Refinancing with Laurel Road
Refinancing rates from 1.89% APR. Checking your rates won’t affect your credit score.
Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government, student loan lenders and others. Check out our Student Loan Hero Coronavirus Information Center for additional news and details.
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Student loan debt plagues college students nationwide, and students in Mississippi are no exception. According to The Institute for College Access & Success, 58% of students in the Class of 2018 graduated with Mississippi student loans and the average debt was $30,117.
While student loans can help you pay for college, you need to be careful to avoid borrowing too much or getting stuck with high interest rates. Whether you’re borrowing for the first time or refinancing debt you already have, here are your best options for Mississippi student loans:
We’ll start with where to turn if you need to borrow money for your Mississippi education. Make sure you first exhaust all your options for scholarships and grants that generally don’t need to be repaid (Check out our guide for more on this.)
After that, you have two main choices when if comes to borrowing:
While scoring as much money as possible through scholarships and grants is ideal, Mississippi residents can also tap into federal student loans to pay for college. The Department of Education can help fund your education through federal loan options. These loans tend to have lower interest rates and more flexible repayment options compared to private student loans.
Below is a chart of what’s available from the federal government. Note that the rates given are accurate for July 1, 2020, and before July 1, 2021, while the fees are for loans borrowed on or after Oct. 1, 2019 but before Oct. 1, 2020.
|Federal student loan||Who can use it?||Interest rate||One-time loan fee|
|Subsidized||Undergraduate students with a demonstrated financial need||2.75%||1.059%|
|PLUS||Graduate students and parents of undergraduate students||5.30%||4.236%|
Even if you’ve secured some scholarships and federal loans, you might have an education funding gap, since federal loans come with borrowing limits. That’s when you could consider private student loans.
Unlike federal options, private loans aren’t issued by the government. Instead, they’re offered by private lenders, such as a bank or credit union. That means eligibility, interest rates and repayment terms can vary from one lender to the next. Because of this variance, it’s important to shop for the best private student loan company that suits your financial situation.
If you don’t qualify for a private student loan due to your credit history, you might need to find a cosigner. A cosigner with a strong credit history can help ensure you get a private loan with reasonable terms. However, keep in mind that a cosigner is equally responsible for a loan’s repayment. If you fail to make payments, their credit could take a hit.
Now let’s take a look at what you can do to ease your repayment of Mississippi student loans, whether through loan forgiveness or refinancing.
- Mississippi teacher loan forgiveness programs
- Federal repayment programs
- Refinancing Mississippi student loans
In past years, Mississippi offered a couple of student loan repayment programs for teachers, administrators and other school personnel. Its William Winter Alternate Route Teacher Forgivable Loan, for instance, was an annual loan of up to $4,000 (for up to two years) that could be forgiven if you met certain criteria. And its Mississippi Teacher Loan Repayment program offered up to $3,000 per year in undergraduate loan forgiveness for up to four years.
Unfortunately, neither program is currently offering awards for the 2019-2020 school year due to budget constraints. But if you’re a teacher in the state, it could be worth checking the Mississippi Office of Student Financial Aid website to find out if these programs start operating again.
Assuming you have at least some federal loans, know that you might qualify for federal student loan forgiveness.
This comes in many shapes and sizes, though the best-known program is probably Public Student Loan Forgiveness, which can potentially score you full forgiveness within 10 years if you work for an eligible employer.
Check out our guide to federal student loan forgiveness programs for more information.
One key way to keep repayment costs down post-graduation is to refinance your student loan debt.
When you refinance, you take out a new loan to pay off one or more student loans. You may qualify for a lower interest rate or better repayment terms on your Mississippi student loans. You could also consolidate multiple loans so you only need to worry about one monthly payment.
But there are many pros and cons of refinancing to consider. While you could get a lower interest rate and have your loans consolidated into a single monthly payment, you could also lose federal benefits, including forbearance and deferment options, IDR plans and student loan forgiveness programs.
Make sure to research student loan refinancing companies to ensure you’re getting your best deal.
Exploring your options for Mississippi student loans can help you find a loan with the lowest long-term costs of borrowing. But even if you’re able to snag a low interest rate, it’s important to avoid borrowing more than you need.
You might reduce your borrowing by working a part-time job during college or applying for scholarships. For even more strategies, here are other steps you can take to avoid taking on too much student loan debt.
Rebecca Safier contributed to this report.
Interested in refinancing student loans?Here are the top 6 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|1.99% – 5.64%1||Undergrad & Graduate|
|1.89% – 5.90%2||Undergrad & Graduate|
|2.25% – 6.09%3||Undergrad & Graduate|
|1.89% – 6.77%4||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|1.99% – 5.41%5||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews! |
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 2.98% APR (with Auto Pay) to 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.64% 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 July 31, 2020, 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 7/31/2020. 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 [email protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2020 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
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of September 9, 2020. Information and rates are subject to change without notice.
3 Important Disclosures for SoFi.
4 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of September 10, 2020.
5 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 0.16% effective August 10, 2020.