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Variable Rates: Starting variable rates range from 2.93% to 11.57% APR (with autopay), and will never exceed 13.95% (sometimes lower in certain states as required by law). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin of between 0.86% and 9.76%. The current one-month LIBOR rate is 2.27%. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Zero fees, period.
to have an outstanding balance on a Federal Student Loan received under the Direct Loan Program and not the ones under the Family Education Loan (FFEL) Program, the Stafford Loan Program, the Perkins Loan Program, the Grad Plus Loans Program, or others Federal loan programs. If you have FFEL or Perkins Loan program, you can consolidate it. Learn more about a federal student loan consolidation.
CommonBond has no application or pre-payment fees, interest rates are competitive, and co-signed loans have no origination fee. (Its medical school, dental school, and MBA loans have a 2% origination fee.) Loans are available for undergrads, grad students, and parents. Interest rates for those loans range from 3.69 to 9.74% APR with 5 to 15 year payback periods.
Fixed interest rates will stay the same for the life of the loan but usually start our higher. Variable interest rates, on the other hand, fluctuate over time according to the market rate, but typically start our lower. There is no right answer to which is the best private student loan rate type; it really depends if you think interest rates will generally increase or decrease in the future.
As you can see, federal student loans have many benefits, including fixed interest rates and student loan forgiveness programs. Because of those benefits, it often makes sense to prioritize paying off private student loans first if you have multiple student loans. You’ll need to know you know how much you owe and make a personalized plan for your situation.
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When it comes to paying for college, sometimes you need a little extra help. If you have already exhausted savings, scholarships, grants, and Federal student aid, private student loans are the next place to look to pay the bills. While private student loans tend to charge a bit more than Federal ones, when they go to use for a valuable degree, they can be very much worthwhile.
If you’re a recent grad looking for a job, bring this up during salary negotiations. Be willing to take a lower salary and to commit to staying at the job for a specific time period in exchange for a payment toward your schooling. If you’re a veteran employee, raise the subject at your annual review by saying, “I’ve been a loyal employee for [insert time period], and I look forward to continuing to grow and learn here. As part of my compensation, can you put [insert amount] toward my loan?”
“If you refinance a federal loan into a private loan, you walk away from important federal benefits and consumer protections, such as income-driven repayment, loan forgiveness programs, default resolution options, flexibility during times of hardship and discharges based on disability or death of the borrower,” said student loan lawyer Adam S. Minsky.
Terms 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.
No matter who the lender is, private student loan applicants may need a cosigner, especially undergraduates or students who don’t have a credit history or steady income or meet the age of majority for their state of residence. However, a cosigner is not required in order to apply. Even if you have an established credit history, a cosigner may improve your ability to get approved, enable you to secure a lower interest rate, and speed up the credit decision process. Student borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).
The stark reality is most American students and families have to borrow money as part of the overall financing process to pay for a college education. In fact, according to the 13th Annual Project on Student Debt, “Student Debt and the Class of 2017,” published by The Institute for College Access & Success (TICAS) in 2018, average student loan debt among college seniors is $28,650. Moreover, approximately 15% of the debt acquired among the Class of 2017 was non-federal debt.
Cosigner Release: If you are approved for a student loan with a cosigner, some lenders will allow you to release the cosigner from your loan (making them no longer responsible for repayment) after you make a certain number of on-time monthly payments. If this is something that is important for you, be sure to check if the lenders you are considering offer it and how long it takes.
We’ve updated our Top 10 List of student loan tips for students preparing to graduate and enter “the real world.” Many students are looking at their student loans more closely now than they ever have before, and wondering how they will handle the burden. Our tips can help young people keep payments affordable, avoid fees and extra interest costs, and protect their credit rating.
If you work in a qualifying public service job, you can get your debt forgiven after you make 120 on-time payments. This strategy does require you to pay for about a decade. But, after about 10 years, you can have your remaining balance, which allows you to become debt free much faster. Public Service Loan Forgiveness has strict criteria, so know the rules if you want the government to forgive part of your debt.
Lowest rates shown are for undergraduate loans and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. The interest rate ranges represent the lowest interest rate offered on the Discover undergraduate loan and highest interest rates offered on Discover student loans, including Undergraduate, Graduate, Health Professions, Law and MBA Loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.25% as of October 1, 2019. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit https://www.discover.com/student-loans/interest-rates.html for more information about interest rates.
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Keep in mind that you should work with a lender that doesn’t charge loan origination fees, which might cancel out interest savings. It’s also a good idea to weigh the risks of refinancing federal student loans, because doing so would change them to private loans and permanently forfeit federal protections such as income-driven repayment and forgiveness options.
The average savings amount is based on customers that consolidated student loans with us from 2014 through August 2018. Your actual savings amount might vary depending on your interest rate, loan balances, loan term and other factors. Depending on your new loan APR and repayment term, consolidation could increase the total cost and length of your loan.
6 Ascent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentStudentLoans.com/Ts&Cs. Rates are effective as of 11/01/2019 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account. For Ascent rates and repayment examples please visit: www.AscentStudentLoans.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details.
This site does not negotiate, adjust or settle debts. All federal student borrowers are able and encouraged to apply for any federal repayment or forgiveness programs through the US Department of Education for free without paying fees to any entity. Nothing on this site constitutes official qualification or guarantee of result. StudentDebtRelief.us is a private company not affiliated with the Department of Education of the Federal Government.
“Before aggressively paying down your student loans, you should make sure you paid off high-interest debt such as credit cards or personal loans,” said Walsh. “You should also make sure you are saving enough for your long-term goals,” he said ― think retirement ― since, over time, the returns from investing have been higher than the interest rate most people pay on student loans.
The APRs for variable rate loans, if listed, are only the current APRs and are likely to change over the term of the loan. Borrowers should be careful about comparing loans based on the APR, as the APR may be calculated under different assumptions, such as a different number of years in repayment. All else being equal, a longer repayment term will have a lower APR even though the borrower will pay more in interest.
Travis Hornsby, founder of Student Loan Planner, suggests creating a refinancing ladder to maximize your savings. “The way you do this is start with a payment you can afford pretty easily, say, a 10- or 15-year loan. Pay extra when you have extra, and you’ll cut down the amount that you owe rapidly,” Hornsby explained. “After a couple of years, you can refinance again to a seven-year loan, often with the same payment but with a lower interest rate. Finally, you could refinance one more time to a five-year loan before you finish paying off the entire amount.”