Feel like you’re scraping together just enough money to make your student loan payments each month? Are you close to missing payments — or even defaulting on your student loans?
Such student debt struggles are increasingly common. National trends show the following:
- Nearly a quarter of Direct Loan borrowers are on a income-driven repayment (IDR) plan, according to a Nov. 2016 report from the Government Accountability Office. That’s an increase of almost 150 percent from the 10 percent of borrowers on an IDR plan in June 2013.
- Student loan default rates are rising. A Sept. 2017 report from the U.S. Department of Education shows 11.5 percent of borrowers entering repayment in 2014 defaulted within three years, up from 11.3 percent in 2013.
But where a borrower lives can have a major impact on their ability to pay off their student debt, according to our new study.
If you’re a resident of one of the worst states to live in with student debt, you’re more likely to struggle to keep up with payments. See if your state is on the list.
How we ranked states by student loan affordability
Our 2017 student loan affordability study highlights the 10 states where student loan payments are least likely to be affordable. We compared states based on three key financial factors:
- The average student loan balance for a 2016 graduate in each state
- The average annual wage a worker earns in each state
- The cost of living in each state compared to the national average
With this information, we compared basic living costs to average incomes to find out how much a typical worker has left over each month. We then calculated student loan payments using the standard 10-year repayment plan.
Lastly, we ranked all 50 states and the District of Columbia to find out the worst states to live in while repaying student debt.
Here are the nationwide averages for 2016 graduates:
- Disposable income devoted to student loan payments: 14.57 percent
- Average student loan balance: $27,822
- Average annual wage: $49,630
The average student loan balance estimates for this study are based on borrowing statistics from Peterson’s data and might differ from other projections. For example, a different estimate of student loan debt puts the average balance for a 2016 graduate at $37,721.
Student loans more affordable overall — but not in the 10 worst states
Like the standards set by federal income-driven repayment plans, we considered student loan payments to be affordable when they were equal to 10 percent of disposable income.
Overall, student loans are more affordable for 2016 graduates compared to 2015 graduates, according to our 2016 student loan affordability survey. In 2015, graduates devoted 17.3 percent of their disposable income to student loan payments. For 2016 graduates, the average is 14.57 percent.
However, in the 10 worst states to live in, borrowers devote anywhere from 17.99 percent to 22.17 percent of their disposable income to their student loan payments.
10 worst states to live in if you’re struggling with student debt
Not only will borrowers in these states find it difficult to pay extra on student loans, but they also might struggle to make their payments each month.
Eight of the following 10 states have higher-than-average student loan balances that exceed $30,000 as well as costs of living that exceed the national average.
That means borrowers in these states are among those most likely to benefit from switching to an income-driven repayment plan for federal student loans or refinancing student loans to lower monthly payments.
Here are the 10 states where borrowers’ finances are stretched the thinnest by repaying their student loan balances.
10. Montana
- Disposable income devoted to student loan payments: 17.99 percent
- Average student loan balance: $30,994
- Average annual wage: $41,440
- City with highest average wage: unavailable
We couldn’t find city-level income data for Montana, but workers in pretty much any part of the state can expect to make well below the national average wage of $49,630. That amounts to about $680 less in income each month.
Montana’s 2016 graduates also borrowed $4,714 more than the 2015 class, raising payments by $48 per month to $314. Overall, this brought Montana from the middle of the pack to one of the worst states live in while paying off student debt.
9. Vermont
- Disposable income devoted to student loan payments: 18.33 percent
- Average student loan balance: $28,739
- Average annual wage: $47,620
- City with highest average wage: Burlington, $51,600
Vermont again made it on the list of the 10 worst states to live in with student debt. However, the 2016 class is in a better position than Vermont’s 2015 graduates thanks to slightly lower costs of living in Vermont and higher wages that outpaced borrowing.
While 2016 graduates living in Vermont devote 18.33 percent of their disposable income to student loan payments, 2015 graduates paid even more toward debt at 20.42 percent.
8. South Dakota
- Disposable income devoted to student loan payments: 18.51 percent
- Average student loan balance: $30,090
- Average annual wage: $40,070
- City with highest average wage: Sioux Falls, $43,180
Student loan borrowers in South Dakota, like those in Montana, are saddled with low incomes and high student loan balances.
Overall, South Dakota’s 2016 graduates took out $726 more on average than the 2015 class. Despite incomes that crawled up by $1,250, South Dakota is once again among the worst states to live in if you’re struggling with student debt.
7. Rhode Island
- Disposable income devoted to student loan payments: 18.96 percent
- Average student loan balance: $31,497
- Average annual wage: $51,920
- City with highest average wage: Providence, $51,100
Rhode Island is No. 7 in this year’s rankings after being No. 5 last year. It appears borrowers in the state are putting less disposable income toward student debt: 18.96 percent compared to last year’s 22.64 percent.
That’s thanks in part to 2016 graduates who borrowed $1,423 less on average than Rhode Island’s 2015 class.
6. Alaska
- Disposable income devoted to student loan payments: 19.19 percent
- Average student loan balance: $31,217
- Average annual wage: $56,710
- City with highest average wage: Anchorage, $57,770
Despite an average annual wage that’s $7,080 more than the national average, Alaska has high living costs and student debt levels that make it one of the least affordable states. Since residents of Alaska pay 22.4 percent more than the national average for basic expenses, they have less to work with each month.
Alaska’s graduates also have some of the highest levels of borrowing: 12.20 percent higher than the average balance of $27,822.
5. New Jersey
- Disposable income devoted to student loan payments: 19.35 percent
- Average student loan balance: $35,143
- Average annual wage: $56,030
- City with highest average wage: Trenton, $62,150
It might appear that New Jersey workers get a leg up from higher incomes since they earn 12.9 percent more than the average American.
But their steep cost of living is 13.8 percent higher than the national average. Plus, after Pennsylvania, New Jersey’s average student loan balance is the highest in the nation.
Bottom line: New Jersey residents face some of the highest student debt with less money in their bank accounts.
4. Pennsylvania
- Disposable income devoted to student loan payments: 19.35 percent
- Average student loan balance: $35,196
- Average annual wage: $47,540
- City with highest average wage: Philadelphia, $53,590
With the highest average student loan balance of any state, Pennsylvania’s college graduates start out owing $7,374 more than the U.S. average. Even worse, Pennsylvania workers have to repay student debt on below-average incomes.
3. Connecticut
- Disposable income devoted to student loan payments: 19.90 percent
- Average student loan balance: $32,211
- Average annual wage: $57,960
- City with highest average wage: Bridgeport, $64,800
Connecticut’s college graduates carry the fourth-highest student loan balance in the nation thanks to significant payments of $326 per month.
Workers in this state are also up against costs of living that exceed the national average by a whopping 24.1 percent. Despite also earning higher wages, Connecticut’s student loan borrowers are in a tough spot.
2. Maine
- Disposable income devoted to student loan payments: 20.45 percent
- Average student loan balance: $30,586
- Average annual wage: $44,180
- City with highest average wage: Portland, $47,770
Maine moved from No. 6 to No. 2 this year. The state has living costs that are 10.6 percent higher than the national average and incomes that fall $5,450 short of the national average.
That means Maine residents pay higher living costs while earning less. Add an average student loan balance that surpasses $30,000, and Maine borrowers are among the most likely to struggle with student debt.
1. Hawaii
- Disposable income devoted to student loan payments: 22.17 percent
- Average student loan balance: $25,851
- Average annual wage: $49,430
- City with highest average wage: Honolulu, $51,080
The average student loan debt for residents living in Hawaii is one of the lowest in the nation, and workers earn wages near the national average. However, that’s not enough to make up for costs of living that are 34 percent higher than the national average.
High costs of living stretch Hawaii workers’ paychecks thin and leave them with far less disposable income than residents in other states, making it the worst state for student loan affordability.
How to manage student loans when you live in one of the ‘worst’ states
While borrowers living in these states are more likely to stretch their paychecks to make their student loan payments, they can take action and see results if they focus on paying down their student debt.
Here are some steps you can take if your state made this list:
- Focus on increasing your income. The more money you make, the more you’ll have to put toward your student debt. Work toward a raise or consider switching jobs to get higher pay. Starting a side hustle can be another way to bring in more cash.
- Be realistic about your spending. It’s important to understand the costs in your area and set your personal budget accordingly. Be practical and keep expenses modest when possible.
- Take advantage of federal student loan protections. With options like income-driven repayment plans, deferment, and forbearance, you can avoid missing payments or defaulting.
Getting ahead of student debt is a daunting task if you live in one of the 10 worst states — but it’s possible. Although you might have a little more working against you than the average student loan borrower, it’s a gap you can close with some extra determination and smart debt strategies.
Full rankings: Student loan affordability by state
Below are the full rankings for student loan affordability in all 50 states and the District of Columbia. States are ranked from worst to best.
| Rank | State | Disposable income devoted to student loan payments | Average annual wage | Average student loan balance | Monthly student loan payment | City with highest wages | City’s average wage |
| National | 14.57% | $49,630 | $27,822 | $282 | |||
| 1 | Hawaii | 22.17% | $49,430 | $25,851 | $262 | Honolulu | $51,080 |
| 2 | Maine | 20.45% | $44,180 | $30,586 | $310 | Portland | $47,770 |
| 3 | Connecticut | 19.90% | $57,960 | $32,211 | $326 | Bridgeport | $64,800 |
| 4 | Pennsylvania | 19.35% | $47,540 | $35,196 | $356 | Philadelphia | $53,590 |
| 5 | New Jersey | 19.35% | $56,030 | $35,143 | $356 | Trenton | $62,150 |
| 6 | Alaska | 19.19% | $56,710 | $31,217 | $316 | Anchorage | $57,770 |
| 7 | Rhode Island | 18.96% | $51,920 | $31,497 | $319 | Providence | $51,100 |
| 8 | South Dakota | 18.51% | $40,070 | $30,090 | $305 | Sioux Falls | $43,180 |
| 9 | Vermont | 18.33% | $47,620 | $28,739 | $291 | Burlington | $51,600 |
| 10 | Montana | 17.99% | $41,440 | $30,994 | $314 | — | — |
| 11 | District of Columbia | 17.68% | $82,950 | $33,650 | $341 | — | — |
| 12 | Massachusetts | 17.37% | $60,840 | $29,924 | $303 | Boston | $67,930 |
| 13 | West Virginia | 17.30% | $40,250 | $29,922 | $303 | Charleston | $42,890 |
| 14 | South Carolina | 17.08% | $41,530 | $29,496 | $299 | Charleston | $44,500 |
| 15 | New Hampshire | 16.57% | $50,180 | $26,452 | $268 | Nashua | $53,990 |
| 16 | Idaho | 15.79% | $41,910 | $29,435 | $298 | Boise | $43,040 |
| 17 | New Mexico | 15.70% | $44,160 | $28,233 | $286 | Albuquerque | $45,920 |
| 18 | Iowa | 15.53% | $43,540 | $29,288 | $297 | Des Moines | $49,420 |
| 19 | Kansas | 15.32% | $43,950 | $28,770 | $291 | Wichita | $43,280 |
| 20 | Delaware | 15.30% | $50,930 | $30,255 | $306 | Wilmington | $54,310 |
| 21 | Kentucky | 15.29% | $41,760 | $28,934 | $293 | Louisville | $44,270 |
| 22 | Nevada | 15.22% | $44,030 | $25,815 | $261 | Reno | $45,210 |
| 23 | Louisiana | 15.20% | $41,260 | $26,863 | $272 | Baton Rouge | $44,460 |
| 24 | California | 15.19% | $56,840 | $22,517 | $228 | San Jose | $78,990 |
| 25 | Mississippi | 15.17% | $38,300 | $26,974 | $273 | Gulfport | $41,940 |
| 26 | Maryland | 15.09% | $56,120 | $27,070 | $274 | Silver Spring | $64,210 |
| 27 | Minnesota | 14.99% | $51,330 | $31,198 | $316 | Minneapolis | $55,010 |
| 28 | Indiana | 14.98% | $42,940 | $28,533 | $289 | Indianapolis | $46,840 |
| 29 | Missouri | 14.98% | $44,620 | $29,215 | $296 | Kansas City | $48,900 |
| 30 | Oregon | 14.95% | $49,710 | $27,143 | $275 | Portland | $53,960 |
| 31 | Wisconsin | 14.89% | $45,240 | $27,872 | $282 | Madison | $50,830 |
| 32 | Ohio | 14.83% | $45,930 | $29,579 | $299 | Columbus | $48,850 |
| 33 | North Dakota | 14.81% | $47,130 | $28,336 | $287 | Fargo | $45,610 |
| 34 | Arizona | 14.61% | $46,290 | $26,346 | $267 | Phoenix | $47,540 |
| 35 | New York | 14.48% | $58,910 | $21,280 | $215 | New York City | $63,320 |
| 36 | Michigan | 14.44% | $47,350 | $30,289 | $307 | Ann Arbor | $56,160 |
| 37 | Tennessee | 14.16% | $42,350 | $26,611 | $269 | Nashville | $45,780 |
| 38 | Alabama | 13.87% | $42,510 | $26,065 | $264 | Huntsville | $52,960 |
| 39 | Oklahoma | 13.73% | $42,760 | $26,068 | $264 | Oklahoma City | $45,280 |
| 40 | Illinois | 13.68% | $51,500 | $26,980 | $273 | Chicago | $54,340 |
| 41 | Florida | 13.49% | $44,050 | $23,999 | $243 | Gainesville | $47,560 |
| 42 | Wyoming | 13.46% | $46,840 | $25,378 | $257 | — | — |
| 43 | Virginia | 13.35% | $53,090 | $27,865 | $282 | Charlottesville | $50,950 |
| 44 | Nebraska | 13.28% | $44,170 | $25,311 | $256 | Omaha | $46,490 |
| 45 | Georgia | 13.28% | $46,540 | $26,498 | $268 | Atlanta | $50,720 |
| 46 | Arkansas | 13.17% | $39,590 | $23,384 | $237 | Fayetteville | $44,980 |
| 47 | Texas | 12.99% | $47,770 | $26,230 | $266 | Houston | $52,870 |
| 48 | Colorado | 12.99% | $52,710 | $26,607 | $269 | Boulder | $60,390 |
| 49 | North Carolina | 12.46% | $45,280 | $24,133 | $244 | Durham | $57,850 |
| 50 | Washington | 12.16% | $55,810 | $24,331 | $246 | Seattle | $63,300 |
| 51 | Utah | 10.01% | $45,490 | $18,969 | $192 | Salt Lake City | $48,850 |
Methodology
This study compared average earnings in each state and the District of Columbia to costs of living and average student loan balances to find the states where student loan repayment is most affordable.
Average student loan balances in each state were calculated from Peterson’s data on indebtedness averages at four-year colleges. Colleges were excluded that did not report a dollar average for the average indebtedness number or if the figure was for a year before 2015.
Disposable income of an average worker in each state was calculated based on the following factors:
- The Bureau of Labor Statistics’ reported 2016 mean wage in the state, released in March 2017
- LESS basic living expenses, including housing, transportation, food, and health care, based on national Consumer Expenditure data for 2016 and adjusted for local cost of living, sourced from the Council for Community and Economic Research’s Cost of Living Index
Disposable income was then compared to typical payments on the average student debt balance of a 2016 graduate in each state based on the following criteria:
- Each state’s average student loan debt was amortized over a standard 10-year repayment period, assuming an interest rate of 4.00%.
- The average payment was compared to disposable income to find the portion of disposable income needed to cover these basic payments.
The study was modeled on federal standards for student loan affordability. Income-driven repayment plans set affordable student loan monthly payments at 10 percent of monthly discretionary income. However, our methodologies differ and might not be reflective of results using income-driven repayment plan formulae.
Interested in refinancing student loans?
Here are the top 7 lenders of 2019!| Lender | Variable APR | Eligible Degrees | |
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| Check out the testimonials and our in-depth reviews! 1 Important Disclosures for Earnest. Earnest DisclosuresTo 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 3.45% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 2.05% APR (with Auto Pay) to 6.49% 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 October 11, 2019, 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 10/11/2019. 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 hello@earnest.com, or call 888-601-2801 for more information on our student 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 SoFi. SoFi Disclosures
3 Important Disclosures for Laurel Road. Laurel Road DisclosuresLaurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association. ANNUAL PERCENTAGE RATE (“APR”) FIXED APR Fixed rate options consist of a range from 3.75% per year to 5.80% per year for a 5-year term, 4.25% per year to 6.25% per year for a 7-year term, 4.55% per year to 6.65% per year for a 10-year term, 4.85% per year to 7.05% per year for a 15-year term, or 5.30% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.25% per year for a 7-year term would be from $137.84 to $147.29. The monthly payment for a sample $10,000 loan at a range of 4.55% per year to 6.65% per year for a 10-year term would be from $103.88 to $114.31. The monthly payment for a sample $10,000 loan at a range of 4.85% per year to 7.05% per year for a 15-year term would be from $78.30 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.27% per year for a 20-year term would be from $67.66 to $79.16. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed 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. VARIABLE APR Variable rate options consist of a range from 2.50% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 4.25% per year to 6.40% per year for a 10-year term, 4.50% per year to 6.65% per year for a 15-year term, or 4.75% per year to 6.90% 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 0.45% to 4.25% for the 5-year term loan, 1.95% to 4.30% for the 7-year term loan, 2.20% to 4.35% for the 10-year term loan, 2.45% to 4.60% for the 15-year term loan, and 2.70% to 4.85% 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 2.50% per year to 6.30% per year for a 5-year term would be from $177.47 to $194.73. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.35% per year for a 7-year term would be from $136.69 to $147.77. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.40% per year for a 10-year term would be from $102.44 to $113.04. The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.65% per year for a 15-year term would be from $76.50 to $87.94. The monthly payment for a sample $10,000 loan at a range of 4.75% per year to 6.90% per year for a 20-year term would be from $64.62 to $76.93. 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. MAXIMUM RATES Borrowers who take out a variable loan with a term of 5, 7, or 10 years will have a maximum interest rate of 9%. Borrowers who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%. FEE INFORMATION There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account. LOAN AMOUNT For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans. ELIGIBILITY & ELIGIBLE LOANS Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements). All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions. For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned. INTEREST RATES The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency. DISBURSEMENT OPTIONS The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired. POSTPONING OR REDUCING PAYMENTS After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends. We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment. If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments. KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. This information is current as of October 1, 2019 and is subject to change. 4 Important Disclosures for Splash Financial. Splash Financial DisclosuresTerms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. 5 Important Disclosures for CommonBond. CommonBond DisclosuresOffered 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 2.05% effective September 10, 2019. 6 Important Disclosures for LendKey. LendKey DisclosuresRefinancing 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. 7 Important Disclosures for College Ave. College Ave 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. 1College Ave Refi Education loans are not currently available to residents of Maine. 2All rates shown 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. 3$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. 4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 09/23/2019. Variable interest rates may increase after consummation. |
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 | 2.05% – 6.49%1 | Undergrad & Graduate | |
 | 2.05% – 5.98%2 | Undergrad & Graduate | |
 | 2.25% – 6.65%3 | Undergrad & Graduate | |
 | 2.43% – 7.60%4 | Undergrad & Graduate | |
 | 2.14% – 7.21%5 | Undergrad & Graduate | |
 | 2.01% – 8.88%6 | Undergrad & Graduate | |
 | 2.74% – 6.24%7 | Undergrad & Graduate | |
