Refinancing with Earnest
Refinancing rates from 2.46% APR. Checking your rates won’t affect your credit score.
Planning on going to school in Virginia? You’re probably going to graduate with student loans, as more than half the state’s grads do.
In fact, the Institute for College Access and Success estimated 56% of Class of 2016 grads have debt when they leave school. The average debt for graduates of Virginia colleges is $29,296.
Going to school in Virginia may be expensive. You should know about all your options for paying tuition and other expenses, such as your cost of living.
Continue reading to learn more about how you can obtain Virginia student loans or refinance and consolidate your existing education debt.
Federal student loans
Federal student loans are available to undergraduate and graduate students, as well as parents. Options for these federal loans include:
- Direct Subsidized Loans: These are need-based loans available to undergrads. The government covers interest charges while you’re in school, during your grace period, and during any periods of deferment.
- Direct Unsubsidized Loans: Undergraduates and graduate students are eligible for Direct Unsubsidized Loans, regardless of financial need. You’ll pay interest while loans are deferred, including when you’re in school.
- Direct PLUS Loans: Graduate students and parents can qualify for PLUS Loans, but you can’t have adverse credit. Interest isn’t subsidized on these loans.
Federal loans provide benefits that may be unavailable on private loans. For example, your federal debt may be forgiven through Public Service Loan Forgiveness, and you can cap monthly payments as a percentage of your discretionary income using income-driven repayment.
Because federal loans offer these advantages, you should consider them before turning to private debt. But don’t forget to apply for grants and scholarships. These funds don’t need to be repaid.
You can apply for federal loan funding by completing the annual Free Application for Federal Student Aid, also known as FAFSA.
Private student loans
If you have a funding gap after applying for federal student loans and scholarships and grants, you could consider private loans.
Many different lenders provide funding for undergraduate programs and for graduate degrees. You can check out our top private student loan lenders to find banks, credit unions, and online lenders that offer funds for school.
While private loans don’t offer all the perks of federal loans, you can benefit from lenders that provide a discount for automatic payments and that allow you to temporarily pause payments in the event of job loss or other financial hardship. You may also qualify for a lower interest rate.
There’s more variation in rates and terms for private student loans than for federal student loans, though. Shop lenders and ask:
- What interest rate you’ll be charged
- How long you’ll have to repay the loan
- When you’ll enter loan repayment
Depending on your income and credit score, you may need a cosigner to qualify for a private loan. If you do, ask lenders whether they offer cosigner release.
Virginia student loans
Students attending school in Virginia may obtain federal or private student loans to fund their education. But individual colleges may also offer financing options.
For example, Virginia Tech offers short-term loans of up to $600 for students who experience a pressing financial need. Loans must be repaid within the academic term in which the money is borrowed.
The best way to find out about student loans specific to your school is to speak with its financial aid office. It can help you explore financing solutions for school.
The State Council of Higher Education for Virginia also makes resources available for local students who need help exploring options for funding their education. You can discover details about federal and state financing, private loan programs, and financial aid through Virginia institutions.
Student loan refinancing
If you take out federal or private student loans, there may come a time when it makes sense to refinance your debt. Refinancing allows you to pay off your existing debt with a new loan that has better terms, such as a lower interest rate.
While the federal government doesn’t offer loan refinancing, it does offer a Direct Consolidation Loan. This type of loan allows you to combine eligible federal student loans into one big loan with a single monthly payment.
This can make repayment easier to manage. A Direct Consolidation Loan could also make you eligible for certain repayment plans.
But you won’t save money with a Direct Consolidation Loan. Your interest rate will be the weighted average of the loans you consolidate, rounded up to the nearest eighth of a percent.
If your goal is to reduce your interest rate, refinancing with a private lender could be a smart approach. Many great lenders offer loan refinancing, so shop to compare rates and terms to find the right loan for you.
Paying for school with Virginia student loans
It’s important to look for scholarships and grants before securing student loans to keep your debt as low as possible. You could nab a lot of free money for college. To start your search, consider this complete guide to state grants.
Try to max out free funding first, then find the most affordable loans possible.
By understanding your loan options and comparing different lenders carefully, you can find the right types of Virginia student loans and graduate with low debt payments that won’t be a burden in your post-grad life.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 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 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% 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 Month/Day/Year, 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 08/21/18. 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 firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 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.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
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 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.46% – 6.97%1||Undergrad & Graduate|
|2.57% – 8.44%4||Undergrad & Graduate|
|3.05% – 6.47%2||Undergrad & Graduate|
|2.50% – 7.24%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|