Refinancing with Earnest
Refinancing rates from 1.99% APR. Checking your rates won’t affect your credit score.
If you need Nevada student loans or have already graduated with some, you’re in good company.
The average student loan debt in Nevada for graduates of four-year public or private colleges is $24,128, and more than half of graduates have student debt, according to the Institute for College Access and Success.
While student loans are a fact of life for most students and graduates, being smart about which loans you take can keep costs down. Fortunately, you have plenty of options to fund your education.
Here are must-know details about different student loan options in the Silver State, as well as some information about refinancing existing Nevada student loans.
Federal student loans
Students going to school in Nevada might be eligible for federal student aid, including:
- Direct Subsidized Loans: These loans are available to undergraduates with financial need who complete the Free Application for Federal Student Aid (FAFSA). Direct Subsidized Loans have a fixed interest rate of 4.45% for loans disbursed as of July 1, 2017, and a 1.066% origination fee as of Oct. 1, 2017. The government pays interest on these loans while students are in school or while loans are deferred after graduation. Students are limited in how much they can borrow each year, and there’s a lifetime borrowing limit.
- Direct Unsubsidized Loans: Most undergrad and grad students who complete the FAFSA are eligible for Direct Unsubsidized Loans. There’s a fixed interest rate of 6.00% for loans disbursed as of July 1, 2017, and a 1.066% origination fee as of Oct. 1, 2017. The government doesn’t subsidize interest, which begins accruing as soon as you receive the loan. There are annual and aggregate limits, with higher limits for grad students.
- PLUS Loans: Both graduate students and parents of undergrads can qualify for PLUS Loans by completing the FAFSA. Those with adverse credit aren’t eligible. There’s a fixed interest rate of 7.00% for loans disbursed as of July 1, 2017, and a loan origination fee of 4.264% as of Oct. 1, 2017. You can borrow up to the full cost of attendance at your school.
Direct Subsidized Loans and Direct Unsubsidized Loans come with borrower-friendly perks, including low fixed rates, easy approval regardless of your credit, flexible repayment options, and loan forgiveness for qualifying public service work.
PLUS Loans offer some (but not all) benefits other federal loans do, but they aren’t the cheapest choice in all situations. Private loans could be less costly if you have good credit, so it’s important to compare options.
Nevada student loans
Though Nevada doesn’t offer state-funded student loans, students attending certain Nevada schools might be eligible for other funding. For example, students attending the University of Nevada, Reno have several options, including:
- Garvey-Rhodes and Blundell Undergraduate loans: The Garvey-Rhodes and Blundell Undergraduate loans are available to University of Nevada, Reno students. These loans are funded by endowments and available to full-time students with financial need. The interest rate is 5.00% and students aren’t required to begin repayment as long as they remain in school at least half time. There’s a six-month deferment period after graduation.
- Short-term university-funded loans: Students who experience temporary cash flow issues might be eligible for short-term loans. These loans require a cosigner. There’s also a 2.00% processing fee when the application is submitted. Interest — 10.00% — begins accruing the date the loan is approved. Half the loan balance must be paid six months after the loan is granted. The remaining balance must be repaid after 12 months, when financial aid is received, or upon graduation, whichever comes sooner.
Ask your financial aid office if you’re eligible for any institutional student loans from your school and how you can apply.
The state of Nevada also offers loan repayment assistance to state residents who provide medical care to underserved rural areas through Nevada Health Service Corps. Assistance is provided based on available funding. Qualifying medical professionals who receive repayment funds must work in assigned rural communities for a period specified by contract.
Private student loans
Private student loans are a good funding option if you’ve exhausted your federal or school-based student aid options. But private loans typically don’t provide the same borrower protections as federal loans.
For example, you likely won’t find a private lender that can match the federal income-driven repayment plans. But private lenders often offer flexible payment options while you’re in school, including deferring payments while you’re enrolled, and most allow you to temporarily suspend payments if there’s financial hardship.
To qualify for private loans, you’ll need income and good credit — or a cosigner. And because there’s no standard interest rate or origination fee among private lenders, it’s more important to comparison shop to find the best private loan.
Start with our list of the best lenders offering private student loans and compare terms to find the right lender.
Student loan refinancing
If you’ve already graduated with student loans, you’re not stuck with them forever. By refinancing your debt with a private lender, you could land better interest rates or more favorable loan terms.
Think refinancing could benefit you? Check out some of the top refinancing lenders for your student loans and compare factors such as the interest you’ll pay, how long you’ll repay your loans, and the qualification requirements.
Refinancing isn’t for everyone. You likely don’t want to refinance if you might be eligible for federal student loan forgiveness or you depend on an income-driven repayment plan. For many borrowers, however, refinancing can make student loans more manageable.
Which Nevada student loans are right for you?
Finding the right funding for school can be tricky, but by maxing out your federal loans and comparison shopping carefully among private lenders, you can get the financing you need to fund your education at the best possible rates.
Need a student loan?Here are our top student loan lenders of 2020!
|* 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 Important Disclosures for College Ave.
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 11/4/2019. Variable interest rates may increase after consummation.
2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
3 Important Disclosures for Discover.
Discover's lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.
4 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restrictions. Loans are offered through CommonBond Lending, LLC (NMLS #1175900).
5 Important Disclosures for Citizens.
Undergraduate Rate Disclosure: Variable 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 December 1, 2019, the one-month LIBOR rate is 1.70%. Variable interest rates range from 2.80% – 11.06% (2.80% – 10.91% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.72% – 12.19% (4.72% – 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. 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 the loan.
Please Note: International Students are not eligible for the multi-year approval feature.
|2.84% – 10.97%1||Undergraduate, Graduate, and Parents|
|2.87% – 10.75%*,2||Undergraduate and Graduate|
|2.80% – 11.37%3||Undergraduate and Graduate|
|3.52% – 9.50%4||Undergraduate and Graduate|
|2.80% – 11.06%5||Undergraduate and Graduate|