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If you’re going to school in Wyoming, there’s good news. According to the Institute for College Access and Success, Wyoming ranks 43rd in average student loan debt and 49th in percentage of students with debt.
This means you might be able to borrow less to attend college in Wyoming compared to other states.
Unfortunately, this doesn’t guarantee you won’t end up with Wyoming student loans. Almost half of new Wyoming grads have them, so you still might need to borrow to attend school. Find out all your options for student loans right here.
Federal student loans
For many students, federal student loans are the best way to pay for a college education.
Some advantages of federal loans include loan forgiveness for qualifying public service work and flexible repayment options, such as income-driven plans that cap your monthly loan payments based on your earnings.
Federal student loan options include:
- Direct Subsidized Loans: Direct Subsidized Loans have low fixed interest rates — 4.45% for loans disbursed between July 1, 2017, and June 30, 2018. The government subsidizes interest while you’re in school or while your loans are deferred after graduation. These loans are for undergraduates with demonstrated financial need, and you’re limited in the amount you can borrow each year. You’ll also be required to pay a 1.066% origination fee.
- Direct Unsubsidized Loans: For undergrads, these loans have the same origination fees and fixed rates as Direct Subsidized Loans. Graduate students pay the same origination fee but must pay 6.00% interest for loans disbursed between July 1, 2017, and June 30, 2018. There’s no interest subsidy, so interest accrues while you’re in school or while your loans are deferred. You don’t have to show financial need to qualify. You’re limited in the amount you can borrow each year and over your lifetime, but grad students have higher aggregate limits.
- Direct PLUS Loans: These loans are open to grad students and parents of undergrads. There’s a 4.264% origination fee, and the interest rate for loans disbursed between July 1, 2017, and June 30, 2018, is 7.00%. PLUS Loans aren’t available to borrowers with adverse credit, so not everyone will qualify.
Completing a Free Application for Federal Student Aid (FAFSA) is required to become eligible for federal loans. Check out our guide to completing the FAFSA for help completing your application.
Wyoming student loans
Where you go to school could determine which loan options are available to you.
For instance, students attending the University of Wyoming can use federal loans to fund their education, but not all schools in the state make federal funding available.
One such school is Wyoming Catholic College (WCC), which doesn’t take part in federal loan programs. If you wish to attend this private school, you’ll need to explore other sources of Wyoming student loans.
The Catholic college provides some loans directly to students and partners with Wells Fargo. WCC doesn’t require students to get funding from Wells Fargo, but it does require students to apply for a Wells Fargo loan and at least two scholarships before receiving a financial aid package.
No matter which school you attend in Wyoming, talk with your school’s financial aid office to see the federal, private, or school-based loans for which you’re eligible.
Private student loans
Private student loans are another option to pay for your education. But private loans don’t offer the same protections as federal loans, so you usually should exhaust federal funding first.
Private loans don’t provide loan forgiveness options. There are typically fewer options for repayment and no income-driven plans. You also might be unable to qualify for private loans without a cosigner unless you have good credit and proof you earn a good income.
While federal Direct Loans almost always offer more affordable interest rates than private loans, private lenders sometimes have better terms than those that come with PLUS Loans. This could include low or no origination fees as well as lower interest rates.
This means comparing private loans and PLUS Loans is important to ensure your education is as affordable as possible. It’s also important to comparison shop among private loan lenders.
Unlike federal student loans, there are no standardized origination fees or interest rates for private loans. Interest rates vary by lender, and your credit score matters in determining your rate. You also might have to choose between a fixed- or variable-rate student loan.
Shop around carefully among different private lenders and compare all loan terms — including how long you have to repay the loan, what you need to do to qualify, and what interest rate you’ll pay — to find the best loan for you.
Start with our private loan marketplace to find lenders offering competitive rates.
Student loan refinancing
While some states offer student loan refinancing for residents, Wyoming doesn’t run its own refinancing program. But students can turn to private lenders that offer student loan refinancing.
Refinancing involves obtaining a new loan to repay your existing student loan debt. You might get a better interest rate or a more desirable loan repayment term on your new loan.
Shop around among financial institutions to find a lender that’s right for you. Refinancing federal student loans means you lose the special protections the federal government provides, so think through your decision carefully.
Which student loan options are right for you?
Sorting through your options for Wyoming student loans is complicated, but by taking the time to research them all, you can find an affordable way to fund your education.
Many Wyoming students have lower loan balances than students from other states. If you maximize scholarships and grants and shop around for loans, your education hopefully will be affordable for you.
Need a student loan?Here are our top student loan lenders of 2018!
|1 Important Disclosures for CollegeAve.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
2 Important Disclosures for Discover.
3 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) or Turnstile Capital Management, LLC (TCM), which are not affiliated entities. Certain restrictions and limitations may apply. 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. All loan products may not be available in certain jurisdictions. Other terms and conditions apply. Ascent is a federally registered trademark of 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.
* 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 PNC.
PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.
6 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. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
7 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
8 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.
9 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|3.82% – 12.82%3||Undergraduate and Graduate||Visit Ascent|
|3.69% – 10.94%1||Undergraduate, Graduate, and Parents||Visit CollegeAve|
|3.99% – 12.99%2||Undergraduate and Graduate||Visit Discover|
|4.12% – 10.98%*,4||Undergraduate and Graduate||Visit SallieMae|
|5.03% – 11.23%5||Undergraduate and Graduate||Visit PNC|
|3.88% – 12.88%6||Undergraduate and Graduate||Visit SunTrust|
|4.68% – 9.77%7||Undergraduate and Graduate||Visit LendKey|
|3.72% – 9.68%8||Undergraduate, Graduate, and Parents||Visit CommonBond|
|4.04% – 12.01%9||Undergraduate, Graduate, and Parents||Visit Citizens|