How to Get or Refinance Indiana Student Loans

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. 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 to help you understand what you are buying. Be sure to consult with 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.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

Logo

OUR PROMISE TO YOU: Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less


Need a student loan?

Check out our top picks below or learn more about other ways to pay for college.
2.84% to 10.97% APR1

Visit Lender

3.12% to 10.54% APR2

Visit Lender

3.37% to 11.87% APR3

Visit Lender

  • Variable APR

Attention Hoosiers: Between keeping up with schoolwork and making sure your team comes out on top in the IU-Purdue rivalry, you have enough things on your plate — unmanageable student loans shouldn’t be one of them.

If you know the best places to borrow student loans in Indiana (or to refinance ones you already have), you can manage your student loans strategically and without a side of stress. Read on to learn about Indiana student loans so you can enjoy college — and intense basketball games — in the Crossroads of America without breaking the bank.

Indiana student debt: At a glance
Average debt upon graduation in IN $29,562
% of students who graduate with debt 20
National ranking for average debt 59%
National average debt upon graduation (Class of 2017) $39,400
Info current as of 2015-2016 school year
Source: The Institute for College Access & Success

How to get Indiana loans

If you’re looking for student loans in Indiana, you have two main options: federal loans from Federal Student Aid or private ones from a bank or another lender. Here’s what you need to know about both.

Federal student loans

If you have costs to cover after savings, scholarships and grants, you might consider borrowing student loans for college. Before looking to private lenders, you should exhaust your options for federal student loans first.

Federal student loans come with competitive interest rates and borrower protections, such as income-driven repayment plans and Public Service Loan Forgiveness. Plus, unlike with a private lender, you don’t need to pass a credit check to qualify. Any student attending an eligible institution can borrow.

The Office of Student Aid provides subsidized and unsubsidized Direct Loans to students, which you can access by submitting the Free Application for Federal Student Aid (FAFSA). Parents can also borrow a federal Parent PLUS Loan on behalf of their child.

Although federal student loans tend to be a better option than private ones, they often have borrowing limits and may not cover the full cost of attendance. If you still have a gap in funding, you might need look to private lenders for student loans in Indiana.

Private student loans

Private student loans can come from a variety of sources, including community banks, credit unions, national banks, and online lenders.

Private student loans don’t typically come with the same flexibility as federal ones, though. You might be able to choose a variable or fixed rate, as well as repayment terms between five and 20 years. But you won’t have access to income-driven plans, nor will your private student loans be eligible for such federal programs as Public Service Loan Forgiveness or Teacher Loan Forgiveness.

Private lenders also have underwriting requirements, so you might not be able to qualify on your own if you’re an undergraduate. Instead, you’ll likely have to apply with a cosigner who has strong credit and a stable income.

Before you borrow, make sure you understand the terms and conditions on your private student loans, and find out if your lender offers any protections in case you lose your job or run into financial hardship. Once you’ve done your research, look around for the best lender for your Indiana student loans. This list is a good place to start:

  • INvestED
    • Provides student loans for Indiana residents or non-residents attending Indiana schools
    • Offers variable rates from 3.46% APR and fixed rates from 6.41% APR as of Sept. 10, 2018
    • Allows student loan repayment terms of five, 10, or 15 years
    • Gives you the option of deferred payments, interest-only payments, or immediate repayment while in school
    • Offers a 2% reduction on your principal loan amount when you graduate
  • Old National Bank
    • Partners with Sallie Mae to offer the Smart Option Student Loan
    • Finances loans up to the full cost of attendance of your school
    • Offers variable rates from 4.12% APR and fixed rates from 5.74% APR as of Sept. 10, 2018
  • Lake City Bank
    • Partners with Sallie Mae to bring you the Smart Option Student Loan
  • Indiana Members Credit Union
    • Partners with Sallie Mae to provide the Smart Option Student
    • Requires that you meet certain residence or work requirements to become a member
  • Evansville Federal Credit Union
    • Finances a student line of credit with terms up to 20 or 25 years, depending on how much you borrow
    • Offers variable rates
    • Requires that you live, worship, attend school, or conduct business in the following southwestern counties: Vanderburgh, Posey, Gibson and Warrick County, or meet other criteria
  • CollegeAve
    • Finances loans from $1,000 up to your school’s cost of attendance
    • Offers terms of five, eight, 10, or 15 years
    • Offers variable rates between 2.84% and 10.97% and fixed rates between 4.54% and 11.98%
  • Discover
    • Provides student loans up to your school’s cost of attendance
    • Awards a 1% cash reward when you earn a GPA of 3.0 or higher
    • Offers variable rates between 3.37% and 11.87% and fixed rates between 4.74% and 12.49%
  • Sallie Mae
    • Finances student loans up to the cost of attendance for your school
    • Offers variable rates between 3.12% and 10.54% and fixed rates between 4.74% and 11.35%

Because every lender sets its own rates and terms, it’s a good idea to shop around for the best private student loan. By comparing your options, you can find a loan with the best rates.

How to refinance Indiana student loans

After you’ve graduated college and started student loan repayment, you might be looking for strategies to save money on your loans. Refinancing student loans is one way to lower your interest rate and get a better handle on your debt.

If you have strong enough credit and income (or can apply with a cosigner who does), you could qualify for a lower interest rate than you have currently. When you refinance student loans, you can also combine multiple loans into one, which can simplify your debt.

Refinancing, by the way, is different than consolidating your debt with a Direct Consolidation Loan. Both private and federal student loans are eligible for refinancing, whereas only federal ones can get rolled into a Direct Consolidation Loan.

If you decide to refinance federal student loans, you turn them into a private one with a private lender. As a result, you lose access to federal programs, such as income-driven repayment plans and forgiveness programs.

If you’re worried about your ability to keep up with payments, it might not be a good move to sacrifice the flexibility that comes with federal loans. But if you’re clear on the pros and cons of refinancing and decide it’s the right choice for you, check out these lenders for refinancing Indiana student loans:

  • INvestED Student Loan
    • Refinances student loans of $5,000 to $250,000 for Indiana residents
    • Has variable rates between 2.94% and 6.44% and fixed rates range between 3.96% and 9.41% as of Sept. 10, 2018
    • Offers repayment terms of five, 10, 15, or 20 years
  • Elements Financial Federal Credit Union
    • Refinances student loans up to $125,000
    • Offers a 15-year repayment term and variable rates from 7.00% APR to 9.50% APR as of Sept. 10, 2018
  • 3Rivers Credit Union
    • Refinances loans up to $100,000
    • Offers variable rates starting at 3.99% as of Sept. 10, 2018
    • Provides terms of five, 10, or 15 years
    • Requires an association with the Indiana counties of Adams, Allen, DeKalb, Huntington, Noble, Wells, or Whitley for membership
  • Earnest
    • Refinances student loans from $5,000 to $500,000
    • Has variable rates between 1.81% and 6.49% and fixed rates range between 3.45% and 6.99%
  • Laurel Road
    • Offers repayment terms of five, 7, 10, 15, or 20 years
    • Has variable rates between 1.99% and 6.65% and fixed rates range between 3.50% and 7.02%
  • SoFi
    • Refinances student loans of $5,000 or greater
    • Has variable rates between 2.31% and 7.36% and fixed rates range between 3.46% and 7.36%

While community banks and credit unions typically only work with residents, online lenders such as Earnest and SoFi provide refinancing for graduates across the country. They also offer instant rate quotes online, so you can see preliminary offers.

Make sure to shop around compare offers from a variety of lenders so you can find the best rates for your refinanced student loan. Besides snagging a low interest rate, find out if your lender offers any additional benefits, such as 24/7 customer service or temporary forbearance if you lose your job.

Explore your options for student loans in Indiana

Whether you grew up in the Hoosier State, or you’re relocating there for college, you have lots of options for borrowing student loans in Indiana. But before you sign on the dotted line, take time to shop around for the best options to borrow or refinance student loans.

Make sure you understand the terms and conditions of any offer, and estimate your monthly payments so you don’t find yourself in over your head. By doing research now (and applying to as many scholarships as possible), you can avoid taking on more debt than you can afford.

Plus, depending on your career plans after college, you could even qualify for these student loan forgiveness programs in Indiana.

Need a student loan?

Check out our top picks below or learn more about other ways to pay for college.
Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. 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 to help you understand what you are buying. Be sure to consult with 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.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. 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 to help you understand what you are buying. Be sure to consult with 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.

Variable APRDegrees That QualifyMore Info
2.84% – 10.97%1 Undergraduate
Graduate

Visit College Ave

3.12% – 10.54%2 Undergraduate
Graduate

Visit SallieMae

3.37% – 11.87%3 Undergraduate
Graduate

Visit Discover

3.52% – 9.50%4 Undergraduate
Graduate

Visit CommonBond

2.90% – 11.16%5 Undergraduate
Graduate

VISIT CITIZENS