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 2021!| Lender | Variable APR | Eligibility | |
|---|---|---|---|
 | 1.04% – 11.98%1 | Undergraduate, Graduate, and Parents | |
 | 1.25% – 11.35%*,2 | Undergraduate, Graduate, and Parents | |
 | 1.05% – 11.44%3 | Undergraduate and Graduate | |
 | 3.84% – 9.40%4 | Undergraduate and Graduate | |
 | 1.78% – 11.89%5 | Undergraduate and Graduate | |
 | 1.24% – 11.99%6 | Undergraduate and Graduate | |
 | 1.21% – 11.53%7 | Undergraduate and Graduate | |
 | 2.46% – 12.98%8 | 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. CollegeAve DisclosuresCollege 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. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. Information advertised valid as of 1/27/2021. 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 Earnest. Earnest Disclosures
4 Important Disclosures for CommonBond. CommonBond DisclosuresOffered 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. If you choose to complete an application, we will conduct a hard credit pull, which may affect your credit score. 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 0.15% effective Jan 1, 2021 and may increase after consummation. 5 Important Disclosures for SoFi. sofiDisclosuresUNDERGRADUATE LOANS: Fixed rates from 4.23% to 11.26% annual percentage rate (“APR”) (with autopay), variable rates from 1.88% to 11.66% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 11.37% APR (with autopay), variable rates from 1.78% to 11.73% APR (with autopay). MBA AND LAW SCHOOL LOANS: Fixed rates from 4.30% to 11.52% APR (with autopay), variable rates from 1.95% to 11.89% APR (with autopay). PARENT LOANS: Fixed rates from 4.60% to 10.76% APR (with autopay), variable rates from 1.88% 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 11/04/2020. 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 Discover. Discover Disclosures
7 Important Disclosures for Citizens Bank. Citizens Bank DisclosuresUndergraduate Rate Disclosure: Variable interest rates range from 1.21% – 11.53% (1.21% – 11.53% APR). Fixed interest rates range from 3.99% – 11.80% (3.99% – 10.92% APR). Graduate Rate Disclosure: Variable interest rates range from 1.39% – 11.43% (1.39% – 11.14% APR). Fixed interest rates range from 4.39% – 11.70% (4.39%-11.39% APR). Business/Law Rate Disclosure: Variable interest rates range from 1.39% – 8.37% (1.39% – 8.07% APR). Fixed interest rates range from 4.13% – 9.84% (4.13% – 9.12% APR). Medical/Dental Rate Disclosure: Variable interest rates range from 1.39% – 8.37% (1.39% – 8.07% APR). Fixed interest rates range from 4.03% – 8.64% (4.03% – 8.34% APR). Parent Loan Rate Disclosure: Variable interest rates range from 2.13% – 7.44% (2.13%-7.44% APR). Fixed interest rates range from 4.69% – 7.83% (4.69% – 7.83% APR). Bar Study Rate Disclosure: Variable interest rates range from 4.49% – 9.63% (4.49% – 9.56% APR). Fixed interest rates range from 7.39% – 12.94% (7.39% – 12.82% APR). Medical Residency Rate Disclosure: Variable interest rates range from 3.58% – 7.08% (3.58% – 6.80% APR). Fixed interest rates range from 6.99% – 10.49% (6.97% – 10.08% APR). Variable Rate Disclosure: Variable Rates are 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 Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer. Lowest Rate Disclosure: Lowest rates require a 5-year repayment term, immediate repayment, a graduate degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review. Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount. 7 Important Disclosures for Ascent. Ascent DisclosuresAscent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products December not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions December apply. For Ascent Terms and Conditions please visit: www.AscentStudentLoans.com/Ts&Cs Rates are effective as of 12/01/2020 and reflect an automatic payment discount of 0.25% on the lowest offered rate and a 2.00% discount on the highest offered rate. Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentStudentLoans.com/Rates 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. | |||
