How to Get or Refinance Maine Student Loans

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Whether you’re a Mainer yourself or you’re “from away,” attending college in Maine can get pricey pretty fast. For example, our study earlier this year showed Maine’s private colleges charge the sixth-highest cost per college credit when compared to other states.

Given the cost of a university education, Maine student loans are likely to be an important part of your plan to pay for a college degree. The state’s average student loan balance was $31,364 for 2017 graduates, putting Maine among the 10 states where college graduates owe the most, according to The Institute for College Access & Success.

As a student or college graduate living here, you’ll need to know how to get or refinance student loans in the Pine Tree State. To help, we’ve put together this guide to student loans in Maine.

Maine student debt: At a glance

Average debt at graduation $31,364
Percent of students that graduate with debt 56
National ranking for amount of debt 10
Info current as of 2015-16 school year, except when noted
Source: The Institute for College Access & Success

How to get student loans in Maine

As you’re working on your plan to pay for college, start with funds that don’t require you to borrow. Grants and scholarships are smart sources of free college money, and college savings should be drawn on before resorting to student loans.

Still, over half of Maine college graduates left school with student debt, and it’s likely you might find yourself needing to borrow at some point, too. The three main options are student loans offered by the state of Maine, federal student loans funded by Federal Student Aid and private student loans from banks and lenders.

Which Maine student loans you choose can have a big impact on your debt costs and repayment options, so choose wisely. Here’s an overview of the specific Maine student loans available in each category.

Maine state student loans

Maine is one state that offers several of its own student loan options. These can not only pay for college, but can put borrowers ahead in repayment. That’s thanks to benefits such as lower student loan rates, no-interest loans and even student loan forgiveness or repayment assistance.

These loans are offered through the Finance Authority of Maine (FAME), and they require students to submit both the Free Application for Federal Student Aid (FAFSA) and a separate application specific to the loan.

These Maine student loans can provide a smart way to get the college funds you need while paying less. Here’s an overview, with the APRs and terms as of the 2018-19 school year:

  • The Maine Loan
    • Open to undergraduate and graduate students who are Maine residents and meet credit and income requirements
    • Loan limits are $1,000 up to the full cost of attendance, minus other student aid
    • The Maine Loan’s fixed APRs range from 4.99% to 7.49%
  • The Maine Medical Loan
    • Open to both Maine residents and out-of-state medical students who meet credit requirements
    • Loan amounts of $1,000 up to the full cost of attendance, minus other aid, with no annual or aggregate loan limits
    • Tiered interest APRs ranging from 4.99% to 7.49%, depending on the selected repayment plan
  • Educators for Maine Program
    • Open to Maine students pursuing undergraduate or graduate degrees in child care and education
    • Borrowers can qualify for forgiveness with completion of eligible work at a Maine child care center or school
    • Requirements for these merit-based loans include submitting an essay, full-time enrollment (for undergraduates) and a GPA of 3.0 or higher
    • Provides loans of $2,000 to $12,000 a year, with a fixed APR of 5%
  • Maine Dental Education Loan Program
    • Open to Maine residents pursuing a career in dentistry
    • Eligible for forgiveness through full-time primary dental care in underserved areas of Maine
    • Loan funds up to $20,000 a year, or up to $80,000 total
  • Maine Health Professions Loan Program
    • Need-based aid open to Maine residents pursuing medical, dental or veterinary education
    • Loan amounts up to $25,000 a year (limited to $100,000 total)
    • Zero interest in repayment when working 20 hours or more in underserved areas of Maine (otherwise, APRs of 3% to 8% will apply)
  • The Maine Medical Education Foundation Loan
    • Loans offered to medical students who are Maine residents
    • Amounts from $2,000 up to the full cost of education
    • Fixed APRs of 1% to 5% during enrollment, with a 5% APR upon graduation
    • Ten-year loan terms with the option to defer for up to five years post-graduation for residency
  • Maine Veterinary Medicine Loan Program
    • Need-based student loans for Maine residents pursuing a veterinary career
    • Eligible for forgiveness with qualifying work in an area of Maine with a high need for veterinary medicine
    • Without forgiveness, the student loan APR is 5% with a 10-year repayment period
    • Loan amounts of up to $25,000 a year (limited at $100,000 over four years)

Federal student loans

Filing your FAFSA is important for Maine student loans, and it’s also required to get federal student loans. Once you file the FAFSA, you’ll be notified by your Maine college of the student aid and loans extended to you.

It’s wise to limit borrowing as much as possible and to compare different state and federal student loans to find the option that offers you the best deal.

Borrowers should also be aware that federal student loans provide important benefits they won’t get with state student loans. This includes access to income-driven repayment plans, federal student loan forgiveness programs or the ability to pause payments through forbearance or deferment — though some private lenders offer deferment as well.

Among federal student loans, direct subsidized loans provide the best deal, thanks to an interest subsidy that pays all interest while you’re in school or the loans are otherwise deferred. Direct unsubsidized loans will be your next best option, thanks to lower interest rates and loan fees.

Here’s an overview of federal student loan options and terms.

 

Federal student loan Who can use it? Interest Rate (2018-19) One-time loan fee Interest paid for you during deferment Annual loan limit
Subsidized Undergraduate students with a demonstrated financial need 5.05% 1.062% Yes Up to $5,500 per school year
Unsubsidized Undergraduate students 5.05% 1.062% No Up to $7,500 per school year for dependent students

Up to $12,500 per school year for independent students

Unsubsidized (for graduate students) Students working toward a graduate or professional degree 6.60% 1.062% No Up to $20,500 per school year
PLUS Graduate students and parents of undergraduate students 7.60% 4.248% No Cost of attendance, after all other student aid is applied
All information current as of Oct. 4, 2018. Source: Federal Student Aid

 

Private student loans

A final educational borrowing option is private student loans, which are often offered by banks, credit unions or online lenders.

Private student loans usually can’t beat the affordability and benefits provided by federal and Maine student loans. You’ll also need a good credit score and a solid financial situation — or a cosigner who meets those criteria — to get approved for most private student loans in Maine.

Even so, private student loans can make sense for some situations when federal loans or other options fall short. But to make these private loans work for you, you’ll need to shop around and compare terms and rates to find the best private student loans. Here are some private student loan features to compare:

  • Rates, fees and other costs: Watch out for annual percentage rates (APRs) and interest rates, and don’t overlook the difference between variable and fixed rates. You can even collect custom quotes to get a more accurate picture of which lender can offer you the best deal.
  • Loan terms and repayment plans: Watch for loan terms that match your student debt goals, whether that’s five years or 25 years. Check each lender’s in-school deferment options, which can range from full deferment to immediate full repayment, with several options in between.
  • Borrower protections: Private student loans won’t offer the same robust borrower protections you’d get with federal student loans. But many lenders still provide benefits such as hardship forbearance or unemployment protections.

Once you’ve identified the top features you’re looking for in private student loans, it’s time to compare offers. A smart place to start your search for Maine student loans is with The Loan for Me resource from FAME, which lists several local private lenders that offer certified education loans.

Here are some of the private student loans worth taking a look at. (All rates are current as of Oct. 4, 2018, unless otherwise noted):

  • Bath Savings
    • Variable APRs between 4.75% and 8.50%, with origination fees of 2% to 6%
    • Terms of seven, 10, 12 or 15 years
    • Range of repayment options such as full deferment, interest-only payments or full immediate repayment
  • CPort Credit Union
    • Loan balances from $2,000 up to the lower of the full attendance cost minus aid or $40,000
    • Variable APRs between 5.34% and 8.34%, plus an origination fee of 2% to 6%
    • Terms of seven, 10, 12 or 15 years, with a range of repayment and deferment options
    • Credit union membership required
  • Infinity Federal Credit Union
    • Loan balances from $1,500 up to $40,000 per year (loan cannot exceed attendance costs minus aid)
    • Variable APRs between 5.00% and 9.00%
    • No origination fee
    • Terms of seven, 10, 12 or 15 years, with a range of repayment options
  • University Credit Union
    • Loan balances from $1,500 to the lesser of the full cost of attendance minus aid or $40,000
    • Variable APRs between 5.00 and 9.00%
    • No origination fee
    • Terms of seven, 10, 12 or 15 years, with a range of repayment and deferment options
  • CollegeAve Student Loans
    • Loan balances from $1,000 up to 100% of the cost of attendance
    • APRs ranging from 3.69% to 12.07%, based on current offers
    • Terms of five, 8, 10 or 15 years, with a range of repayment and deferment options
  • CommonBond
    • Loan options undergraduate, graduate and Master of Business Administration degrees
    • APRs ranging from 3.72% to 9.82%, based on current offers
    • Terms of five, 10, or 15 years, with a range of repayment and deferment options

How to refinance student loans

If you already have student loans, you might be interested in consolidating or refinancing them into a single loan to simplify your debt:

  • A direct consolidation loan can be used to consolidate federal student loans, replacing them with one loan with a weighted average rate of the previous debt. You can estimate your rate with our weighted average interest rate calculator.
  • Student loan refinancing issues a new private loan to replace your previous student loans. The new student loan can have new terms, including a different interest rate.

Combining loans through a direct consolidation loan is fairly simple, but refinancing with a private lender can be worth considering, too.

First, you’ll want to weigh the pros and cons of refinancing student loans to be sure it’s a good move for you. To qualify, you’ll need good credit and other solid financials (or a cosigner who does).

Refinancing with a private lender will also mean you’ll lose federal student loan benefits, such as access to different repayment plans or the option to pursue federal student loan forgiveness.

On the upside, refinancing Maine student loans can help you switch to a new lender, lower your student loan interest rate or pay less toward your student debt. Our student loan refinancing calculator can give you a preview of your potential savings. If you have a stable financial situation — one where you don’t think you’ll need to access to federal loan benefits such as forbearance or income-driven repayment — and are looking for an opportunity to lower your student debt costs, refinancing could be a smart move.

Finding a Maine student loan refinance lender

All of this requires finding the best student loan refinancing lender, of course, so figure out what you want in a refinance loan and research your options. One option is choosing a Maine student loan refinance lender certified by FAME.

Here are some Maine student loan refinance lenders, including some nationally available options, to get you started. (All APRs are current as of Oct. 4, 2018, unless otherwise noted):

  • Bath Savings
    • Variable APRs between 4.75% and 8.50%
    • Origination fee of 2% to 6%
    • Option to add a qualified co-applicant to get a better rate and lower fee
  • Maine Savings Federal Credit Union
    • Variable APRs of 6.00% to 7.00%, with the option to enroll in autopay for a 0.25% rate discount
    • Origination fee of 2% to 6%
    • Must join the credit union or already be a member
  • Seaboard Federal Credit Union
    • Fixed APRs between 5.00% and 9.00%, and variable APRs between 5.50% and 9.25%
    • Rate discount of 0.25% applied for borrowers who enroll in autopay
    • No origination fee
    • Must be a credit union member
  • University Credit Union
    • Fixed APRs between 4.75% and 8.75%, and variable APRs between 5.00% and 9.00%
    • No origination fee
    • Must be a credit union member
  • Earnest
    • New student loan lengths of five to 20 years
    • Variable and fixed APRs run from 2.47% to 6.32% (including a 0.25% rate discount for autopay enrollment)
    • No origination fee
  • Laurel Road
    • Choose a loan term of five, seven, 10, 15 or 20 years
    • Variable and fixed APRs ranging from 2.95% to 7.02% (including a 0.25% autopay rate discount)
    • No origination fees

The bottom line: Student loans in Maine

Maine residents can access the usual borrowing options available nationwide through federal student loans and major private student lenders. Plus, they get the Finance Authority of Maine’s additional student loan solutions offered specifically to local students and residents.

Whether you need help paying for college, have a goal to pay off student debt faster or are struggling to make payments on the Maine student loans you already have, these resources can help.

Note: Student Loan Hero has independently collected the above information related to student loan interest rates and terms. The financial institutions mentioned have neither provided nor reviewed the information shared in this article. 

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!
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1 Important Disclosures for Earnest.

Earnest Disclosures

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 hello@earnest.com, 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

Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.

Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.

Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.

Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.


3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance:Fixed rates from 3.899% APR to 7.804% APR (with AutoPay). Variable rates from 2.470% APR to 6.990% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.470% APR assumes the current index rate derived from the 1-month LIBOR of 2.08% plus 0.64% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
  2. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

4 Important Disclosures for LendKey.

LendKey Disclosures

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.

CommonBond Disclosures

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.

6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, 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 preceding calendar month. As of October 1, 2018, the one-month LIBOR rate is 2.22%. Variable interest rates range from 2.72%-8.32% (2.72%-8.32% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.75%-8.69% (3.75%-8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. 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 with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, 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 and replace those with the benefits of the Education Refinance Loan. 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 at http://www.citizensbank.com/EdRefinance, 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.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a cosigner who is a U.S. citizen or permanent resident. The cosigner (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a cosigner will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. 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.
  5. 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.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Estimated average savings amount is based on 14,659 Education Refinance Loan customers who saved on loans between August 1, 2017 and July 31, 2018. The calculation is derived by averaging monthly savings across Education Refinance Loan customers whose payment amounts decreased after refinancing, calculated by taking the monthly payment prior to refinancing minus the monthly payment after refinancing. We excluded monthly savings from customers that exceeded $4,375 and were lower than $20 to minimize risk of data error skewing the savings amounts. Savings will vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Borrower’s overall repayment amount may be higher than the loans they are refinancing even if monthly payments are lower.

2.47% – 6.99%3Undergrad
& Graduate
Visit SoFi
2.47% – 5.87%1Undergrad
& Graduate
Visit Earnest
2.47% – 8.03%4Undergrad
& Graduate
Visit Lendkey
2.95% – 6.37%2Undergrad
& Graduate
Visit Laurel Road
2.48% – 6.25%5Undergrad
& Graduate
Visit CommonBond
2.72% – 8.32%6Undergrad
& Graduate
Visit 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.