Refinancing with Laurel Road
Refinancing rates from 1.89% APR. Checking your rates won’t affect your credit score.
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.
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 2020!
|1.24% – 11.98%1||Undergraduate, Graduate, and Parents|
|1.25% – 11.15%*,2||Undergraduate and Graduate|
|1.12% – 12.37%3||Undergraduate and Graduate|
|1.24% – 11.44%4||Undergraduate, Graduate, and Parents|
|1.77% – 11.89%5||Undergraduate and Graduate|
|2.69% – 12.98%6||Undergraduate and Graduate|
|3.52% – 9.50%7||Undergraduate and Graduate|
|* 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 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 9/24/2020. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.
2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
3 Important Disclosures for Discover.
Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.
4 Important Disclosures for Earnest.
5 Important Disclosures for SoFi.
UNDERGRADUATE LOANS: Fixed rates from 4.23% to 11.83% annual percentage rate (“APR”) (with autopay), variable rates from 1.87% to 11.66% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 11.83% APR (with autopay), variable rates from 1.77% to 11.73% APR (with autopay). MBA AND LAW SCHOOL LOANS: Fixed rates from 4.30% to 11.98% APR (with autopay), variable rates from 1.94% to 11.89% APR (with autopay). PARENT LOANS: Fixed rates from 4.60% to 11.26% APR (with autopay), variable rates from 1.87% to 11.16% APR (with autopay). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin and your APR may increase after origination if the LIBOR increases. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 10/02/2020. Enrolling in autopay is not required to receive a loan from SoFi. SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).
6 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 applicant’s ability to supply the necessary information for submission.
7 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. 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 0.17% effective Sep 1, 2020 and may increase after consummation.