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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!
|1 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
2 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.
Information advertised valid as of 4/1/2019. Variable interest rates may increase after consummation.
3 Important Disclosures for Discover.
* 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.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
6 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
7 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.
8 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|4.24% – 13.24%1||Undergraduate and Graduate|
|4.07% – 11.32%2||Undergraduate, Graduate, and Parents|
|4.84% – 13.49%3||Undergraduate and Graduate|
|4.50% – 11.35%*,4||Undergraduate and Graduate|
|4.25% – 13.25%5||Undergraduate and Graduate|
|6.08% – 7.22%6||Undergraduate and Graduate|
|3.95% – 9.81%7||Undergraduate, Graduate, and Parents|
|4.45% – 12.42%8||Undergraduate, Graduate, and Parents|