How to Refinance or Get Kentucky Student Loans

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

louisville, kentucky skyline
Logo

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

Refinancing with Earnest

Refinancing rates from 2.57% APR. Checking your rates won’t affect your credit score.

Check out Earnest

The average graduate in Kentucky leaves school with $28,910 in student debt, according to a ValuePenguin report. That’s significantly below the average student debt of $39,400 among Class of 2017 graduates.

But even though Kentucky students leave school with lower-than-average debt, paying down a five-figure loan is no easy feat. Whether you’re beginning your educational journey in the Bluegrass State or you’ve already graduated, here are some strategies for overcoming your Kentucky student loans.

Federal student loan options

The first step to take if you need student loans is to fill out the Free Application for Federal Student Aid (FAFSA). When you complete this application, you’ll send your financial information to your schools of choice. Each will then use this data to assemble a federal financial aid package for you. This package could include grants, work-study eligibility, and federal student loans.

When you apply for federal student aid, you may be eligible to receive Direct Loans, which can be subsidized or unsubsidized. Graduate students and parents of college students may also apply for federal funds.

How much you can borrow depends on your financial situation. For example, first-year dependent undergraduates may borrow up to $5,500 in Direct Loans. Independent students can borrow more.

Private student loan options

Federal student loans are many borrowers’ first choice, thanks to their flexible repayment plans and forgiveness options. But if you’ve received your federal financial aid package and need to fill a funding gap, consider private student loans.

When you apply for a private student loan in Kentucky, you’ll have to meet the specific credit and income requirements of the lender you apply with. This might be challenging if you haven’t established a credit history, or if you have poor credit. If that describes you, look for lenders who allow a cosigner to help improve your application. For example, College Ave allows cosigners on private student loans.

There are a few other key aspects to consider when evaluating private student loans. Look at the interest rates you’re quoted, the terms of the loan, and the fees you could be charged. Some lenders advertise no fees while others charge for loan origination, late payments, or early repayment.

Kentucky Higher Education Assistance Authority (KHEAA)

KHEAA is a government agency that helps Kentucky students earn a postsecondary education. While the agency can’t directly help you with your Kentucky student loans, some of its programs could help you cover a portion of your college costs, requiring you to take out less money in loans.

Here are two ways KHEAA could help you:

  • Apply for state funding. KHEAA is tasked with administering several state-specific financial aid programs largely funded by the Kentucky Lottery. For a list of these scholarships and grants, plus application instructions, review this information from KHEAA.

  • Create a savings plan. Get information from KHEAA on how to open a Kentucky Education Savings Plan Trust if college is a few years away and you have time to save.

How to refinance student loans in Kentucky

If you’ve already graduated and are researching strategies for repaying your Kentucky student loans, you might have considered refinancing. Student loan refinancing could help lower your interest rate, reduce your monthly payments, and get you out of debt faster.

However, if you refinance your federal student loans with a private lender, you’ll lose your federal loan protections, such as the ability to pursue income-driven repayment or Public Service Loan Forgiveness. Because of this, you may only want to refinance student loans from private lenders. That’s because private student loans don’t have the same protections as federal loans.

Before you refinance your Kentucky student loans, do the math to make sure this route is best for you. Our refinancing calculator, for example, could help you see how much money you could save. If you decide to refinance, this list of the best refinancing lenders can kick-start your search.

Find Kentucky student loans that fit your needs

You’re ultimately going to be responsible for repaying the money you borrow, so it’s critical to understand all of the details of your loans before you take them out. There’s a smart way to borrow money for school. With some research and attention to detail, you can find the best options for student loans in Kentucky.

Need a student loan?

Here are our top student loan lenders of 2018!
LenderVariable APREligibility 

1 = Citizens Disclaimer.

2 = CollegeAve Autopay Disclaimer: All rates shown include the auto-pay 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.

* 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.

3 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
3.69%
10.94%
2
Undergraduate, Graduate, and ParentsVisit CollegeAve
3.99%
12.99%
Undergraduate and GraduateVisit Discover
3.82% – 12.82%Undergraduate and GraduateVisit Ascent
4.12% – 10.98%*3Undergraduate and GraduateVisit SallieMae
5.03% – 11.23%Undergraduate and GraduateVisit PNC
3.88% – 12.88%Undergraduate and GraduateVisit SunTrust
4.68% – 9.77%Undergraduate and GraduateVisit LendKey
3.72%
9.68%
Undergraduate, Graduate, and ParentsVisit CommonBond
4.04%
12.01%
1
Undergraduate, Graduate, and ParentsVisit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.