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College Students and Recent Grads

Applying for Public Service Student Loan Forgiveness: A Step-By-Step Guide

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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Public Service Loan Forgiveness (PSLF) is a program designed to attract workers to jobs in the public sector by wiping clean remaining federal student loan debt after 120 qualifying payments.

Those payments represent 10 years’ worth of work with a qualifying public service employer, so because PSLF began in October 2007, the first applicants are just beginning to submit their forgiveness forms.

Qualifying for PSLF means meeting specific requirements for the employer, the loan type and the repayment plan — and the details can be overwhelming.

With that in mind, here’s a step-by-step guide to applying for PSLF.

Step 1: Figure out if you qualify.

First, it helps to understand why PSLF exists.

“It’s meant to be a light at the end of the tunnel for public service jobs, when people know they could make much more money going private,” says Betsy Mayotte, director of consumer outreach and compliance at the nonprofit American Student Assistance. “A lot of the careers — social workers, teachers, public defenders — require advanced degrees. The problem there is that people would accrue all this debt, then find they couldn’t stay in these public sector careers because they didn’t pay well.”

But the definition of public service is strictly defined, and “it’s not your job that matters, but your employer,” Mayotte adds. “It matters who signs your paycheck. You can be a groundskeeper at a state school and qualify. Conversely, you can feel as if your job is public service, but if your employer doesn’t meet the specific definitions, you don’t meet PSLF requirements.”

Employers that qualify for PSLF, per the U.S. Department of Education

  • A government organization (including a federal, state, local, or tribal organization, agency or entity;a public child or family service agency;or a tribal college or university)
  • A nonprofit, tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code
  • A private, nonprofit organization (though not a labor union or a partisan political organization) that provides one or more of the following public services:
    • Emergency management
    • Military service
    • Public safety
    • Law enforcement
    • Public interest law services
    • Early childhood education (including licensed or regulated health care, Head Start and state-funded pre-kindergarten)
    • Public service for individuals with disabilities and the elderly
    • Public health (including nurses, nurse practitioners, nurses in a clinical setting and full-time professionals engaged in health care practitioner and support occupations)
    • Public education
    • Public library services
    • School library or other school-based services

Employers that DO NOT qualify for PSLF

  • For-profit organizations (this includes for-profit government contractors)
  • Nonprofits that are not tax-exempt under Section 501(c)(3) of the Internal Revenue Code or that do not provide a qualifying public service as their primary function
  • Labor unions
  • Partisan political organizations

You must work full time (whatever your employer characterizes that to be — though it must be an average of at least 30 hours per week by the PSLF definition) for one of these qualifying employers, or part time for two or more as long as it adds up to 30 hours per week, while you make your 120 on-time payments. You’ll also need to be in qualifying employment when you apply for your loan forgiveness.

Because you won’t be able to apply for PSLF until you have completed qualifying payments, it helps to build up a paper trail over the years. You should fill out and send an employment certification form (ECF) to FedLoan Servicing, which handles PSLF, each year and whenever you change employers. You’ll fill out personal information and have your employer sign the form before sending it in. The form isn’t required, but you’ll receive a response detailing your progress toward your 120 payments and confirming your eligibility — great for peace of mind as well as record-keeping.

“While you’re not required to submit the ECF at any point, it’s always a great idea to keep records,” says Adam Minsky, a Boston attorney who specializes in student loan and consumer issues. “An employer could go out of business, or lose the records of your employment. Mistakes can be made with paperwork. So if you find yourself having to make a case for yourself later, it helps to have all of this on record.”

FedLoan Servicing says my employer isn’t eligible. Can I appeal?

If the response to your ECF comes back and someone says your employer does not qualify you for PSLF, that’s generally the final decision, says Mayotte. “You can theoretically appeal, but these employer types are all pretty straightforward,” she adds. “The overarching rule is that there’s no wiggle room: You work for the government, a 501(c)(3) nonprofit or another qualifying nonprofit. The exception might be if you work for one of these other qualifying nonprofits, but you’ll need to make a case.”

To appeal, you can resend your ECF to FedLoan Servicing and ask for another review, or contact the Department of Education’s ombudsman unit. In both cases you should include evidence to show why you think your employer should qualify, Mayotte says.

But barring a clerical mistake by FedLoan Servicing, a change in decision is exceedingly rare.

Ensure your loan type and repayment plan qualify

PSLF provides forgiveness only for federal Direct Loans: Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans. Private loans, including bank loans that are “federally guaranteed,” do not qualify.

Loans made under other federal student loan programs, like Perkins Loans, aren’t eligible for PSLF on their own. They may become eligible, if they’re consolidated into a Direct Consolidation Loan — but it’s important to know that only payments toward that consolidated loan will count toward the 120-payment requirement.

Speaking of consolidation, here’s another thing you should know: If you consolidate qualifying loans, the clock resets to zero payments. A consolidation is considered a new loan, and again, only payments toward the consolidated loan will be counted toward your 120.

Don’t know which types of federal student loans you have? Check the Education Department site My Federal Student Aid. A pro tip from the Education Department: “Generally, if you see a loan type with ‘Direct’ in the name on My Federal Student Aid, then it is a Direct Loan;otherwise, it is a loan made under another federal student loan program.”

Additionally, you must be enrolled in the right type of repayment plan. Qualifying repayment plans include all four of the income-driven repayment plans, which base your monthly payment on your income and family size: Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), income-based repayment (IBR);and income-contingent repayment (ICR).

Payments under the 10-year standard repayment plan qualify, but you’ll want to switch to an income-driven plan as soon as possible. If you stick with that 10-year repayment you’ll have paid off the loan, with nothing left to be forgiven under PSLF when you become eligible for it.

Make 120 qualifying payments

You’ll need to make all of those 120 payments during qualifying employment to apply for PSLF, but you don’t need to provide proof of those payments. Again, Minsky advises that it’s wise to keep your own records just in case there’s a clerical issue later — but generally, FedLoan Servicing will confirm the payments itself.

Note that the 120 payments do not have to be consecutive (nor, then, must be your employment with a qualifying public service employer). If you had periods of deferment or forbearance and stopped paying your loans, the count will pick up where you left off once you begin paying anew. Even defaulting on your loan payments doesn’t disqualify you, but you’ll need to rehabilitate the defaulted loan with your servicer before the payments can count toward your 120 again.

The payments do need to be on time, defined as “those received by your federal loan servicer no later than 15 days after the scheduled payment due date.” If your payment isn’t on time, or you pay less than what you’re required to that month, it won’t count toward your 120. You may make multiple smaller payments, but they must add up to at least the minimum payment amount for that month.

Step 2: Apply for loan forgiveness

After you’ve completed your 120 payments — phew, you did it! — go to the PSLF application here. The form is six pages long, but the actual application is only two. And you, the employee, must fill out only the first page: basic personal information like your date of birth, Social Security number and contact details. You’ll also need to certify under penalty of law that the information you’re submitting is truthful.

The second page is for detailing the employer’s information, and either you or your employer can fill out the top part. Here’s what it requires:

  • Employer’s name
  • Federal Employer Identification Number (FEIN, which can be found on your W-2 — or ask your HR department)
  • Your dates of employment
  • Whether you were a full- or part-time worker
  • Which category of public service your employer falls under

At the bottom of the page, there’s a section for your employer to sign, certifying that the information above is accurate.

You’ll need to repeat that process for every qualifying employer. (That’s why it’s smart to keep track of it all by submitting ECF forms annually and whenever you change employers.)

The remaining four pages of the application form reiterate the details of what it takes to qualify for PSLF. They also explain where to send the completed application form:

  • You can mail to

    U.S. Department of Education, FedLoan Servicing
    P.O. Box 69184
    Harrisburg, PA 17106-9184

  • Fax to 717-720-1628;or
  • More information here

In rare cases, you may not be able to obtain employers’ certification. There’s a checkbox on page 1: “Check this box if you cannot obtain certification from your employer because the organization is closed or because the organization has refused to certify your employment. The Department will follow up to assist you in getting documentation of your employment.”

“That’s another reason it’s prudent to send the ECF forms every year, because you’ll already have a signature on record,” Mayotte says. “I’ve heard of a few cases where employers were not comfortable filling out the form for privacy reasons, but usually if you show them the form and explain a bit, you can change their mind.”

Mayotte says borrowers should contact FedLoan Servicing for alternatives if they find themselves in this situation.

FAQ and other things to know

The process is estimated to take up to 60 days, a Department of Education spokesman confirmed to MagnifyMoney.

Yes. If you’ve made your 120 payments and are looking to switch to an employer who isn’t eligible, be sure to file your PSLF application first. You must also be employed full time at a qualifying employer or employers at the time the forgiveness is granted, according to the Department of Education.

“No concrete proposal seems imminent, but whenever something happens, there’s a general view among experts that a change to PSLF won’t be retroactive to existing borrowers,” Minsky says.

The payment count restarts, back at zero. The consolidated loan is considered a new loan, and only payments toward it will count.

No. If you have private student loans that you are struggling to repay, be sure to reach out and talk with your lender. While most private lenders do not offer forgiveness they still may be able to help you out. Additionally, consider looking into student loan refinancing as a way to lower your monthly payments and make them a bit more manageable.

Here are the employer certification form and the PSLF application.

While studentaid.ed.gov has all of the official information, it’s spread across different pages and can be unwieldy. American Student Assistance offers an excellent guide that breaks down the basics and also links to official webpages and forms.

Alternative loan forgiveness programs

Beyond PSLF, there are other federal programs to forgive or discharge federal student debt. These include:

Industry-specific forgiveness programs

  • Perkins Loan Cancellation and Discharge: This applies to people who perform certain types of public service or are employed in certain occupations. According to the Department of Education, for each complete year of service a percentage of the loan may be forgiven. That percentage varies by job/employer type, and the following workers qualify:
    • Volunteer in the Peace Corps or ACTION program (including VISTA)
    • Teacher
    • Member of the Armed Forces (serving in area of hostilities)
    • Nurse or medical technician
    • Law enforcement or corrections officer
    • Head Start worker
    • Child or family services worker
    • Professional provider of early intervention services
  • Teacher Loan Forgiveness: Teachers who work full time for five complete and consecutive academic years (in certain elementary and secondary schools and educational service agencies that serve low-income families, and meet other qualifications) may be eligible for forgiveness of up to a combined total of $17,500 on Direct Subsidized and Unsubsidized Loans and Subsidized and Unsubsidized Federal Stafford Loans. (Those who have only PLUS loans are not eligible.) Read more about loan forgiveness programs available to teachers, including TEACH Grants and state forgiveness programs.
  • Programs for lawyers: Lawyers with at least $10,000 in federal student loans may qualify for the Department of Justice Attorney Student Loan Repayment Program (ASLRP). Additionally, the John R. Justice Student Loan repayment program provides assistance for state and federal public defenders and state prosecutors for at least three years and is renewable after 3 years. Benefits cannot exceed $10,000 in a calendar year and cannot exceed $60,000 per attorney total. .) Read more about programs for lawyers, including forgiveness programs through specific law schools and certain states.
  • Programs for doctors and health professions: Several programs are available, including multiple military doctor loan forgiveness options through the Army, Navy and Air Force. Other options include state-specific forgiveness and the National Health Service Corps (NHSC), which can provide up to a $50,000 to repay a health profession student loan in exchange for a two-year commitment to a NHSC site in a high-need area.

Income-based repayment plans

  • This isn’t a traditional cancellation program like what’s above. These four federal income-driven repayment plans base your monthly payment on your income: Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), income-based repayment (IBR) and income-contingent repayment (ICR).The payment terms vary, and your outstanding balance is forgiven after your repayment term of 20 to 25 years is complete. Because the monthly amount you owe will fluctuate based on your income, you could end up repaying your loans before your term is up, or you could have a balance that will be forgiven. However, if you receive student loan forgiveness this way, the canceled debt is taxable. (Only borrowers whose loan forgiveness stems from their employment are exempt from paying taxes on canceled student loan debt.)

Loan discharges for special circumstances

There are a few other times you may be able to get your student loans forgiven, but they’re relatively rare, and they’re generally because of bad circumstances. You can find out more about these discharges on the Department of Education’s website:

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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6 Best Reasons to Refinance Student Loan Debt in 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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Like the beginning of a new year, student loan refinancing can offer you a fresh start.

And this time, you could enjoy a lower interest rate or reduced monthly payment, as well as choosing which lender or servicer helps you reach the finish line.

These are among the six reasons to refinance your student loan debt in 2019.

1. Reduce your rate

After staggering four rate hikes across 2018, upping its benchmark by a full percentage point, the Federal Reserve is expected to impose increases of roughly half a percentage point during 2019.

Although it’s difficult to pinpoint the perfect time to refinance your student loans, this year could be the right time for you, as banks, credit unions and online lenders are still offering relatively low rates.

Don’t simply rely on lenders’ advertising, however. To qualify for the bottom of their best rate ranges, you’ll need a strong credit score and a healthy debt-to-income ratio. A steady, well-paying job helps, too.

You might treat 2019 as the year to strengthen your refinancing application, even if you decide it’s not the year you’ll be able to snag that super low rate.

A lower rate equals greater savings. Say you refinance $30,000 on a 10-year term and manage to cut your original average rate of 8% down to 5%. You’d save $5,494 over the next decade — no small chunk of change.

Check out our student loan refinance calculator to see what your own numbers look like.

2. Stretch your paycheck

Some borrowers see refinancing as a way of lowering their interest rate, but others see it as a pathway to reduce monthly payments.

A smaller monthly due could stretch your paycheck, which could be helpful if debt repayment isn’t your only financial goal for the year ahead.

By refinancing your federal loans and their 10-year standard repayment plan, you could switch to a longer term with a private lender. Most lenders offer you the ability to choose a term anywhere between five and 20 years.

If temporarily lowering your payments via refinancing is your top priority, shop around. You might be surprised by what you find. LendKey, for example, offers interest-only payments for up to four years.

As you seek a lower monthly payment in 2019, keep a couple of caveats in mind. By choosing a longer repayment term, for example, your loan repayment becomes progressively more expensive. That’s because interest will accrue and capitalize onto the principal loan amount.

Say you refinanced that $30,000 loan to a longer, 20-year term. Despite lowering your rate from 8% to 5%, you’d pay an additional $3,839 in interest over the life of your loan.

Also, don’t forget about the federal government’s income-driven repayment plans. With a plan like income-based repayment, you could tie your dues to a percentage of your discretionary income — and hold on to government-exclusive protections, such as access to loan forgiveness programs. It’s a preferable alternative to refinancing for many borrowers.

3. Snag some perks

If you’re considering refinancing federal loans, you might be worried about what you’d be giving up. The list includes access to loan forgiveness, plus the ability to switch repayment plans or receive mandatory forbearance.

Although private lenders won’t offer the same protections, their benefits are getting better and better all the time.

Consider some of the recent innovations being offered by top-rated lenders:

  • SoFi’s Unemployment Protection program lets you pause your loan for up to 12 months, and it includes career coaching support to find your next gig.
  • Earnest allows you to choose your payment due date, select from a much wider assortment of repayment terms than at most lenders, and skip one payment annually.
  • CommonBond has pioneered hybrid loans for student refinancing, offering a loan that blends fixed and variable rates.
  • Laurel Road is among the group of lenders that give a parent the chance to refinance federal PLUS Loans in their child’s name.

If an atypical loan feature makes refinancing right for you, survey the landscape in 2019 to see if any reputable lender offers the benefits you seek.

4. Simplify your repayment

If you’re holding federal loans, you might be cautiously optimistic about NextGen, the Department of Education’s plan to reorganize how student loan servicing works. If it fulfills expectations when it arrives sometime in 2019, NextGen will allow you to make your monthly payments in one place at one time.

“Cautiously optimistic” are the operative words here. NextGen is a massive undertaking, and government projects can sometimes move more slowly then we’d like, so you might not want to count on the new platform simplifying your repayment.

On the other hand, refinancing offers you that simplicity now. By replacing your federal loans (and private loans, if you have them), you’re not just receiving a new interest rate and repayment term. You’re also simultaneously consolidating (or grouping) them by replacing them with a single refinanced loan.

5. Choose your lender

When you first borrowed federal loans, you weren’t given the option to select your loan servicer.

Refinancing, however, allows you to choose your lender based on whatever criteria matter most to you. For example, you might be seeking a lender that services its own loans or offers a unique perk (see point No. 3 above).

Regardless of what you want in a new lender, remember that this year, you’re in charge. Shop around and hold potential banks, credit unions and online companies accountable for what you want out of refinancing. If they’re unable to meet your needs, move on to a competitor.

6. Gain financial independence

Student loan refinancing is more accessible in 2019 than it has been at any point previously.

In mid-2018, for instance, CommonBond announced it would accept refinancing candidates who are visa holders who have graduated from a U.S. university. Citizens Bank has been refinancing debt for college dropouts. Plus, more and more lenders are removing employment and minimum income from their eligibility requirements.

If you’ve found refinancing to be out of your reach, you might now be in luck. As a creditworthy applicant, you could thank the cosigner on your original loans by removing their name from your refinance application.

If not — maybe your credit score still needs work — take the first months of 2019 to strengthen your application. A cosigner could help you do just that. Plus, through refinancing, you could release that cosigner within a relatively short period. Splash Financial and LendKey are among lenders that offer cosigner release after just one year of prompt payments.

That would give you greater financial independence by 2020 — and put you on a path to becoming debt-free on your own.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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College Students and Recent Grads, Pay Down My Debt

Student Loan Forgiveness Programs for Doctors

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

As a medical professional, you might have taken on a mountain of debt on your journey to becoming a doctor. The average indebted doctor left medical school in 2016 owing more than $189,000 in student loans, according to the Association of American Medical Colleges.

Even if you’re on your way to a six-figure income, your residency income will likely be far less — in 2017, residents earned an average of just over $57,000. During that time, the interest alone on all your student loans could be equal to your entire disposable income after room and board.

Fortunately, there are student loan forgiveness programs for doctors and other medical professionals that could pay off part or even all of your loans. If you’re looking to cure yourself of medical school debt, turn to these programs for assistance.

National Health Service Corps (NHSC)

The National Health Service Corps can provide up to $50,000 to repay your health profession student loan in exchange for a two-year commitment to work at an NHSC site in a high-need, underserved area. After completing your initial service commitment, you can apply to extend your service and receive additional loan repayment assistance.

In order to qualify, you’ll need to work at least half-time in a designated Health Professional Shortage Area (HPSA). Along with earning loan forgiveness, you could put your medical degree to good use by caring for an underserved community.

Indian Health Services Loan Repayment Program

This federal program offers up to $40,000 in exchange for two years of service in an American Indian or Alaskan Native community. You can also renew your contract and receive additional benefits that could pay off your entire student loan balance.

National Institutes of Health (NIH) Loan Repayment Program

If you work in medical research, you could qualify for $35,000 per year from the NIH Loan Repayment Program. To do so, you’ll need to conduct research at a non-profit organization in an eligible field, such as health disparities, contraception and infertility or pediatric medicine.

Students to Service Program

If you’re still in medical school, you can apply for a major award through the Students to Service Program. This program provides up to $120,000 to medical students who commit to providing primary health care at an approved site for three years after graduating.

Public Service Loan Forgiveness Program (PSLF)

The PSLF program is intended to encourage individuals to enter and continue to work full-time in public service jobs. You could receive forgiveness of the remaining balance of your federal direct loans after making 120 qualifying payments while employed by certain public service employers.

Since you’ll likely have to work for 10 years before you get loan forgiveness, you’ll have to move your student loans off the standard 10-year plan and onto an income-driven repayment or extended repayment plan — otherwise you’ll have already paid off your balance by the time you qualify for forgiveness.

You should also keep up to date with any developments around the PSLF program. While it was signed into law in 2007, the program is not guaranteed to be around forever, and it’s recently drawn controversy over the uncertainty around getting approved.

Military loan repayment programs

If you’re serving as a medical provider in the Army, Navy or Air Force, you could qualify for assistance toward your student loans. Here are some of the programs available for military personnel.

Financial Assistance Program (FAP)

The Army, Air Force and Navy all offer the FAP, a program that grants loan repayment assistance and a living stipend to medical residents.

If you’re a medical resident in the Army or Air Force, you could get at least $45,000 per year of service, plus a monthly stipend of at least $2,000. And although the Navy grant can change from year to year, Navy medical residents could also qualify for significant assistance from the Navy FAP.

Active Duty Health Professions Loan Repayment Program

This program offers up to $40,000 per year in student loan repayment over a set number of years. You must be a physician in the Army, Navy, or Air Force to qualify.

U.S. Navy Health Professions Loan Repayment Program (HPLRP)

The Health Professions Loan Repayment Program (HPLRP) provides medical personnel in the Navy with aid for their education loans. If you meet the program’s criteria, you could receive repayment assistance of up to $40,000 per year, minus about 25% in federal taxes.

State Loan Repayment Assistance Programs (LRAPs)

Many states also run programs that grant student loan repayment assistance in exchange for working in a high-need or underserved area. A good place to check the medical loan repayment and forgiveness programs available in your area is through the AAMC database.

Here are just two examples of the many state-specific programs:

  • The Arizona Loan Repayment Program offers up to $65,000 in exchange for a two-year commitment from physicians.
  • The Kansas State Loan Repayment Program offers up to $25,000 per year of contract toward your outstanding education debt. After completion of the initial two-year service obligation, you may be able to extend your contract in one-year increments.

Check with your state to find out if it has an LRAP for doctors, nurses or other medical professionals. Depending on where you live and work, you could qualify for significant assistance toward your student loans.

Do the math before committing to a loan forgiveness program

As you take a look at each loan forgiveness program, remember to weigh salary considerations against any amount you’d receive in student loan assistance. Opting for a job with a $75,000 salary to earn $25,000 in loan forgiveness wouldn’t be as lucrative as going after a job with a $200,000 salary and no loan forgiveness, for instance.

Unless you’re driven to work in a high-need area or with an underserved population, you might not benefit from sacrificing a high salary for the sake of qualifying for loan forgiveness. Consider your career goals and your wants and needs in a job.

Refinancing student loans can also help

Whether or not you’re working toward student loan forgiveness, you might also consider refinancing as a strategy for managing your debt. Through refinancing, you could reduce your interest rates and save money on your loans beyond whatever forgiveness you can get from these programs.

Because of their steady incomes, doctors tend to be especially strong candidates for student loan refinancing. Along with lowering your rate, you could choose new terms and adjust your monthly payments.

But refinancing with a private lender also means you’ll lose access to federal programs and repayment plans, so make sure you’re comfortable with this sacrifice before making any changes to your debt. If you decide refinancing is right for you — or simply want to learn more about the process — check out the best lenders to refinance student loans here.

Rebecca Safier contributed to this article.

Our Top Picks for Refinancing Student Loans

You can learn more about what these lenders have to offer by checking out the best options to refinance student loans here.

LenderTransparency ScoreMax TermFixed APRVariable APRMax Loan Amount 
SoFiA+

20


Years

3.90% - 7.95%


Fixed Rate*

2.47% - 7.17%


Variable Rate*

No Max


Undergrad/Grad
Max Loan
Learn more Secured

on SoFi’s secure website

EarnestA+

20


Years

3.89% - 7.89%


Fixed Rate

2.57% - 6.97%


Variable Rate

No Max


Undergrad/Grad
Max Loan
Learn more Secured

on Earnest’s secure website

CommonBondA+

20


Years

3.67% - 7.25%


Fixed Rate

2.61% - 7.35%


Variable Rate

No Max


Undergrad/Grad
Max Loan
Learn more Secured

on CommonBond’s secure website

LendKeyA+

20


Years

5.23% - 8.97%


Fixed Rate

2.68% - 8.77%


Variable Rate

$125k / $175k


Undergrad/Grad
Max Loan
Learn more Secured

on LendKey’s secure website

Laurel Road BankA+

20


Years

3.50% - 7.02%


Fixed Rate

3.24% - 6.66%


Variable Rate

No Max


Undergrad/Grad
Max Loan
Learn more Secured

on Laurel Road Bank’s secure website

Citizens BankA+

20


Years

3.90% - 9.99%


Fixed Rate

3.01% - 9.75%


Variable Rate

$90k / $350k


Undergraduate /
Graduate
Learn more Secured

on Citizens Bank (RI)’s secure website

Discover Student LoansA+

20


Years

5.74% - 8.49%


Fixed Rate

4.99% - 7.99%


Variable Rate

$150k


Undergraduate /
Graduate
Learn more Secured

on Discover Bank’s secure website

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Steven D. |

Steven D. is a writer at MagnifyMoney. You can email Steven at steven@magnifymoney.com

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