How to Get or Refinance Indiana Student Loans

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1.09% to 11.98% 1

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1.25% to 11.10% 2

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1.24% to 11.99% 3

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  • Variable APR

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If you’re packing your bags to attend school in Indiana, you might be on the lookout for student loans (after you exhaust your options for grants and scholarships). Or if you already have Indiana student loans, maybe you’re seeking to save money on them.

To help you sort through your options for new and refinanced student loans in Indiana, let’s look at…

Indiana student debt: At a glance
Average debt upon graduation in IN$29,064
% of students who graduate with debt57%
National ranking for average debt26
Info based on the Class of 2018
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 typically 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 to 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 a good lender to get your Indiana student loans. Here’s a list of some possibilities to get you started:

  • INvestED
    • Provides student loans for Indiana residents or non-residents attending Indiana schools
    • Offers variable APRs from 1.64% and fixed APRs from 3.83% as of Aug. 18, 2020
    • 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 APRs from 4.12% and fixed APRs from 5.74% as of Aug. 18, 2020
  • 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 an eligible Indiana county
  • College Ave
    • Finances loans from $1,000 up to your school’s cost of attendance
    • Offers terms of five, eight, 10 or 15 years
    • Currently offers variable APRs between 1.09% and 11.98% and fixed APRs between 3.49% and 12.99%
  • Sallie Mae
    • Finances student loans up to the cost of attendance for your school
    • Currently offers variable rates between 1.25% and 11.10% and fixed rates between 4.25% and 12.35%

Because every lender sets its own rates and terms, it’s a good idea to shop around for your best private student loan. By comparing your options, you can find a loan with your 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 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
    • Has variable rates between 2.24% APR and 5.88% APR and fixed rates between 3.16% APR and 6.89%, as of Aug. 18, 2020
    • 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 5.0% APR to 7.0% APR, as of Aug. 18, 2020
  • 3Rivers Credit Union
    • Refinances loans up to $100,000
    • Offers variable rates starting at 3.99%, as of Aug. 18, 2020
    • Provides terms between 12 and 180 months
  • Earnest
    • Refinances student loans from $5,000 to $500,000
    • Has variable rates between 1.99% and 5.34% and fixed rates range between 2.98% and 5.59%
  • Laurel Road
    • Offers repayment terms of five, seven, 10, 15 or 20 years
    • Has variable rates between 1.89% and 5.90% and fixed rates range between 2.80% and 6.00%
  • SoFi
    • Refinances student loans of $5,000 or greater
    • Has variable rates between 2.25% and 6.09% and fixed rates range between 2.99% and 6.09%

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 and 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 your 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.
Variable APRDegrees That QualifyMore Info
1.09% – 11.98%1 Undergraduate

Visit College Ave

1.25% – 11.10%2 Undergraduate

Visit SallieMae

1.24% – 11.99%3 Undergraduate

Visit Discover

1.24% – 11.44%4 Undergraduate

Visit Earnest

1.78% – 11.89%5 Undergrad & Graduate

Visit SoFi

2.69% – 12.98%6 Undergraduate

Visit Ascent

3.52% – 9.50%7 Undergraduate

Visit CommonBond