How to Refinance or Get Missouri Student Loans

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. 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 to help you understand what you are buying. Be sure to consult with 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.

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.

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Only 57% of Missouri graduates left school with student loans in 2016, according to the Institute for College Access and Success. Those that did take on debt had an average balance of $27,532, which is well below the current average student loan balance of $39,400.

In an ideal world, you’d be part of the 43% of Missouri students who didn’t go into debt for college. But if you can’t manage to get through school without Missouri student loans, it’s essential that you know where to go to get the best student loan interest rates and other terms.

Missouri student loans

Like students in other states, Missourians have access to federal and private student loans to help them cover the cost of college.

Federal student loans

Depending on where you are in school or if you’re a parent trying to help your child pay for school, the U.S. Department of Education offers a few federal loan options.

Most of these loans offer special benefits, such as income-driven repayment (IDR) plans and student loan forgiveness programs. Here are the details of what’s available as of July 24, 2018:

Loan type Designed for Requires a credit check? Interest rates Loan fee
Direct Subsidized Loans Undergraduate students who demonstrate financial need No 5.05% 1.066%
Direct Unsubsidized Loans Undergraduate, graduate, and professional students No 5.05% for undergraduates, 6.60% for graduate and professional students 1.066%
Direct PLUS Loans Graduate and professional students, and parents of undergraduate students Yes 7.60% 4.264%

Private student loans

If federal loans aren’t enough to cover your education expenses, you can also consider private student loans. These loans require a credit check, so you may need to find a cosigner if your credit history is bad or limited.

While these lenders typically don’t offer IDR plans or loan forgiveness, the best private student loan companies provide borrowers with competitive interest rates and terms. Here are some of the top examples, including rates:

Lender Variable interest rates Fixed interest rates Origination fee
CommonBond 3.66% – 9.64% 5.45% – 9.74% 2%
College Ave Student Loans 3.96% – 11.98% 4.72% – 12.94% None
Ascent 4.23% – 13.23% 5.08% – 14.16% None

Check out these and other private student lenders to determine if one is the right choice for you.

Missouri Health Professional Nursing Student Loans

If you’re a resident of Missouri attending a Missouri school and are in a program that leads to licensure as a practical or professional nurse, you could qualify for a loan through the state’s Health Professional Nursing Student Loans program.

The loan is eligible for forgiveness if you serve at any hospital in the state or in an area in need. Having two loans forgiven would require two years of service. Here’s what you need to know about the program:

  • Licensed practical nurse students can qualify for up to $2,500 a loan.
  • Professional nursing students can qualify for up to $5,000 a loan.
  • Registered nurses can receive up to $10,000 in forgiveness for a two-year service commitment.
  • Advanced practice nurses can receive up to $20,000 in forgiveness for a two-year service commitment.

To qualify, your nursing program must have a pass rate of at least 80%, and you need to maintain a 2.5 GPA. If you choose not to serve in an area in need, the interest rate on your loans is 9.5%.

Refinancing Missouri student loans

If you’ve already graduated, you may feel like you’ve missed the boat on getting lower student loan interest rates. Fortunately, that’s not the case.

You can potentially qualify for a lower interest rate and a lower monthly payment on your Missouri student loans by refinancing them with a private lender.

Student loan refinancing companies typically offer both variable and fixed interest rates, and some of their best rates can even be lower than what the federal government offers.

Like private student loans, these refinancing loans require a credit check. They also generally don’t offer IDR plans or loan forgiveness. Here are a few of the top student loan refinancing companies:

Student loan company Variable interest rates Fixed interest rates Minimum loan balance Origination fee
First Republic Not available 1.95% – 4.45% $40,000 None
SoFi 2.41% – 7.89% 3.49% – 8.14% $5,000 None
Earnest 2.41% – 6.99% 3.36% – 7.82% $5,000 None

Compare several student loan refinancing companies to increase your chances of getting a low rate. Also, look at repayment terms, fees, and other features to ensure you get the right lender.

Ways to limit your Missouri student loans

Even if Missourians tend to take on less debt than the national average, $27,532 in student loans is still a lot. With a 5% interest rate and a 10-year repayment period, that’s a monthly payment of $292.

So if you’re still in college, it’s important to take steps now to reduce your dependency on student loans so that you can have more financial freedom after you graduate. Here are our top tips:

  • Choose an inexpensive college. Attending a “household name” college may look nice on paper. But Missouri has several affordable schools that can offer you a quality education. Consider all your options if you haven’t decided where to go. If you’re already in school and it’s expensive, consider transferring.
  • Apply for scholarships. Several organizations and companies offer scholarships, which is free money that you don’t have to pay back. Apply for as many as you can to maximize your chances. Also, be sure to apply for the Student Loan Hero $5K Scholarship while you’re at it.
  • Fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA form helps the federal government determine if you need financial aid while you’re at college, and how much. Depending on your need, you may qualify for subsidized federal student loans — the government covers your interest while you’re in school — or a Pell Grant, which you typically don’t need to repay.
  • Get a job. Missouri student loans won’t cover all your expenses while you’re at school. To pay for living expenses that aren’t included as eligible education expenses, consider finding a part-time or full-time job.
  • Finish early. To be a full-time student, you typically only need 12 credit hours a semester. But at many universities, you can take up to 18 credit hours without paying extra tuition. By consistently taking extra credit hours, you may be able to graduate one or two semesters early, saving yourself thousands of dollars.

Reduce, research, and refinance

While you’re still in school, reducing the amount you borrow in student loans should be your top priority. But if you fall short on covering your tuition and living expenses, do your research to ensure that you’re getting the best deal available to you.

After you graduate, learn more about how to refinance your student loans to get a better interest rate or lower monthly payment.

While it’s possible that you won’t qualify for a better rate, you’ll never know if you don’t try. And if you do qualify for a lower rate, you could end up saving hundreds, if not thousands, in interest over the life of your loans.

Need a student loan?

Here are our top student loan lenders of 2019!
LenderVariable APREligibility 
* 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 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

2 Important Disclosures for Earnest.

Earnest Disclosures

  1. Rates include 0.25% Auto Pay Discount
  2. Explanation of Rates “With Autopay” (APD)
    Rates shown include 0.25% APR discount when client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

    Available Terms
    For Cosigned loans – 5, 7, 10, 12, 15 years. 
    Primary Only – 10, 12, 15 years

    In school deferred payment is not available in AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, and WA).


3 Important Disclosures for College Ave.

CollegeAve Disclosures

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.

(1)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.

(2)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 7/1/2019. Variable interest rates may increase after consummation.


4 Important Disclosures for Discover.

Discover Disclosures

  1. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Auto Reward Debit Reward Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.
  3. Aggregate loan limits apply.
  4. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including Undergraduate, Graduate, Health Professions, Law and MBA Loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.50% as of July 1, 2019. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please click https://www.discover.com/student-loans/interest-rates.html
    for more information about interest rates

5 Important Disclosures for CommonBond.

CommonBond Disclosures

A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.

Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.

Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
If you are unable to pay your government loan, the government can refer your loan to a collection agency or sue you for the unpaid amount. In addition, the government has special powers to collect the loan, such as taking your tax refund and applying it to your loan balance.

A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If you refinance your government loan, your new lender will use the proceeds of your new loan to pay off your government loan. Private student loan lenders do not have to honor any of the benefits that apply to government loans. Because your government loan will be gone after refinancing, you will lose any benefits that apply to that loan. If you are an active-duty service member, your new loan will not be eligible for service member benefits. Most importantly, once you refinance your government loan, you will not able to reinstate your government loan if you become dissatisfied with the terms of your private student loan.

If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of government loans, a refinance of your government loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.

If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.

Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.


6 Important Disclosures for PNC.

PNC Disclosures

  1. Annual Percentage Rates (APRs): APRs from 4.52% to 11.11% are for the fully deferred repayment option, include the 0.50% interest rate discount for automatic payment and encompass the full range of APRs for the three repayment term options (5, 10 and 15 year). APRs within this range may vary based on the repayment term chosen. See break down of APR ranges by repayment terms below.
  2. Fixed Annual Percentage Rates (APRs): APRs range from 4.52% to 9.58% for a 5-year term. APRs range from 5.05% to 10.26% for a 10-year term. APRs range from 5.55% to 10.84% for a 15-year term. Fixed rates are based on the creditworthiness of the borrower and co-signer, if any. Loan Payment Example: The monthly payment per $10,000 borrowed at a fixed rate range of 5.05% APR to 10.26% APR for 10 years means you would make 120 payments which may range from $131.94 to $207.24. For the fixed rate loan, the monthly payment will remain fixed for the term of the loan. Payments may vary for other repayment term options.

    Variable Annual Percentage Rates (APRs): APRs range from 4.90% to 9.92% for a 5-year term. APRs range from 5.38% to 10.57% for a 10-year term. APRs range from 5.85% to 11.11% for a 15-year term. Variable rates are based on the London Interbank Offered Rate (LIBOR) index plus a margin depending on the creditworthiness of the borrower and co-signer, if any. The LIBOR index, adjusted quarterly, is equal to the average of the one-month LIBOR rates as published in the “Money Rates” section of the Wall Street Journal on the first business day of each of the three (3) calendar months immediately preceding each quarterly adjustment date. The LIBOR index is currently 2.47%. If the index increases or decreases, your rate will increase or decrease accordingly. Loan Payment Example: The monthly payment per $10,000 borrowed at a variable rate range of 5.38% APR to 10.57% APR for 10 years means you would make 120 payments which may range from $135.93 to $212.65. For the variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases. Payments may vary for other repayment term options.

    APRs and loan payment examples are for the fully deferred repayment option for the Undergraduate & Graduate loan programs and include the 0.50% interest rate discount for automatic payments. The lowest APR is available to well qualified applicants. Your actual APR will be based on your credit qualifications, selection of fixed or variable rate option, loan program, repayment term, repayment option and whether you elect the automatic payment feature. Loan payment examples assume 30 days to first payment after the deferment period (45 months in school and 6 month grace period). Payments vary for other rates, repayment terms and repayment options.

    In addition to Undergraduate and Graduate loans, PNC offers loans for Health & Medical Professions, Health Professions Residency and Bar Study. Rates may vary by loan program and are subject to change at any time. Visit pnconcampus.com for current rates, additional loan payment examples and more details about the Solution loan products.

  3. Automatic Payment Discount: During repayment, an interest rate discount of 0.50% is available for automatic payments. Borrower must be making scheduled payments that include both principal and interest. Interest only payments do not qualify for the 0.50% interest rate discount. Automatic payment can be established through the loan servicer American Education Services (AES). Advertised rates include the 0.50% automatic payment interest rate discount. The rate discount will be applied at the time automatic payment is established. If automatic payment is not established, the available rates will be 0.50% higher than the advertised rates. If automatic payment is established and discontinued at any time during repayment, the borrower will no longer receive an automatic payment discount and the rate will increase by 0.50%. Discount may also be suspended during periods of forbearance or deferment. Payments may be made from a checking or savings account. A federal regulation limits the number of transfers that may be made from a savings or money market account. Please contact your financial institution for more information on transfer limitations on savings accounts.
  4. Repayment Options: Immediate, interest only payments while in school and full deferment of principal and interest options available. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment.
  5. Co-Signer Release: A request to release a co-signer requires that, as of the date of the request, you have made at least forty-eight (48) consecutive timely payments of principal and interest with no periods of forbearance or deferment within the forty-eight (48) month timeframe. “Timely payment” means each payment is made no later than the 15th day after the scheduled due date of the payment. “Consecutive payment” means the minimum monthly payment must be made for the most recent forty-eight (48) months straight without any interruption. To qualify for a co-signer release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.
  6. Tax Deductibility: Interest may be tax deductible. Consult a tax advisor.

Please note: PNC reserves the right to modify or discontinue the terms of these program at any time without notice. You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan. Private loans are subject to credit approval.

PNC is a registered service mark of The PNC Financial Services Group, Inc.
© 2019 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association.

3.98% – 11.35%*,1Undergraduate and Graduate

Visit SallieMae

3.99% – 11.44%2Undergraduate and Graduate

Visit Earnest

3.96%
11.98%
3
Undergraduate, Graduate, and Parents

Visit College Ave

4.72%
11.87%
4
Undergraduate and Graduate

Visit Discover

3.66% – 9.64%5Undergraduate and Graduate

Visit CommonBond

4.90% – 11.11%6Undergraduate and Graduate

Visit PNC

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. 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 to help you understand what you are buying. Be sure to consult with 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.