while you’re in school, but subsidized loans don’t start building interest until you graduate. Keep that in mind as you’re browsing through different loan opportunities.
Federal loans are a good option because they offer some of the best terms. Interest rates usually are low, and the government offers helpful perks such as income-driven repayment plans and student loan forgiveness programs.
Private student loans
Your financial aid award letter tells you how much money you’re getting in grants, scholarships, and federal loans, but you might still come up short to pay for college costs. Private student loans can a helpful option when you’re trying to afford college.
Companies issue private student loans while the U.S. government distributes federal student loans. There are many lenders vying for your business, so it’s good to compare private student loan options before applying.
In addition to online lenders, you can look for other sources. Financial institutions in Kansas such as the Mainstreet Credit Union offer private student loans as well as perks such as a 30-day return policy if you find a better loan option elsewhere. Contact your local bank or credit union branch to see if they offer private student loans.
Kansas student loan forgiveness options
If you’re a Kansas college graduate, you might be able to find forgiveness options. You might qualify for federal student loan forgiveness.
But if you don’t, here are some Kansas state forgiveness programs you could use.
Rural Opportunity Zones Student Loan Repayment program
Kansas will pay you to live and study in the state through the Rural Opportunity Zones Student Loan Repayment program. The 77 counties zoned for this program offer state income tax waivers for up to five years and/or student loan repayments of up to $15,000 over five years.
As long as you can prove your residency, outstanding student loan balance, and degree, you can qualify for this repayment program.
Kansas State Loan Repayment Program
If you’re a U.S. citizen with student loan debt that hasn’t reached default status, you might be eligible for the Kansas State Loan Repayment Program. It provides loan repayment help to health care providers in the state.
If you fulfill the requirements, you can receive up to $25,000 per year for up to two years.
Kansas Bridging Plan
The Kansas Bridging Plan offers at least $26,000 in student loan forgiveness to physicians who do residency programs in the state. You must agree to practice medicine full time in an eligible rural community for three years after you complete your residency program.
How to refinance Kansas student loans
If you’ve graduated and aren’t sure how you’ll pay back your student loans, consider refinancing. Refinancing your student loans will replace all your student loans with one loan. Doing this might lower your monthly payments and interest rate, though make sure you’re aware of any federal repayment options you might lose access to.
Research your options and review all the terms of your choice. Go over interest rates, repayment terms, and the amount you’ll be able to afford to pay with this new setup. Don’t take on anything until you’re sure you can pay it back.
Which Kansas student loans are right for you?
Student loans are a good option if you can’t cover the gap in college costs out of pocket. They’re a key resource to ensure you’ll not only be able to pay for tuition and books, but also for transportation, food, and other expenses.
If you do need to borrow money, take all your options into account, whether they’re loans from banks, credit unions, or online lenders. Repaying your loans on time every month can boost your credit score. And loans can be helpful, especially if they can help achieve your academic dreams.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
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1 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 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% 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 Month/Day/Year, 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 08/21/18. 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 firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent 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.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
3 Important Disclosures for SoFi.
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.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.57% – 6.98%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 5.87%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.80% – 6.22%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.57% – 8.17%6||Undergrad & Graduate||Visit Citizens|