Where Student Loan Delinquency Rates Are Highest

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Americans have never owed as much in student loans as they do today, with borrowers collectively shouldering a burden of $1.5 trillion last year. Amid all this debt, it’s unfortunate but not surprising that millions of Americans miss payments on their loans.

Delinquency on student loan payments can lead to default, causing long-term damage to credit scores and even lead to wage garnishment. While federal student loans generally allow 270 days of delinquency before default occurs, some private loans can enter default after just one missed payment.

Although the student loan crisis is a national one, Student Loan Hero wanted to see if borrowers in some geographic areas are struggling to repay their loans more than those in others. To find out, we took a close look across the 100 largest metros to see what proportion of student loan borrowers were more than 90 days delinquent on their debt — and the results were striking.

Here’s what we found.

Where borrowers are delinquent on their student loans

Key takeaways


  • Nearly 26% of student loan borrowers in Jackson, Miss., have been delinquent on their loan repayment, taking the top spot on our list.
  • Two metro areas in Florida — Lakeland-Winter Haven and Daytona Beach — follow with the next-highest delinquency rates of 23.4% and 23.3%, respectively.
  • At the other end of the spectrum, just under 13% of borrowers in Provo, Utah, have fallen into delinquency.
  • San Jose, Calif., and Madison, Wis., have the next-lowest delinquency rates, at 14.1% and 14.4%, respectively.
  • Southern borrowers are far and away more likely to fall into student loan delinquency. A full 14 of the 15 metros at the top of the delinquency list lie below the Mason-Dixon line, and not one Southern metro made it onto the list of 25 metros with the lowest rates of delinquency.
  • Borrowers in the bottom metro of our list are half as likely to be have a delinquency than borrowers in the top — an extreme difference.

5 places where borrowers fall behind on student loan payments


1. Jackson, Miss.

Rate of delinquency: 25.6%

Among the top 100 metros in the U.S., Jackson, Miss., came in first for the highest rate of student loan delinquency, with more than 1 in 4 borrowers falling behind on their payments.

Part of the problem may be that Mississippi has a slightly lower graduation rate for college students, with 51.7% getting a bachelor’s degree after six years versus a national average of 53.8%, according to 2015 data from the National Center for Education Statistics.

Not having a college degree can limit earning potential, making it harder to repay student loan debt. If borrowers in these areas didn’t earn the degree for which they took out student loans, they could end up saddled with debt but without the means to pay it back on time.

2. Winter Haven, Fla.

Rate of delinquency: 23.4%

Winter Haven, Fla. came in second on our list, with nearly one out of four borrowers having gone delinquent on their student debt at some point during repayment.

Florida’s graduation rate for bachelor’s candidates is lower than Mississippi’s, at 48.5%, and only 12.3% of Winter Haven residents aged 25 or older have at least a four-year degree, below the national average of 19.7%.

3. Daytona Beach, Fla.

Rate of delinquency: 23.3%

Daytona Beach nearly tied with Winter Haven for rates of student loan delinquency, with its rate only 0.1 percentage point lower.

Rates of educational attainment among Daytona Beach residents were slightly lower than among those in Winter Haven, and among 18- to 24-year-olds, only 5.7% had a bachelor’s degree — about half that of the national figure of 10.5% for that same age group.

4. Memphis, Tenn.

Rate of delinquency: 23.2%

Coming in fourth in our list of places with the highest rates of student loan delinquency is another Southern city — Memphis, Tenn. Its nickname of Home of the Blues might refer to music, but it could also apply to its resident student loan borrowers, with nearly one-quarter of them struggling to keep up with payments.

In terms of graduation rates, Tennessee is also below the national average, with 50.4% finishing college in six years or less.

5. Toledo, Ohio

Rate of delinquency: 22.8%

Although our study revealed that borrowers in the South tend to face the highest rates of delinquency, the northern city of Toledo, Ohio, is an exception to the geographical rule.

With 22.8% of student loan borrowers falling behind on payments, Toledo has some of the highest rates of delinquency in the U.S. This is despite the fact that Ohio’s college graduation rate matches the national average.

Looking more closely at the city, however, we also found that Toledo’s unemployment rate is higher than average: 5.7% as compared with the national rate of 4.0%. Along with educational attainment, employment opportunities could be another factor that affects delinquency rates within a given metro.

5 areas with the lowest rates of student loan delinquency


1. Provo, Utah

Rate of delinquency: 12.8%

While student loan borrowers in Jackson, Miss., had the highest rates of student loan delinquency, residents of Provo, Utah had the lowest, with a rate exactly half that of their Jackson counterparts.

Surprisingly, Utah’s graduation rate is a relatively low 46.7%, less than Florida’s. But on the other hand, educational attainment is above the national average: Among those 25 and older, 28.5% have a bachelor’s degree, compared with 19.1% for the country as a whole.

2. San Jose, Calif.

Rate of delinquency: 14.1%

San Jose had the second-lowest rates of delinquency in the country, less than 2 percentage points behind Provo. The strong showing comes within the context of California’s 66.3% six-year graduation rate for bachelor’s degree programs, putting in at No. 6 in the nation.

This metro area’s success with student loan repayment might also have something to do with its overall wealth. According to a 2018 study by 24/7 Wall Street, the San Jose metro area topped the list of wealthiest urban areas in the U.S., with a median household income of $110,040 and a hefty 22.8% of households earning $200,000 or more.

3. Madison, Wis.

Rate of delinquency: 14.4%

Student loan borrowers in Madison, Wis. are generally able to keep up with their student loan payments, with a delinquency rate of 14.4%. Home to University of Wisconsin, Madison, a school with more than 44,000 students, Madison has a population with relatively high rates of educational attainment. Within the metro area, 27.1% of those who are 25 and older graduated with their bachelor’s.

4. Harrisburg, Pa.

Rate of delinquency: 15.3%

Fewer than 1 out of 6 borrowers in Harrisburg, Pa. have fallen behind on their student loan payments.

Perhaps the city’s relatively low cost of living — 8% below the national average, according to Forbes — helps student loan borrowers save enough money each month to keep up with their student loan bills. Likewise, Pennsylvania ranks just behind California in college graduation rates, at 65.9%.

5. Oxnard, Calif.

Rate of delinquency: 15.9%

Oxnard, Calif. rounds out the list of metro areas with the lowest rates of delinquency among student loan borrowers. This southern Californian city also made the list of wealthiest areas in the U.S., coming in at No. 8 on 24/7 Wall Street’s list.

Among its residents, the median household income is $80,135, and 11.4% of households earn $200,000 or more. Oxnard adults aged 25 and over earn their bachelor’s at a rate of 21.9%, and 11.6% have a graduate degree or higher.

Rates of student loan delinquency: How the top U.S. metros compare


How to keep up with your student loan payments


Keeping up with student loan payments can be a big challenge, especially if you’re a recent graduate or are struggling to find a job. But falling into delinquency can cause even more problems, especially if your loan goes into default.

To avoid harming your finances, consider taking one or more of these steps with your student loans:

  • Change your student loan repayment plan. If your bills are too high, find out if you can switch repayment plans. Federal student loans, for instance, are eligible for income-driven plans, which adjust your monthly payment along with your income. If you still have a balance after 20 or 25 years, it could even be forgiven. Although private student loans aren’t eligible, you can speak with your lender about your options. Lowering your bills might be the solution you need to avoid delinquency.
  • Find ways to decrease your spending or boost your income. Once you’ve checked in with your student loan repayment plan, it’s time to take a close look at your budget. Figure out if there are areas where you can lower your monthly expenses. At the same time, look for opportunities to earn more, whether through switching jobs or starting a side hustle, such as driving for Uber or working for TaskRabbit.
  • Refinance your student loans for new terms. Through refinancing, you can choose new repayment terms, often between five and 20 years. Going with a longer term could reduce your monthly bills, taking some of the pressure off your wallet. You might also qualify for lower interest rates than you have now, thereby saving hundreds or even thousands of dollars. The main downside is that refinancing federal student loans turns them private, meaning you lose access to federal plans and programs, so make sure you understand what you’d be giving up before you refinance with a private lender.

Even though student loans can be stressful, ignoring them will only make a tough situation worse. Instead, look for ways to adjust them into a more reasonable range. And if you start making more money, consider throwing extra payments at your loans to pay them off even faster.

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1 Important Disclosures for Ascent.

Ascent Disclosures

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.

  1. Ascent rates are effective as of 02/01/19 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account. Competitive rates calculated monthly at the time of loan approval.
    Ascent Tuition Cosigned Loan: Variable rate loans are based on a margin between 2.00% and 11.00% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.51%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 4.26% – 13.26%. Fixed rate loans have an APR range between 5.38% – 14.46%. For Ascent Tuition loan current rates and repayment examples visit www.AscentTuition.com/APR.
    Ascent Independent Non-Cosigned Loan: Variable rate loans are based on a margin between 4.00% and 12.50% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.51%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 5.90% – 13.17%. Fixed rate loans have an APR range between 6.95% – 13.68%. For Ascent Independent non-cosigned loan current rates and repayment examples visit www.AscentIndependent.com/APR.
  2. Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.
  3. Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options that include fully deferred, interest only and $25 minimum repayment.
  4. Flexible repayment plans may be offered up to a fifteen (15) year repayment term for a variable rate loan and ten (10) year repayment term for a fixed rate loan. Students must be enrolled at least half-time at an eligible school. Minimum loan amount is $2,000.
  5. Interest rate reduction of 0.25% for enrollment in automatic debit applies only when the borrower and/or cosigner signs up for automatic payments and the regularly scheduled, current amount due (including full, flat, or interest only payments, as applicable) is successfully deducted from the designated bank account each month. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of In-School, Deferment, Grace or Forbearance. If you have two (2) returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the 0.25% interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the 0.25% interest rate reduction.
  6. All applicants (individual and cosigner) are required to complete a brief online financial literacy course as part of the application process to be eligible for funding.
  7. Eligibility, loan amount and other loan terms are dependent on several factors, which may include: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.
  8. The legal age for entering into contracts is eighteen (18) years of age in every state except Alabama where it is nineteen (19) years old, Nebraska where it is nineteen (19) years old (only for wards of the state), and Mississippi and Puerto Rico where it is twenty-one (21) years old.
  9. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. In order to be eligible for the 1% Cash Back Graduation Reward, borrower must meet the following criteria after graduation:
    · The student borrower has graduated from the degree program that the loan was used to fund.
    · The student borrower may change majors and/or transfer to a different school, but must obtain the same level of degree (e.g. – undergraduate or graduate)
    · The graduation date is more than 90 days and less than five (5) years after the date of the loan’s first disbursement.
    · Any loan that the student has borrowed under the Ascent loan is not more than 30-days delinquent or in a default status as of the graduation date and until any Graduation Reward is paid.
  10. Students can apply to release their cosigner and continue with the loan in only their name after making the first 24 consecutive regularly scheduled full principal and interest payments on-time and meeting the other eligibility criteria to qualify for the loan without a cosigner.

* Application times vary depending on the applicants ability to supply the necessary information for submission.


2 Important Disclosures for CollegeAve.

CollegeAve Disclosures

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.

  1. All rates shown include the auto-pay 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.
  2. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7% variable Annual Percentage Rate (“APR”): 96 monthly payments of $179.28 while in the repayment period, for a total amount of payments of $17,211.20. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
  3. As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 2/1/2019. Variable interest rates may increase after consummation.


3 Important Disclosures for Discover.

Discover Disclosures

  1. At least a 3.0 GPA (or equivalent) qualifies for a one-time cash reward of 1% of the loan amount of each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.

* 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 SunTrust.

SunTrust Disclosures

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. ©2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.

  1. Interest rates and APRs (Annual Percentage Rates) depend upon (a) the student’s and cosigner’s (if applicable) credit histories, (b) the repayment option and repayment term selected, (c) the requested loan amount and (4) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms effective for applications received on or after 1/1/2019. The current variable APRs for the program range from 4.376% APR to 13.375% APR and the current fixed APRs for the program range from 5.351% APR to 14.051% APR (the low APRs within these ranges assume a 7-year $10,000 loan, with two disbursements and no deferment; the high APRs within these ranges assume a 15-year $10,000 loan with two disbursements). The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index to your margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the Money Rates section of The Wall Street Journal (Eastern Edition). The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One-month LIBOR index is 2.625% on 1/1/2019. The variable interest rate will increase or decrease if the One-month LIBOR index changes. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount.
  2. Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The student must be enrolled at least half-time to be eligible for the partial interest, fully deferred and interest only repayment options unless the loan is being used for a past due balance and the student is out of school. With the Full Deferment option, payments may be deferred while the student is enrolled at least half-time at an approved school and during the six month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. The Partial Interest Repayment option (paying $25 per month during in-school deferment) is only available on loans of $5,000 or more. For payment examples, see footnote 7. With the Immediate Repayment option, the first payment of principal and interest will be due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment is $50.00. There are no prepayment penalties.
  3. The 15-year term and Partial Interest Repayment option (paying $25 per month during in-school deferment) are only available for loan amounts of $5,000 or more. Making interest only or partial interest payments while in school deferment (including the grace period) will not reduce the principal balance of the loan. Payment examples within this footnote assume a 45-month deferment period, a six-month grace period before entering repayment and the Partial Interest Repayment option. 7 year term: $10,000 loan disbursed over two transactions with a 7 year repayment term (84 months) and a 8.468% APR would result in a monthly principal and interest payment of $199.90. 10 year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and an 8.938% APR would result in a monthly principal and interest payment of $162.92. 15 year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and a 9.423% APR would result in a monthly principal and interest payment of $136.90.
  4. The 2% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation (e.g. copy of diploma, final transcript or letter on school letterhead) must be provided to the servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
  5. Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”). Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings, or money market account. The auto pay discount will continue until (1) automatic deduction of payments is stopped (including during any deferment or forbearance) or (2) three automatic deductions are returned for insufficient funds during the life of the loan. The extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank account will be applied after the first automatic payment is successfully deducted and will be removed for the reasons stated above. In the event the auto pay discount is removed, the loan will accrue interest at the rate stated in your Credit Agreement. The auto pay discount is not available when payments are deferred or when the loan is in forbearance, even if payments are being made.
  6. A cosigner may be released from the loan upon request to the servicer provided that the student borrower is a U.S. citizen or permanent resident alien, has met credit criteria and met either one of the following payment conditions: (a) the first 36 consecutive monthly principal and interest payments have been made on-time (received by the servicer within 10 calendar days after their due date) or (b) the loan has not had any late payments and has been prepaid prior to the end of the first 36 months of scheduled principal and interest payments in an amount equal to the first 36 months of scheduled principal and interest payments (based on the monthly payment amount in effect when you make the most recent payment). As an example, if you have made 30 months of consecutive on-time payments, and then, based on the monthly payment amount in effect on the due date of your 31st consecutive monthly payment, you pay a lump sum equal to 6 months of payments, you will have satisfied the payment condition. Cosigner release may not be available if a loan is in forbearance.
  7. If the student dies after any part of the loan has been disbursed, and the loan has not been charged off due to non-payment or bankruptcy, then the outstanding balance will be forgiven if the servicer is informed of the student’s death and receives acceptable proof of death. If the student becomes totally and permanently disabled after any part of the loan has been disbursed and the loan has not been charged off due to non-payment or bankruptcy, the loan will be forgiven upon the servicer’s receipt and approval of a completed discharge application. If the student borrower dies or becomes totally and permanently disabled prior to the full disbursement of the loan, and the loan is forgiven, all future disbursements will be cancelled. Loan forgiveness for student death or disability is available at any point throughout the life of the loan.

6 Important Disclosures for LendKey.

LendKey Disclosures

Additional terms and conditions apply. For more details see LendKey


7 Important Disclosures for CommonBond.

CommonBond Disclosures

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.
If you are unable to pay your government loan, the government can refer your loan to a collection agency or sue you for the unpaid amount. In addition, the government has special powers to collect the loan, such as taking your tax refund and applying it to your loan balance.

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 you refinance your government loan, your new lender will use the proceeds of your new loan to pay off your government loan. Private student loan lenders do not have to honor any of the benefits that apply to government loans. Because your government loan will be gone after refinancing, you will lose any benefits that apply to that loan. If you are an active-duty service member, your new loan will not be eligible for service member benefits. Most importantly, once you refinance your government loan, you will not able to reinstate your government loan if you become dissatisfied with the terms of your private student loan.

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 are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of government loans, a refinance of your government loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before 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.


8 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Student Loan Rate Disclosure: Variable rate, 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 February 1, 2019, the one-month LIBOR rate is 2.50%. Variable interest rates range from 4.47%-12.44% (4.47%-12.34% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school 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. 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. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.
  2. 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.
  3. 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.
  4. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.
4.26% – 13.26%1Undergraduate and Graduate

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4.20%
11.44%
2
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4.84%
13.49%
3
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4.62% – 11.47%*,4Undergraduate and Graduate

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4.38% – 13.38%5Undergraduate and Graduate

Visit SunTrust

5.85% – 6.99%6Undergraduate and Graduate

Visit LendKey

3.95%
9.81%
7
Undergraduate, Graduate, and Parents

Visit CommonBond

4.47%
12.34%
8
Undergraduate, Graduate, and Parents

Visit Citizens

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.