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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 2019!
|* 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.
Explanation of Rates “With Autopay” (APD)
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.
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.
5 Important Disclosures for CommonBond.
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.
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 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 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.
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.
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.
|3.98% – 11.35%*,1||Undergraduate and Graduate|
|3.99% – 11.44%2||Undergraduate and Graduate|
|3.96% – 11.98%3||Undergraduate, Graduate, and Parents|
|4.72% – 11.87%4||Undergraduate and Graduate|
|3.66% – 9.64%5||Undergraduate and Graduate|
|4.90% – 11.11%6||Undergraduate and Graduate|