Refinancing with Laurel Road
Refinancing rates from 1.99% APR. Checking your rates won’t affect your credit score.
From Ohio State to the University of Cincinnati, students are flocking to the Buckeye State to earn their degrees. The state is home to no less than 190 colleges and universities — even including Miami University, which despite its name, isn’t in Florida.
If you’re headed to an Ohio school for college, and you’ve exhausted your options for scholarships and grants, it may be time to consider Ohio student loans. As long as you don’t borrow too much, student loans can be a useful tool for covering college costs.
Or maybe you’ve already graduated and have started earning an income. In this case, you could refinance your Ohio student loans for new terms and a lower interest rate.
For more on borrowing and refinancing student loans in Ohio, read on for everything you need to know.
|Ohio student debt: At a glance|
|Average debt upon graduation||$30,629|
|Percent of students who graduate with debt||62%|
|National ranking for average debt upon graduation||17|
|National average debt upon graduation (Class of 2017)||$39,400|
|Info current as of 2015-16 school year, except when noted
Source: The Institute for College Access & Success
How to get Ohio student loans
The state of Ohio offers a variety of grants and scholarships for Ohio students, including the Choose Ohio First Scholarship and the Forever Buckeyes program. You can explore more opportunities for funding on the state’s higher education website.
However, Ohio doesn’t offer a state-run student loan program, so your options are limited to the federal government or private lenders. Here’s how to get both these types of student loans in Ohio.
Federal student loans
Whether you’re from Ohio or another state, your first stop for student loans should be Federal Student Aid. You can access federal student loans, along with federal grants and scholarships, by submitting a Free Application for Federal Student Aid (FAFSA).
Federal student loans for undergraduates generally come with lower interest rates than private ones, as well as various borrower protections. For instance, students with financial need could qualify for subsidized loans, which don’t accrue interest while you’re in school. And borrowers who need to adjust their monthly bills after they begin repayment could put their student loans on an income-driven or extended repayment plan.
What’s more, federal student loans are eligible for forgiveness programs, such as Public Service Loan Forgiveness (PSLF) or Teacher Loan Forgiveness. Private student loans don’t qualify for these programs.
One drawback of federal student loans, though, is that they come with borrowing limits. Once you’ve borrowed the maximum, you might still need more money to pay for school.
In this case, you have two main options. Your parents could borrow a parent PLUS loan, which is a federal loan designed for parents that currently comes with a 7.60% interest rate (as of July 2018). Alternatively, you could borrow private student loans from a bank, credit union or online lender.
But before you do, make sure to learn about how private student loans differ from federal ones.
Private student loans
To qualify for a private student loan, you must pass a credit check — or apply with a cosigner who can. Most undergraduate students apply with a cosigner, such as a parent, to meet criteria for income and credit.
With private student loans, you can typically choose between a fixed and variable APR. You’ll also choose repayment terms, usually between five and 20 years.
Unlike the federal government, most private lenders don’t offer income-driven repayment plans. Some will give you deferment or forbearance — temporary suspension of your loan payments — if you run into financial hardship or go back to school, but this varies from lender to lender.
If you’re borrowing a private student loan, find out if your lender offers any flexibility in the event you lose your income. And use our free loan calculator to estimate your future monthly payments, so you have a clear sense of what repayment will look like.
If you decide borrowing a private student loan is right for you, here are some top picks for private student loans in Ohio:
- Credit Union of Ohio
- Partners with Sallie Mae to provide the Smart Option Student Loan
- APRs currently run from 1.25% to 11.85%
- Finances a student line of credit from $1,000 up to a maximum determined by your school
- Offers variable APRs between 7.60% and 13.60% APR
- KEMBA Financial Credit Union
- Provides a student line of credit starting at $1,000
- Offers variable APRs between 5.75% and 7.25% APR and fixed APRs between 5.99% and 12.99% APR
- Offers student loan repayment terms of five, 10 or 15 years for undergraduates, and 10 or 15 years for graduate students
- Awards you with 1% cash back if you meet certain terms and conditions
- Variable APRs: 2.73% – 13.01%
- Fixed APRs: 3.62% – 14.50%
- College Ave Student Loans
- Finances student loans of $1,000 or more
- Offers student loan repayment terms of five, eight, 10 or 15 years
- Current APRs go from 1.24% to 12.99%
- Sallie Mae
- Finances student loans up to the cost of your school’s cost of attendance
- Currently offering APRs from 1.25% to 11.85%
Since no two banks are the same, make sure to shop around. By comparing several offers, you can find one with your lowest APR and best terms.
How to refinance Ohio student loans
As students take on more debt than ever before, many are looking for strategies to save money on their loans. Student loan refinancing is one way to lower your interest rate and restructure your debt.
When you refinance, you can qualify for a lower interest rate than the one you have currently. You can also choose new repayment terms, usually between five and 20 years. A shorter term will help you get out of debt faster, but it might require higher monthly payments. A longer term will mean you’ll pay more interest overall, but it could offer financial relief from month to month.
Both private and federal student loans qualify for refinancing, and you can refinance one or more loans at the same time. If you refinance several, you get the added benefit of combining multiple loans into one. Instead of tracking several bills and due dates, you’ll only have to remember one with a single lender.
Note that refinancing is different from federal consolidation, which involves taking out a direct consolidation loan. Only federal loans qualify for federal consolidation, and the process doesn’t lower your interest rate.
Since refinancing is done with a private lender, you’ll need to meet requirements for credit and income. Most lenders let you apply with a cosigner to strengthen your application, and some also offer let you release the cosigner from your loan after you’ve made a year or more of on-time payments.
Although refinancing has several benefits, it could also come with a major drawback: When you refinance federal student loans, you turn them into a private loan. As a result, the debt becomes ineligible for the federal programs mentioned earlier, such as income-driven repayment or PSLF.
If you’re worried about your ability to repay your loan, you might not want to sacrifice federal protections. And if you’re aiming for federal loan forgiveness, you should also avoid refinancing.
But if you have a stable income and have thought through the pros and cons of student loan refinance, it could be a savvy strategy for managing your student loans. Here are some lenders to refinance Ohio student loans.
- Refinances student loans between $15,000 and $75,000
- Offers variable APRs between 6.50% and 10.50% APR and fixed rates between 5.25% and 9.50% APR
- KEMBA Financial Credit Union
- Refinances student loans up to $125,000
- Offers APRs starting at 4.50% APR
- BMI Federal Credit Union
- Refinances student loans between $5,000 and $100,000
- Offers variable APRs starting at 7.49% APR
- Refinances student loans from $5,000 to $500,000
- Currently offers APRs from 1.99% to 6.43%
- Laurel Road
- Offers repayment terms of five, seven, 10, 15 or 20 years
- Current APRs range from 1.99% to 7.02%
- Refinances student loans up to $500,000
- APRs currently run from 3.18% to 6.43%
Just as you should shop around when applying for a private student loan, the same rule applies when refinancing student loans. Get a rate quote from a few different lenders so you can find an offer that will save you the most money on your student debt or adjust your monthly payment to where you want it.
Find the best strategies for managing your student loans in Ohio
Whether you’re an Ohio college student or a new graduate, you’ve got enough on your plate without having to worry about student loans.
If you haven’t borrowed yet, educate yourself on your options so you can avoid taking on too much debt.
And if you’re part of the 62% of Ohio students who graduate with student loans, consider refinancing as a strategy for managing your debt.
Whatever path you choose, stay patient and focus on the long game. Although it might take some years, eventually you’ll make that last payment, and your student debt will just be a memory.
Note: Student Loan Hero has independently collected the above information related to student loan interest rates and terms. The financial institutions mentioned have neither provided nor reviewed the information shared in this article.
Interested in refinancing student loans?Here are the top 6 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|1.99% – 6.65%1||Undergrad & Graduate|
|1.99% – 7.10%2||Undergrad & Graduate|
|2.99% – 6.44%3||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|1.99% – 6.43%4||Undergrad & Graduate|
|3.18% – 6.07%5||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews!
1 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 June 23, 2020. Information and rates are subject to change without notice.
2 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member.
The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website.
You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
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 May 1, 2020.
Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).
Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is 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 April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are 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.
3 Important Disclosures for SoFi.
4 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 3.19% APR (with Auto Pay) to 6.43% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.43% 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 June 15, 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 6/15/2020. 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.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). 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 0.19% effective June 10, 2020.