Home » 2021 (Page 3)

Yearly Archives: 2021

April 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930  

How to Shop for a Mortgage

You might feel like you’re ready to buy a home, but in addition to hunting for the perfect property, you’ll likely need to shop for the right mortgage loan before you commit to that purchase.

Knowing how to shop for a mortgage and compare offers can help you find the home loan that fits your situation and potentially save you thousands of dollars.

Here are some important things to consider when you’re shopping for a mortgage:

Consider mortgage typesCheck your credit scoreReview your credit reportExplore different financing optionsShop around for best ratesGet pre-approved

1. Consider mortgage types

A mortgage loan allows you to borrow the funds needed to buy a home. Understanding the features and requirements of each major mortgage program can help you figure out which one is right for your situation.

Most mortgages require a minimum down payment, usually around 3% to 5% of the sale price, and a minimum credit score.

If you’re looking for a great mortgage rate, Credible’s streamlined process can help. We make comparing multiple mortgage lenders easy. In just a few minutes, you can see prequalified rates all without leaving our platform.

Credible makes getting a mortgage easy

Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.Find Rates Now

Trustpilot

Conventional loan

Conventional loans are mortgages offered by private banks, credit unions, and mortgage lenders but aren’t backed by government institutions. Instead, conventional loans are typically backed by Fannie Mae and Freddie Mac, two agencies that purchase mortgages and set borrower qualification requirements.

To get a conventional loan, you usually must pay at least 3% to 5% of the home’s purchase price as a down payment. You’ll also need a credit score of around 620 or higher, and the loan amount must follow conforming loan limits.

FHA loan

An FHA loan is a mortgage that’s funded by a bank, credit union, or other mortgage lender but insured by the Federal Housing Administration (FHA).

The government guarantee allows mortgage lenders more flexibility here, so you might qualify with a credit score of 580 if you can put down at least 3.5%. With a credit score in the 500 to 579 range, you’d need a down payment of 10% or more.

VA loan

VA loans are funded by private lending institutions and backed by the U.S. Department of Veterans Affairs. These mortgages are available to eligible members of the armed forces, veterans, and surviving spouses.

If you qualify, you could get approved for a mortgage with a 0% down payment and no mortgage insurance, though you’ll typically need to pay a funding fee. The VA doesn’t set minimum credit score requirements, but your lender may have its own limit.

USDA loan

USDA loans are guaranteed by the U.S. Department of Agriculture. These loans are designed for low-income borrowers who plan to purchase a home in a USDA-designated rural area.

You won’t have to make a down payment on a USDA loan, but you’ll be responsible for paying an upfront fee and an annual fee.

Keep Reading: What Is a Mortgage? Everything to Know About Home Loans

2. Check your credit score

When you apply for a mortgage, lenders typically pull your credit scores from all three major credit bureaus: TransUnion, Equifax, and Experian. Your credit scores help lenders predict how likely you are to repay a loan. As such, it factors into whether you’ll qualify for a mortgage and the loan terms you’ll receive.

All three of your credit scores may differ, so the lender will order the scores from lowest to highest and use the middle score to determine loan qualification. So, for example, if your scores are 620, 630, and 640, the lender may use 630 to make a lending decision.

A higher credit score — usually in the mid-700s and above — can help you get a good mortgage rate and potentially save you thousands of dollars in interest over the life of the loan. It may also help you qualify for more mortgage programs and a lower down payment requirement.

Tip: If your credit needs work, you may want to pause your mortgage search for a few months and focus on improving your credit score.

3. Review your credit report

Lenders will also review your credit reports, which are documents that capture the details of your credit history. Many consumers have a credit report with each of the three major credit bureaus.

Your credit report includes a list of credit accounts opened in your name, such as credit cards and student loans, plus the following:

Payment historyMonthly minimum paymentBalance informationWhether the account is in good standing

Lenders use the information in your credit report to:

Find your monthly financial obligations, which impacts your debt-to-income ratioLook for signs of loan delinquency, such as missed paymentsCheck for red flags, such as bankruptcy or foreclosure

Tip: Credit scoring companies, such as FICO and VantageScore, use the information in your credit reports to calculate your credit scores. Unfortunately, mistakes on credit reports are common — and these errors may affect your credit score and your ability to qualify for a mortgage.

So, before applying for a mortgage, check your credit reports and dispute any mistakes. You can pull your credit reports for free once a year at AnnualCreditReport.com.

4. Explore different financing options

A mortgage lender — such as a bank or credit union — is the company that funds your home loan. Each lender offers different loan programs and sets different borrower requirements. It’s important that you get quotes from several types of mortgage lenders to find one that offers the best loan program for you.

Banks

Banks are for-profit financial institutions that typically offer a number of different products such as mortgages, credit cards, checking and savings accounts, and more. Many large banks have branches nationwide or throughout a specific region where you can get in-person support, and they also might offer a wider selection of mortgage products.

One downside to banks is that they tend to charge slightly higher interest rates on home loans compared to credit unions, according to a side-by-side comparison by the National Credit Union Administration.

Credit unions

Credit unions are nonprofit organizations that offer banking services to their members. In addition to offering lower interest rates on mortgages and other financial products, credit unions have historically earned the highest customer satisfaction ratings.

However, you’ll need to join a credit union to get a mortgage. Some credit unions are open to anyone, but others may require you to work in a certain industry or live in a certain area.

Other mortgage lenders

You might also find a home loan with another type of lender. For instance, online lenders, such as Rocket Mortgage, offer an end-to-end digital process. You may be able to get pre-approved, upload loan documents, and close on the loan all online. By saving money on overhead costs, online lenders may also be able to offer lower rates or special discounts.

5. Shop around for best rates

Getting rate quotes from multiple lenders and comparing offers is one of the easiest ways to save money on your mortgage. That’s because the interest rate is one of the key components of the mortgage’s total cost, and rates can vary considerably with each lender. Despite this, about half of homebuyers skip shopping for the best rate.

According to the Consumer Financial Protection Bureau, borrowers could save $300 a year on average by shopping for more than one rate quote. You might save even more, depending on what you qualify for.

Example: Let’s say you get rate quotes from two different lenders on a $200,000 home loan, and you compare the monthly principal and interest payments on each. With a 3% interest rate, you save $44 per month compared to the same loan with a 3.5% rate. That might not sound like much, but it adds up to $528 in savings per year or $15,840 over a 30-year term.

Get Started: Find Your Mortgage Rate Today

6. Get pre-approved

A pre-approval is a letter from a mortgage lender that shows how much you’re qualified to borrow. This can help you set a homebuying budget and strengthen your purchase offer when you find a home you want to buy.

To start the process, you can contact a lender and ask for a pre-approval. They’ll pull your credit, look over your financial documents, and gauge how much money you have for a down payment. If you fit qualification requirements, the lender will hand you a mortgage pre-approval letter.

Getting pre-approved with Credible: With Credible, you can generate a streamlined pre-approval letter based on your unique situation. It only takes a couple of minutes to see loan details from all of our partner lenders. We also provide transparency into lender fees that other brokers typically don’t.

window.credibleAsyncInit = function() {
CredibleSDK.initWidget(‘#credible-rate-table’, {
environment: ‘production’,
product: {
marketplace: ‘mortgage-combined’,
type: ‘rate-table’,
variation: ‘shortened’,
loantype: ‘purchase’,
},
analytics: {
source: ‘credible_blog’,
},
});
CredibleSDK.initWidget(‘#mortgage-combined-rate-widget-simple’, {
environment: ‘production’,
product: {
marketplace: ‘mortgage-combined’,
type: ‘rate-widget’,
variation: ‘simple’,
},
analytics: {
source: ‘credible_blog’,>

The post How to Shop for a Mortgage appeared first on Credible.

Construction Loans: What They Are and How They Work

Building a home gives you an opportunity to have everything you could possibly want in a home — within your budget, of course. You don’t have to be rich to make it happen, you just have to qualify for a construction loan.

Construction loans are different from traditional mortgages. For one, a traditional mortgage is a long-term loan that helps you pay for an existing home, whereas a construction loan is a short-term loan that pays for the building of a new home and can convert into a traditional mortgage once the building process is completed.

Here’s what you need to know about the different types of construction loans and how they work:

What is a construction loan?What does a construction loan cover?How do construction loans work?Construction loan ratesConstruction loan typesHow to get a construction loanIs it hard to get a construction loan?How to choose a construction loan lender

What is a construction loan?

A construction loan allows you to borrow money to build or renovate a home.

When you buy a move-in ready home, the mortgage only needs to cover the purchase price and sometimes the closing costs.

When you build a home (or buy a home you want to overhaul), there are more steps involved: buying land, paying contractors, passing inspections. This more complicated process warrants a different type of loan.

Learn More: How Much It Costs to Renovate a House

What does a construction loan cover?

Construction loans pay for costs like:

LandArchitectural plansDesign feesBuilding permitsConstruction materialsContractor laborContingency reserves (in case your project goes over budget)Interest reserves (to cover your interest expenses during construction)Closing costsLong-term financing once construction is complete

How do construction loans work?

A construction loan is designed to pay for work in stages. This arrangement, called a “draw schedule,” reduces the risk to both the borrower and the lender that the builder will get a huge sum up front and fail to complete the work.

It also reduces the risk of shoddy work, as the lender will require inspections after each phase of building before releasing more funds. In fact, construction lenders require borrowers to work with experienced builders that do a high volume of work and that are financially sound, licensed, and insured.

While you won’t find construction loans at Credible, we can help you secure a competitive rate on your next conventional mortgage. In just a few minutes, you can compare loan options from all of our partner lenders — it’s easy and free.

Credible makes getting a mortgage easy

Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.Find Rates Now

Trustpilot

Construction loan rates

Construction loan interest rates vary by lender, but can be similar to existing home loan rates or a few percentage points higher. Having a strong borrower profile (such as an excellent credit score and debt-to-income ratio) and working with a lender that specializes in construction loans will help you qualify for the best possible rate.

Construction loans can have either a fixed or variable interest rate during the construction phase. If you choose a construction loan with a variable interest rate, it’s important to understand the range within which your interest rate can fall and when you’ll be able to lock the rate on your permanent (post-construction) mortgage. That said, permanent loans can have adjustable rates, too.

If you don’t want that uncertainty, seek out a construction-to-permanent loan with a fixed rate so that the rate stays the same during the construction phase and permanent phase.

Learn More: How Much Does It Cost to Build a House in 2021?

Construction loan types

There are several types of construction loans. Learn which type might be right for you.

Renovation loan

A renovation loan is a type of construction loan that helps you buy an existing home and pay for any major structural and aesthetic changes. Examples of renovation loans include the FHA 203(k) loan and the Fannie Mae HomeStyle loan.

The key difference between a renovation loan and a regular purchase loan is that it gives you money to buy the home as well as to fix it up. This may mean borrowing more money than the home is currently worth.

Good to know: Real estate investors will often use a renovation loan to buy a fixer-upper. The idea is to bring the home’s value up through renovations, ideally to a higher value than the amount borrowed for instant equity.

Construction-to-permanent loan

Similar to a renovation loan, a construction-to-permanent loan combines what would normally be two loans. It gives you both money to build the home and the long-term financing to pay for the home over time.

Instead, you’ll have one loan with one closing, one appraisal, and one set of closing costs. Plus, you’ll only have to qualify once. If your financial situation changes while your home is being built, you’ll still be able to move in.

Good to know: You’ll make interest-only loan payments during construction (or borrow extra to cover this expense) and principal and interest payments after construction.

A construction-to-permanent loan will also allow you to finance the purchase of the land if you don’t already own it. Or, if you have an existing lot loan, you can use a construction-to-permanent loan to pay it off.

FHA construction loan

Borrowers with smaller down payments and lower credit scores may want to consider an FHA construction loan. These loans require a borrower contribution of just 3.5%. You can use your land equity toward your down payment if you’ve already purchased the land you’ll be constructing your home on.

The FHA’s construction loan has a single closing (meaning it’s a construction-to-permanent loan) and doesn’t require you to make any payments during the construction process. The interest rate may be fixed or variable during construction.

The FHA also allows you to be the homebuilder if you’re a licensed general contractor. The minimum credit score to qualify tends to be 620 or 640, depending on the lender.

Important: FHA loans come with additional fees, including upfront mortgage insurance and monthly mortgage insurance premiums.

VA construction loan

Qualifying military service members with VA loan eligibility may want to consider a VA construction loan to build a home. These loans allow up to 100% financing that covers both the land and home construction.

The VA guarantees two types of construction loans:

One-time close loan (construction-to-permanent)Two-time close loan (a construction loan followed by a separate permanent loan)

As its name suggests, a two-time close loan involves two separate closings and, in turn, requires you to pay two sets of closing fees.

When you get a VA construction loan, you won’t make any payments during the construction phase. Instead, your loan term will be shortened by the length of the construction period. If it takes a year to build your home, you’ll pay it off over 29 years instead of 30.

Good to know: You must use a registered VA builder. Lenders are allowed to charge a construction fee of up to 2% of the loan amount plus a 1% origination fee.

The VA requires the builder to cover a number of fees that borrowers might pay on other construction loans, such as loan interest during construction, inspection fees, and hazard insurance premiums. Like other VA loans, the veteran must pay a VA funding fee.

Owner-builder construction loan

If you’re a professional builder and want to construct your own home, you can get an owner-builder loan by proving that you’re experienced, licensed, insured, and have a financially sound business. You’ll also need to meet the standard personal financial requirements.

This type of loan may be attractive if you want the cost savings, control, and personal satisfaction of building your home yourself.

Tip: The VA doesn’t guarantee this type of construction loan, but the FHA does. You can also get an owner-builder construction loan from a private lender.

One-time close construction loan

A one-time close construction loan (also called a single-close construction loan or construction-to-permanent loan, as discussed above) is any construction loan where a single loan covers your entire project. For example, a VA construction loan can also be a one-time close construction loan.

Over the months it takes to build your home, your financial situation and interest rates may change. These changes can affect loan costs and your ability to qualify for a permanent loan. In addition, each loan requires its own down payment, underwriting, and closing costs.

Tip: A single-closing loan can save you a lot of time, money, and uncertainty. Without this type of loan, you might need three loans: one loan to finance the lot, a second loan to build the home, and a third loan to pay off the first two loans plus the home itself.

Learn More: Buying New Construction: Pros, Cons, Step-by-Step Guide

How to get a construction loan

Like with any home loan, you’ll need to meet a certain set of requirements to obtain a construction loan. Requirements vary by lender and by the type of construction loan you’re applying for.

Construction loan requirements

In general, here are the criteria you’ll want to meet to qualify for a construction loan:

Credit score: You’ll want to have a credit score of at least 620 to qualify for an FHA or VA construction loan. For a Fannie Mae single-close loan, the minimum credit score is 700.Down payment: For a conventional construction loan, you may need a down payment of as little as 5%. Sometimes you’ll need 10% to 20% of the sales price (land plus construction costs) or equity from your land value. An FHA construction loan requires a down payment of 3.5%, while a VA construction loan doesn’t have any down payment requirement.Debt-to-income ratio: Your DTI should be 43% or lower. A higher ratio may be allowed if you otherwise have strong finances.Repayment plan: Construction loans usually require no payments or interest-only payments during the construction phase. You’ll make fully amortizing principal and interest payments once construction is complete.

Steps to get a construction loan

Here’s how to get a construction loan:

Get pre-approved with a construction loan lender.Sign a contract with a builder. Make sure it has a loan contingency so you can exit the contract if you can’t finalize your construction loan.Submit your builder contract and the usual underwriting documents to your lender for approval. If you already own the land you will be building on, submit a copy of the deed, survey, and, if you bought the land recently, the settlement statement.Get a “subject to completion” appraisal for your proposed home.Get final approval and close on your construction loan.

After closing, construction can begin. Your lender will pay your builder through a series of disbursements and will inspect each phase of work.

Once construction is complete, your construction loan will be modified to a permanent loan or you’ll obtain permanent financing.

Is it hard to get a construction loan?

It shouldn’t be hard to qualify for a construction loan if you’re working with a reputable builder and you have a strong financial profile.

However, there are more steps in the qualification process, so it can be more involved and take longer than qualifying for a traditional mortgage.

How to choose a construction loan lender

The first thing you should look for when choosing a construction lender is expertise with construction loans. A lender that processes a high volume of construction loans and understands their intricacies will be easier to work with.

Chances are you have never built a home before, so you’ll want to choose a lender who can help you manage the construction process most effectively. A lender who has gone through the homebuilding experience numerous times will have a strong sense of how the process is supposed to work, what can go wrong and how to avoid problems. They can help you make sure your build gets done correctly.

The post Construction Loans: What They Are and How They Work appeared first on Credible.

13 Best Loans for Refinancing Student Loans Without a Cosigner

Refinancing your student loans with a cosigner could improve your approval chances as well as possibly get you a lower interest rate than you’d get on your own.

However, you don’t have to refinance with a cosigner if you meet the lender’s underwriting criteria on your own.

If you’re wondering how to refinance student loans without a cosigner, here’s what you should know:

Best lenders for refinancing without a cosignerOther student loan refinancing lenders to considerHow to refinance student loans without a cosignerPros of not using a cosigner when refinancingCons of not using a cosigner when refinancingHow cosigner release worksFrequently asked questions about refinancing without a cosigner

Best lenders for refinancing without a cosigner

If you’re thinking about refinancing your student loans without a cosigner, it’s important to compare as many lenders as possible first. This way, you can find the right loan for your situation.

Keep in mind: You’ll generally need good to excellent credit to get approved for refinancing — especially if you don’t have a cosigner. A good credit score is usually considered to be 700 or higher.

There are also some lenders that offer student loan refinancing for bad credit. But these loans typically come with higher interest rates compared to good credit loans.

Here are Credible’s partner lenders that don’t require a cosigner for refinancing:

LenderFixed rates from (APR)Variable rates from (APR)Loan terms (years)Loan amountsOffer Cosigner Release?

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
4.54%+N/A10, 15, 20$7,500 up to $200,000
(larger balances require special approval)Yes, after 36 monthsFixed APR:
4.54%+Variable APR:
N/AMin. credit score:
Does not discloseLoan amount:
$7,500 up to $500,000Loan terms (years):
10, 15, 20Max. undergraduate loan balance:
$250,000 – $500,000Time to fund:
4 monthsRepayment options:
Immediate repayment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
AutopayEligibility:
Must be a resident of KentuckyCustomer service:
PhoneSoft credit check:
NoCosigner release:
After 36 monthsLoan servicer:
Kentucky Higher Education Student Loan CorporationMax. graduate loan balance:
$250,000 – $500,000Credible Review:
Advantage Education Loan reviewOffers Parent PLUS Refinancing :
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.15%+
1.87%+5, 7, 10, 15, 20$10,000 up to $250,000
(depending on degree)NoFixed APR:
2.15%+Variable APR:
N/AMin. credit score:
Does not discloseLoan amount:
$10,000 to $400,000Loan terms (years):
5, 7, 10, 15, 20Repayment options:
Military deferment, forbearanceFees:
Late feeDiscounts:
AutopayEligibility:
Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of TexasCustomer service:
Email, phoneSoft credit check:
Does not discloseCosigner release:
NoLoan servicer:
Firstmark ServicesMax. Undergraduate Loan Balance:
$100,000 – $149,000Max. Graduate Loan Balance:
$200,000 – $400,000Offers Parent PLUS Refinancing:
Does not disclose

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.44%+1
2.24%+15, 7, 10, 15, 20$10,000 to $500,000
(depending on degree and loan type)Yes, after 36 monthsFixed APR:
2.44%+1Variable APR:
2.24%+1Min. credit score:
Does not discloseLoan amount:
$10,000 to $750,000Loan terms (years):
5, 7, 10, 15, 20Repayment options:
Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
Autopay, loyaltyEligibility:
Must be a U.S. citizen or permanent resident and have at least $10,000 in student loansCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 24 to 36 monthsLoan servicer:
Firstmark ServicesMax. Undergraduate Loan Balance:
$100,000 to $149,000Max. Graduate Loan Balance:
Less than $150,000Offers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.99%+2
2.94%+25, 7, 10, 12, 15, 20$5,000 to $300,000
(depending on degree type)Yes, after 24 monthsFixed APR:
2.99%+2Variable APR:
2.94%+2Min. credit score:
Does not discloseLoan amount:
$5,000 to $300,000Loan terms (years):
5, 7, 10, 12, 15, 20Repayment options:
Military deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
All states except for MECustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 24 to 36 monthsLoan servicer:
College Ave Servicing LLCMax. Undergraduate Loan Balance:
$100,000 to $149,000Max. Graduate Loan Balance:
Less than $300,000Offers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.16%+
2.11%+5, 7, 10, 15, 20$5,000 to $500,000Yes, after 36 monthsFixed rate:
2.44%+1Variable rate:
2.24%+1Min. credit score:
680Loan amount:
$5,000 to $500,000Cosigner release:
YesLoan terms (years):
5, 7, 10, 15, 20Repayment options:
Academic deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Available in all states, except MS and NVCustomer service:
Email, phone, chatSoft credit check:
YesLoan servicer:
FirstMarkMax. undergraduate loan balance:
$500,000Max. graduate loan balance:
$500,000Offers Parent PLUS refinancing:
YesMin. income:
$65,000 (for 15- and 20-year products)

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>

1.8%+5
1.8%+55, 10, 15, 20$1,000 to $250,000Yes, after 36 monthsFixed APR:
1.8%+5Variable APR:
1.8%+5Min. credit score:
700Loan amount:
$7,500 to $200,000Loan terms (years):
5, 10, 15, 20Repayment options:
Immediate repayment, academic deferment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
AutopayEligibility:
Must be a U.S. citizen or permanent resident and submit two personal referencesCustomer service:
Email, phoneSoft credit check:
YesCosigner release:
After 36 monthsLoan servicer:
Granite State Management & Resources (GSM&R)Max. Undergraduate Loan Balance:
$150,000 to $249,000Max. Graduate Loan Balance:
$150,000 to $199,000Offers Parent PLUS Refinancing :
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.47%+3
2.39%+35, 7, 10, 12, 15, 20Minimum of $15,000NoFixed APR:
2.47%+3Variable APR:
2.39%+3Min. credit score:
680Loan amount:
No maximumLoan terms (years):
5, 7, 10, 12, 15, 20Repayment options:
ForbearanceFees:
NoneDiscounts:
NoneEligibility:
Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved schoolCustomer service:
Email, phoneSoft credit check:
YesCosigner release:
NoLoan servicer:
MohelaMax. Undergraduate Loan Balance:
No maximumMax. Graduate Loan Balance:
No maximumOffers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.47%+4
2.44%+45, 10, 15, 20$5,000 to $250,000Yes, after 48 months of on-time paymentsFixed APR:
3.47%+4Variable APR:
2.44%+4Min. credit score:
670Loan amount:
$5,000 to $250,000Loan terms (years):
5, 10, 15, 20Repayment options:
Academic deferment, military deferment, forbearanceFees:
Late feeDiscounts:
AutopayEligibility:
Must be U.S. citizen or permanent residentCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
YesMax undergraduate loan balance:
$250,000Max graduate loan balance:
$250,000Offers Parent PLUS refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.24%+7N/A5, 7, 10, 12, 15, 20Up to $300,000Yes, after 24 monthsFixed APR:
2.24%+7Variable APR:
N/AMin. credit score:
670Loan amount:
Up to $300,000Loan terms (years):
5, 7, 10, 15, 20Time to fund:
Usually one business dayRepayment options:
Academic deferral, military deferral, forbearance, death/disability dischargeFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
Email, phoneSoft credit check:
YesCosigner release:
After 24 monthsMax. undergraduate loan balance:
$300,000Max. graduate balance:
$300,000Offers Parent PLUS loans:
YesMin. income:
None

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.05%+
3.05%+7, 10, 15$10,000 up to the total amount of qualified education debt NoFixed APR:
3.05%+Variable APR:
3.05%+Min. credit score:
670Loan amount:
$10,000 up to the total amountLoan terms (years):
7, 10, 15Repayment options:
Military deferment, loans discharged upon death or disabilityFees:
NoneDiscounts:
NoneEligibility:
Must be a U.S. citizen or permanent resident and have at least $10,000 in student loansCustomer service:
Email, phoneSoft credit check:
YesCosigner release:
NoLoan servicer:
AESMax. Undergraduate Loan Balance:
No maximumMax. Gradaute Loan Balance:
No maximumOffers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.89%+N/A5, 8, 12, 15$7,500 to $300,000Yes, after 12 monthsFixed APR:
2.89%+Variable APR:
N/AMin. credit score:
670Loan amount:
$7,500 to $300,000Loan terms (years):
5, 8, 12, 15Repayment options:
Does not discloseFees:
NoneDiscounts:
NoneEligibility:
Must be a U.S. citizen and have and at least $7,500 in student loansCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 12 monthsLoan servicer:
PenFedMax. Undergraduate Loan Balance:
$300,000Max. Graduate Loan Balance:
$300,000Offers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.29%+N/A5, 10, 15$7,500 up to $250,000
(depending on highest degree earned) NoFixed APR:
3.29%+Variable APR:
N/AMin. credit score:
680Loan amount:
$7,500 to $250,000Loan terms (years):
5, 10, 15Repayment options:
Academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000Customer service:
Email, phoneSoft credit check:
Does not discloseCosigner release:
NoLoan servicer:
Rhode Island Student Loan AuthorityMax. Undergraduate Loan Balance:
$150,000 – $249,000Max. Graduate Loan Balance:
$200,000 – $249,000Offers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.49%+6
2.25%+65, 7, 10, 15, 20$5,000 up to the full balance of your qualified education loans NoFixed APR:
2.49%+6Variable APR:
2.25%+6Min. credit score:
Does not discloseLoan amount:
$5,000 up to the full balanceLoan terms (years):
5, 7, 10, 15, 20Repayment options:
Academic deferment, military defermentFees:
NoneDiscounts:
Autopay, loyaltyEligibility:
Available in all 50 statesCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
NoMax undergraduate loan balance:
No maximumMax graduate loan balance:
No maximumOffers Parent PLUS refinancing:
YesAll APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures | 6SoFi Disclosures

Compare personalized rates from multiple lenders without affecting your credit score. 100% free!

Compare Now

Trustpilot

dvantage

Best for: Parents who want to transfer PLUS Loans to their children

With Advantage, you can refinance loan amounts from $7,500 to $500,000 (depending on your degree and loan type) with repayment terms from 10 to 20 years.

Advantage is also one of the few lenders that allow parents to refinance Parent PLUS Loans into their child’s name.

advantage education loan student loan refinance
3.0
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


Advantage Education Loan Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
4.54%+


Variable APR


Lowest variable rate available from this lenderN/A


Min. credit score


Minimum credit score needed to qualifyDoes not disclose


Loan amount


Range needed to refinance with this lender$7,500 up to $500,000

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
4.54%+Variable APR: N/AMin. credit score: Does not discloseLoan amount: $7,500 up to $500,000Loan terms (years): 10, 15, 20Max. undergraduate loan balance: $250,000 – $500,000Time to fund: 4 monthsRepayment options: Immediate repayment, forbearance, loans discharged upon death or disabilityFees: NoneDiscounts: AutopayEligibility: Must be a resident of KentuckyCustomer service: PhoneSoft credit check: NoCosigner release: After 36 monthsLoan servicer: Kentucky Higher Education Student Loan CorporationMax. graduate loan balance: $250,000 – $500,000Credible Review: Advantage Education Loan reviewOffers Parent PLUS Refinancing : Yes

Pros

0.25% autopay discountCan transfer Parent PLUS Loans to studentGraduated repayment plan offered

Cons

$18,000 minimum income requirementDoesn’t offer variable ratesLong cosigner release period (36 months)

Learn More: Best Companies to Refinance Parent Plus Loans

Brazos

Best for: Borrowers who live in Texas

If you’re a Texas resident, Brazos could be a good option for refinancing. With Brazos, you can refinance $10,000 to $400,000 (depending on your degree) with terms from five to 20 years.

brazos student loan refinance
4.4
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


Brazos Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
2.15%+


Variable APR


Lowest variable rate available from this lenderN/A


Min. credit score


Minimum credit score needed to qualifyDoes not disclose


Loan amount


Range needed to refinance with this lender$10,000 to $400,000

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
2.15%+Variable APR: N/AMin. credit score: Does not discloseLoan amount: $10,000 to $400,000Loan terms (years): 5, 7, 10, 15, 20Repayment options: Military deferment, forbearanceFees: Late feeDiscounts: AutopayEligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of TexasCustomer service: Email, phoneSoft credit check: Does not discloseCosigner release: NoLoan servicer: Firstmark ServicesMax. Undergraduate Loan Balance: $100,000 – $149,000Max. Graduate Loan Balance: $200,000 – $400,000Offers Parent PLUS Refinancing: Does not disclose

Pros

0.25% autopay discountVariety of repayment terms offeredForbearance options available for economic hardship, active-duty military service, or natural disaster

Cons

Only available in TexasCould be hard to qualify if you don’t have good credit$60,000 minimum income requirement without a cosigner

Citizens

Best for: Borrowers who already have an account with Citizens

With Citizens, you can refinance loan amounts from $10,000 to $750,000 (depending on your degree and loan type) with terms from five to 20 years.

Additionally, if you already have an account with Citizens, you could get a 0.25% rate discount — plus another 0.25% off your rate if you sign up for autopay.


4.7
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


Citizens Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
2.44%+1


Variable APR


Lowest variable rate available from this lender
2.24%+1


Min. credit score


Minimum credit score needed to qualifyDoes not disclose


Loan amount


Range needed to refinance with this lender$10,000 to $750,000

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
2.44%+1Variable APR:
2.24%+1Min. credit score: Does not discloseLoan amount: $10,000 to $750,000Loan terms (years): 5, 7, 10, 15, 20Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees: Late feeDiscounts: Autopay, loyaltyEligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loansCustomer service: Email, phone, chatSoft credit check: YesCosigner release: After 24 to 36 monthsLoan servicer: Firstmark ServicesMax. Undergraduate Loan Balance: $100,000 to $149,000Max. Graduate Loan Balance: Less than $150,000Offers Parent PLUS Refinancing: Yes

Pros

0.25% autopay discount0.25% loyalty discountDegree not required

Cons

Doesn’t disclose minimum credit score or income requirementsLong cosigner release period (36 months)Cosigner release not available on the Education Refinance Loan for Parents

Check Out: Can You Refinance a Student Loan to a 30-Year Term?

College Ave

Best for: Variety of repayment terms

College Ave offers refinancing on loan amounts from $5,000 to $300,000 (depending on degree type). Additionally, borrowers can choose between 16 repayment terms ranging from five to 20 years, making it easier to fit your payments into your budget.


4.4
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


College Ave Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
2.99%+2


Variable APR


Lowest variable rate available from this lender
2.94%+2


Min. credit score


Minimum credit score needed to qualify Does not disclose


Loan amount


Range needed to refinance with this lender$5,000 to $300,000

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
2.99%+2Variable APR:
2.94%+2Min. credit score: Does not discloseLoan amount: $5,000 to $300,000Loan terms (years): 5, 7, 10, 12, 15, 20Repayment options: Military deferment, forbearance, loans discharged upon death or disabilityFees: Late feeDiscounts: AutopayEligibility: All states except for MECustomer service: Email, phone, chatSoft credit check: YesCosigner release: After 24 to 36 monthsLoan servicer: College Ave Servicing LLCMax. Undergraduate Loan Balance: $100,000 to $149,000Max. Graduate Loan Balance: Less than $300,000Offers Parent PLUS Refinancing: Yes

Pros

0.25% autopay discountVariety of repayment terms availableCosigner release offered after 24 months of consecutive, on-time payments

Cons

Doesn’t disclose minimum credit score or income requirementsUndergraduate or graduate degree requiredParents can’t transfer Parent PLUS Loans to student

CommonBond

Best for: Borrowers who plan to pay off their loan quickly

With CommonBond, you can refinance loan amounts from $5,000 to $500,000 with repayment terms from five to 20 years.

CommonBond also offers a unique hybrid loan option that starts with a fixed rate for the first half of the repayment term before switching to a variable rate — this could help you save money if you plan to pay off your loan quickly.


4.5
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


CommonBond Student Loan Refinancing


Fixed rate


Lowest fixed rate available from this lender
2.44%+1


Min. credit score


Minimum credit score needed to qualify680


Loan amount


Range needed to refinance with this lender$5,000 to $500,000

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed rate:
2.44%+1Variable rate:
2.24%+1Min. credit score: 680Loan amount: $5,000 to $500,000Cosigner release: YesLoan terms (years): 5, 7, 10, 15, 20Repayment options: Academic deferment, forbearance, loans discharged upon death or disabilityFees: Late feeDiscounts: AutopayEligibility: Available in all states, except MS and NVCustomer service: Email, phone, chatSoft credit check: YesLoan servicer: FirstMarkMax. undergraduate loan balance: $500,000Max. graduate loan balance: $500,000Offers Parent PLUS refinancing: YesMin. income: $65,000 (for 15- and 20-year products)

Pros

Offers a hybrid loan option that starts with a fixed rate for the first half of the repayment term before switching to a variable rate0.25% autopay discountUp to 24 months of forbearance available over the life of the loan

Cons

Must be have graduated from an eligible Title IV accredited university or graduate program within CommonBond’s network$65,000 minimum income requirement for 15- and 20-year productsNot available in Mississippi or Nevada

Learn More: Debt-to-Income Ratio for Refinancing Student Loans

EDvestinU

Best for: Borrowers who didn’t graduate

EDvestinU offers refinancing on loan amounts from $7,500 to $200,000 with terms from five to 20 years. Unlike many lenders, EDvestinU doesn’t require borrowers to have graduated to be eligible.

edvestinu student loan refinance
3.8
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


EDvestinU Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
1.8%+5


Variable APR


Lowest variable rate available from this lender
1.8%+5


Min. credit score


Minimum credit score needed to qualify700


Loan amount


Range needed to refinance with this lender$7,500 to $200,000

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Does refinancing make sense for you? Compare offers from top refinancing lenders to determine your actual savings.View DetailsFixed APR:
1.8%+5Variable APR:
1.8%+5Min. credit score: 700Loan amount: $7,500 to $200,000Loan terms (years): 5, 10, 15, 20Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disabilityFees: NoneDiscounts: AutopayEligibility: Must be a U.S. citizen or permanent resident and submit two personal referencesCustomer service: Email, phoneSoft credit check: YesCosigner release: After 36 monthsLoan servicer: Granite State Management & Resources (GSM&R)Max. Undergraduate Loan Balance: $150,000 to $249,000Max. Graduate Loan Balance: $150,000 to $199,000Offers Parent PLUS Refinancing : Yes

Pros

0.25% autopay discountDegree not requiredNo application, origination, or disbursement fees

Cons

Could be hard to qualify if you don’t have good creditLong cosigner release period (36 months)$30,000 to $50,000 minimum income requirement (depending on loan amount)

ELFI

Best for: Borrowers with high loan balances

Education Loan Finance (ELFI) doesn’t have a maximum loan amount — you just need at least $15,000 in student loans to refinance. You can choose between repayment terms from five to 20 years — though keep in mind that 15- and 20-year terms aren’t available for parent borrowers.


4.4
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


Education Loan Finance Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
2.47%+3


Variable APR


Lowest variable rate available from this lender
2.39%+3


Min. credit score


Minimum credit score needed to qualify680


Loan amount


Range needed to refinance with this lenderNo maximum

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
2.47%+3Variable APR:
2.39%+3Min. credit score: 680Loan amount: No maximumLoan terms (years): 5, 7, 10, 12, 15, 20Repayment options: ForbearanceFees: NoneDiscounts: NoneEligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved schoolCustomer service: Email, phoneSoft credit check: YesCosigner release: NoLoan servicer: MohelaMax. Undergraduate Loan Balance: No maximumMax. Graduate Loan Balance: No maximumOffers Parent PLUS Refinancing: Yes

Pros

No maximum loan amountVariable rates capped at 9.95% APRUp to 12 months of forbearance available to borrowers facing financial hardship

Cons

Must have at least $15,000 to refinanceCosigner release not offered$35,000 minimum income requirement

Check Out: How to Pay Off $30,000 in Student Loans

INvestEd

Best for: Borrowers who might need access to forbearance

With INvestEd, you can refinance $5,000 to $250,000 with terms from five to 20 years. Additionally, borrowers can access up to 24 months of forbearance over the life of the loan, which could be helpful if you experience financial hardship or unexpected circumstances.


3.9
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


INvestEd Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
3.47%+4


Variable APR


Lowest variable rate available from this lender
2.44%+4


Min. credit score


Minimum credit score needed to qualify670


Loan amount


Range needed to refinance with this lender$5,000 to $250,000

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
3.47%+4Variable APR:
2.44%+4Min. credit score: 670Loan amount: $5,000 to $250,000Loan terms (years): 5, 10, 15, 20Repayment options: Academic deferment, military deferment, forbearanceFees: Late feeDiscounts: AutopayEligibility: Must be U.S. citizen or permanent residentCustomer service: Email, phone, chatSoft credit check: YesCosigner release: YesMax undergraduate loan balance: $250,000Max graduate loan balance: $250,000Offers Parent PLUS refinancing: Yes

Pros

0.25% autopay discountUp to 24 months of forbearance available over the life of the loanDegree not required

Cons

Charges late and returned payment feesLong cosigner release period (48 months)$36,000 minimum income requirement

ISL Education Lending

Best for: Borrowers who want to refinance while they’re in school

ISL Education Lending offers refinancing on loan amounts from $5,000 to $300,000 ($10,000 minimum for California residents) with terms from five to 20 years. Unlike many other lenders, ISL Education Lending doesn’t require you to have graduated — in fact, you can refinance while you’re still in school.

Keep in mind that if you’re still in school, you can refinance a maximum of $200,000.


4.2
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


ISL Education Lending Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
2.24%+7


Min. credit score


Minimum credit score needed to qualify670


Loan amount


Range needed to refinance with this lenderUp to $300,000

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
2.24%+7Variable APR: N/AMin. credit score: 670Loan amount: Up to $300,000Loan terms (years): 5, 7, 10, 15, 20Time to fund: Usually one business dayRepayment options: Academic deferral, military deferral, forbearance, death/disability dischargeFees: NoneDiscounts: AutopayEligibility: Available in all 50 statesCustomer service: Email, phoneSoft credit check: YesCosigner release: After 24 monthsMax. undergraduate loan balance: $300,000Max. graduate balance: $300,000Offers Parent PLUS loans: YesMin. income: None

Pros

Degree not requiredGraduated repayment plan offeredNo minimum income requirement

Cons

Variable interest rates not offeredCould be hard to qualify if you have poor creditLower maximum loan amount if you want to refinance while still in school

Learn More: When to Refinance Student Loans

MEFA

Best for: Borrowers who attended a public or nonprofit university

With the Massachusetts Educational Financing Authority (MEFA), you can refinance $10,000 up to the total amount of your qualified education debt. Repayment terms range from seven to 15 years.

Keep in mind that you must have attended a public or nonprofit university to refinance with MEFA — for-profit schools aren’t eligible.


4.0
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


MEFA Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
3.05%+


Variable APR


Lowest variable rate available from this lender
3.05%+


Min. credit score


Minimum credit score needed to qualify670


Loan amount


Range needed to refinance with this lender$10,000 up to the total amount

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
3.05%+Variable APR:
3.05%+Min. credit score: 670Loan amount: $10,000 up to the total amountLoan terms (years): 7, 10, 15Repayment options: Military deferment, loans discharged upon death or disabilityFees: NoneDiscounts: NoneEligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loansCustomer service: Email, phoneSoft credit check: YesCosigner release: NoLoan servicer: AESMax. Undergraduate Loan Balance: No maximumMax. Gradaute Loan Balance: No maximumOffers Parent PLUS Refinancing: Yes

Pros

Might be able to refinance up to the total amount of your qualified education debtDegree not requiredNo fees

Cons

Not available for borrowers who attended for-profit universitiesNo discounts offeredLimited repayment terms (7, 10, or 15 years)

PenFed

Best for: Spouses who want to refinance their loans together

With PenFed, you can refinance $7,500 to $300,000 with terms from five to 15 years. PenFed is also the only major lender that allows spouses to refinance their loans together.


4.5
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


PenFed Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
2.89%+


Variable APR


Lowest variable rate available from this lenderN/A


Min. credit score


Minimum credit score needed to qualify670


Loan amount


Range needed to refinance with this lender$7,500 to $300,000

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
2.89%+Variable APR: N/AMin. credit score: 670Loan amount: $7,500 to $300,000Loan terms (years): 5, 8, 12, 15Repayment options: Does not discloseFees: NoneDiscounts: NoneEligibility: Must be a U.S. citizen and have and at least $7,500 in student loansCustomer service: Email, phone, chatSoft credit check: YesCosigner release: After 12 monthsLoan servicer: PenFedMax. Undergraduate Loan Balance: $300,000Max. Graduate Loan Balance: $300,000Offers Parent PLUS Refinancing: Yes

Pros

Spouses can refinance their student loans togetherCosigner release offered after 12 months of consecutive, on-time paymentsNo fees

Cons

No discounts offered$42,000 to $50,000 minimum income requirement (depending on loan amount)Must have bachelor’s degree or higher

Learn More: 4 Credit Unions for Student Loan Refinancing

RISLA

Best for: Borrowers looking for income-based repayment options

Most private student loans don’t offer the repayment options that federal student loans do. However, the Rhode Island Student Loan Authority (RISLA) offers an income-based repayment (IBR) plan to borrowers facing financial hardship. Like the federal IBR plan, your payments will be 15% of your discretionary income, and RISLA will forgive any remaining balance after 25 years.

With RISLA, you can refinance loan amounts from $7,500 to $250,000 (depending on the highest degree you’ve earned) with terms from five to 15 years.


3.7
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


RISLA Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
3.29%+


Variable APR


Lowest variable rate available from this lenderN/A


Min. credit score


Minimum credit score needed to qualify680


Loan amount


Range needed to refinance with this lender$7,500 to $250,000

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
3.29%+Variable APR: N/AMin. credit score: 680Loan amount: $7,500 to $250,000Loan terms (years): 5, 10, 15Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees: NoneDiscounts: AutopayEligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000Customer service: Email, phoneSoft credit check: Does not discloseCosigner release: NoLoan servicer: Rhode Island Student Loan AuthorityMax. Undergraduate Loan Balance: $150,000 – $249,000Max. Graduate Loan Balance: $200,000 – $249,000Offers Parent PLUS Refinancing: Yes

Pros

Offers an income-based repayment plan to borrowers facing financial hardshipCan defer payments for up to 36 months if you return to graduate schoolDegree not required

Cons

Variable rates not offered$40,000 minimum income requirementCosigner release not offered

SoFi

Best for: Borrower perks

With SoFi, you can refinance loan amounts starting at $5,000 up to the full balance of your qualified education loans with terms from five to 20 years.

Additionally, SoFi borrowers have access to several perks, such as unemployment protection, career coaching, and investing advice.


4.5
Credible rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms


Fees and Discounts


Customer Experience


SoFi Student Loan Refinancing


Fixed APR


Lowest fixed rate available from this lender
2.49%+6


Variable APR


Lowest variable rate available from this lender
2.25%+6


Min. credit score


Minimum credit score needed to qualifyDoes not disclose


Loan amount


Range needed to refinance with this lender$5,000 up to the full balance

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
2.49%+6Variable APR:
2.25%+6Min. credit score: Does not discloseLoan amount: $5,000 up to the full balanceLoan terms (years): 5, 7, 10, 15, 20Repayment options: Academic deferment, military defermentFees: NoneDiscounts: Autopay, loyaltyEligibility: Available in all 50 statesCustomer service: Email, phone, chatSoft credit check: YesCosigner release: NoMax undergraduate loan balance: No maximumMax graduate loan balance: No maximumOffers Parent PLUS refinancing: Yes

Pros

0.25% autopay discountMight be able to refinance the full balance of your qualified education loansBorrower perks, such as unemployment protection and investing advice

Cons

Doesn’t disclose minimum credit requirementsDoesn’t offer cosigner releaseMust have earned an associate degree or higher from a Title IV school

Check Out: How to Get Student Loan Repayment Help

Methodology

To find the “best companies,” Credible looked at loan and lender data points from 12 categories to give you a well-rounded perspective on each of our partner refinancing lenders.

Here’s what we considered:

Interest ratesRepayment termsRepayment optionsFeesDiscountsCustomer service availabilityMaximum loan balancesWillingness to refinance parent loansEligibility criteriaCosigner release optionsWhether the minimum credit score is available publiclyWhether consumers could request rates with a soft credit check

Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loan that works for you, not by selling your data. This means Credible will only get paid by the lender if you finish the refinancing process and a loan is disbursed. Additionally, Credible charges you no fees of any kind to compare your refinancing options.

Other student loan refinancing lenders to consider

Here are more student loan refinancing companies we evaluated. Keep in mind that these lenders are not offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can our partner lenders.

LenderLoan terms (years)Max loan balance

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>10, 20Undergrad: $249,000
Grad: $199,000Min. credit score:
Does not discloseLoan amount:
Up to $250,000Loan terms (years):
10, 20Repayment options:
Academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
Email, phoneSoft credit check:
Does not discloseCosigner release:
NoMax. undergraduate Loan Balance:
$150,000 to $249,000Max. graduate Loan Balance:
$150,000 to $199,000Offers Parent PLUS Refinancing:
No

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>5, 7, 10, 15Undergrad: $500,000
Grad: $500,000Rates:
fixed, variableMin. credit score:
Does not disclose Loan amount:
$60,000 to $350,000Cosigner release:
NoLoan terms (years):
5, 7, 10, 15, 20Fees:
NoneDiscounts:
Autopay, loyaltyEligibility:
Available in CA, CT, FL, MA, NY, OR, WYCustomer service:
Email, phoneSoft credit check:
YesMax. undergraduate loan balance:
$500,000Max. graduate loan balance:
$500,000

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>10, 15, 20Undergrad: $249,000
Grad: $249,000Rates:
Fixed, variableMin. credit score:
Does not discloseLoan amount:
$10,000 to $250,000Cosigner release:
After 24 to 36 monthsLoan terms (years):
10, 15, 20Repayment options:
Military deferment, forbearanceFees:
Late feeDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
Email, phone, chatSoft credit check:
YesLoan servicer:
Student Loan Finance CorporationMax. undergraduate Loan Balance:
$150,000 to $249,000Max. graduate Loan Balance:
$200,000 to $249,000Offers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>5, 7, 10, 15Undergrad: None
Grad: NoneMin. credit score:
Does not discloseLoan amount:
$5,000 to $300,000Cosigner release:
Does not discloseLoan terms (years):
5, 7, 10, 15Repayment options:
Immediate repayment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
Email, phoneSoft credit check:
YesMax. undergraduate Loan Balance:
No maximumMax. graduate Loan Balance:
No maximumOffers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>5, 7, 10, 15, 20Does not discloseRates:
Fixed, variableMin. credit score:
Does not discloseLoan amount:
$5,000 to $300,000Cosigner release:
YesLoan terms (years):
5, 7, 10, 15, 20Repayment options:
Does not discloseFees:
NoneDiscounts:
AutopayEligibility:
Does not discloseCustomer service:
Email, phoneSoft credit check:
YesLoan servicer:
LendKey Technologies Inc.Max. undergraduate Loan Balance:
Does not discloseMax. graduate Loan Balance:
Does not discloseOffers Parent PLUS Refinancing:
No

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>5, 10, 15Undergrad: $99,000
Grad: $150,000Min. credit score:
Does not discloseLoan amount:
Less than $150,000Loan terms (years):
5, 10, 15Repayment options:
Academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
Does not discloseDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
Email, phoneSoft credit check:
Does not discloseCosigner release:
YesMax. Undergraduate Loan Balance:
Less than $99,000Max. graduate Loan Balance:
Less than $150,000Offers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>Does not discloseUndergrad: None
Grad: NoneMin. credit score:
Does not discloseLoan amount:
No maximumLoan terms:
Does not discloseRepayment options:
Academic deferment, forbearanceFees:
Late feeDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
YesMax. undergraduate Loan Balance:
No maximumMax. graduate Loan Balance:
No maximumOffers Parent PLUS Refinancing:
YesThe lenders in this table aren’t our partners. But you can use Credible to compare rates in 2 minutes from other lenders who offer student loan refinancing.

Compare Now

How to refinance student loans without a cosigner

If you’re ready to refinance your student loans without a cosigner, follow these four steps:

Check your credit. When you apply for refinancing, the lender will evaluate your credit to determine your creditworthiness — so it’s a good idea to check your credit beforehand to see where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureaus to potentially boost your credit score.Compare lenders and pick a loan option. Be sure to shop around and compare as many student loan refinance companies as you can to find the right loan for you. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements. After you’ve done your research, pick the loan option that works best for your needs.Complete the application. Once you’ve chosen a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs. Also be prepared to provide information regarding the loans you want to refinance.Manage your payments. If you’re approved, continue making payments on your old loans while the refinance is processed. Afterward, you could consider signing up for autopay so you won’t miss any payments in the future — many lenders offer a rate discount to borrowers who opt for automatic payments.Keep in mind: While you can refinance both federal and private loans, refinancing federal student loans will cost you access to federal benefits and protections — such as income-driven repayment plans and student loan forgiveness programs.

Depending on your credit, you might qualify for a lower interest rate through refinancing. This means you could save money on interest and potentially pay off your loan faster. You can use our calculator below to see how much you can save by refinancing your student loans.

Step 1. Enter your loan balance

Loan balanceEnter the remaining amount of the loans you’d like to refinance

Step 2. Enter current loan information

Interest rateEnter the average annual interest rate of the loans you’d like to refinanceMonthly paymentEnter the monthly amount you currently pay on your loans (or enter remaining term)Remaining termEnter the amount of time left to repay your loan (or enter monthly payment)years

Step 3. Enter your new loan information to start calculating your savings

Interest rateEnter an estimated new interest rate.Monthly paymentEnter the monthly amount to pay on your new loan (or enter new loan term)New loan termEnter the amount of time you have to repay your loan (or enter monthly payment)yearsLifetime SavingsIncreased Lifetime Cost
New Monthly Payment>Monthly SavingsIncreased Monthly Cost
If you refinance your student loan at>
interest rate, you>can savewill pay an additional
monthly and pay off your loan by>.
The total cost of the new loan will be>.

Does refinancing make sense for you?

Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score.

Check Out: Student Loan Repayment Calculator: Estimate Your Payoff Date

Pros of not using a cosigner when refinancing

Refinancing without a cosigner could be the right option for some borrowers, but it isn’t right for everyone. Here are a few potential benefits to keep in mind:

No need to find one: In some cases, borrowers might not know anyone with good enough credit to act as a cosigner. If you refinance without a cosigner, you won’t need to worry about this.No risk to your relationships: A cosigner shares responsibility for the loan — which means they’re on the hook if you can’t make your payments. If this happens, it could severely strain your relationship with your cosigner. By refinancing without a cosigner, you won’t risk potentially alienating any friends or family members.Only you are responsible for the loan: Without a cosigner, you’re the only one responsible for your refinanced loan. This means you can focus on repaying your loan without worrying about negatively affecting a cosigner along the way — which might feel financially empowering for some.

Learn More: When Student Loan Refi Is a Good Idea and When to Reconsider

Cons of not using a cosigner when refinancing

Could be hard to qualify on your own: If you have less-than-perfect credit, you might have a hard time getting approved for refinancing without a cosigner.Might not get the best rates: Even if you don’t need a cosigner to get approved, having one could get you a lower rate than you’d get on your own. Unless you have excellent credit, you might not qualify for the lowest rates advertised by lenders without a cosigner.Less motivation to stay on top of your payments: Some borrowers might need the extra motivation of having a cosigner to make on-time payments.

Check Out: Should I Pay Off My Student Loans or Invest in Stocks?

How cosigner release works

Some lenders offer a cosigner release option — so if you already have a cosigner, you might be able to remove them from the loan after meeting the requirements. Generally, you’ll have to make consecutive, on-time payments for a certain period of time and also meet the underwriting criteria on your own to qualify for cosigner release.

Here are Credible’s partner lenders that offer cosigner release:

Advantage After 36 monthsCitizensAfter 36 monthsCollege AveAfter 24 monthsCommonBond After 36 monthsEDvestinUAfter 36 monthsINvestEd After 48 months of on-time paymentsISL Education LendingAfter 24 monthsPenFed After 12 months

Learn More: How to Pay off Student Loans in 10 Years or Less

Frequently asked questions about refinancing without a cosigner

Here are the answers to a few commonly asked questions about refinancing without a cosigner:

Can you consolidate student loans without a cosigner?

Yes, you can consolidate student loans without a cosigner. Keep in mind that the terms consolidation and refinancing are often used interchangeably, but they mean something different for federal and private student loans.

Federal student loan consolidation: You can consolidate federal student loans into a Direct Consolidation Loan. While this won’t change your interest rate, you can extend your repayment term up to 30 years to reduce your monthly payments — though remember that you’ll pay more interest over time. Unlike with refinancing, you don’t need good credit to federally consolidate your loans, and you don’t need to worry about having a cosigner. You also won’t lose access to your federal benefits.Private student loan refinancing: Also known as private student loan consolidation, this process lets you combine multiple student loans — leaving you with one loan and payment to manage. Depending on your credit, you might qualify for a better interest rate, which can save you money on your overall loan cost. Or you could opt to extend your repayment term to lower your monthly student loan payments. Keep in mind that if you refinance federal loans, you’ll no longer have access to federal protections.

Check Out: How to Consolidate Your Student Loans

What do I do if I can’t get approved for a student loan?

If you can’t get approved for a student loan without a cosigner, you have a couple of options:

Improve your credit. If you can wait to refinance, spend some time building your credit first. There are several ways to potentially do this, such as making on-time payments on all of your bills, paying down credit card balances, or becoming an authorized user on the credit card account of someone you trust.Apply with a cosigner. If there’s no way for you to get approved on your own, you might need to refinance with a cosigner. Keep in mind that a cosigner can be anyone with good credit — such as a parent, other relative, or trusted friend — who is willing to share responsibility for the loan. Also remember that you might be able to remove your cosigner from the loan later on if you qualify for cosigner release.

Learn More: Fixed or Variable Student Loan: Which is Right for You?

Can a cosigner be removed from a student loan?

Yes, there are two ways a cosigner can be removed from a loan:

Cosigner release: Several lenders provide a cosigner release option. This means you could have your cosigner removed from the loan after meeting certain conditions — in general, you’ll need to make consecutive, on-time payments for a specific period of time and meet the underwriting criteria on your own.Refinancing again: You can also remove a cosigner by refinancing your student loan again.

Check Out: How Long It Takes to Pay Off Student Loans

How much does it cost to refinance student loans?

There’s no upfront cost to refinance your student loans. However, keep in mind that you’ll need to pay any interest that accrues on the loan as well as any fees charged by the lender, such as late fees.

Tip: If you want to keep your repayment costs low, it’s a good idea to choose the shortest repayment term you can afford. This way, you’ll pay less in interest over time.

If you decide to refinance your student loans, remember to consider as many lenders as possible to find the right loan for you. Credible makes this easy: You can compare your prequalified rates from multiple lenders in two minutes — without affecting your credit.

Find out if refinancing is right for you

Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders in about 2 minutesWon’t impact credit score – Checking rates on Credible won’t impact your credit scoreData privacy – We don’t sell your information, so you won’t get calls or emails from multiple lendersSee Your Refinancing Options
Credible is 100% free!

Trustpilot

The post 13 Best Loans for Refinancing Student Loans Without a Cosigner appeared first on Credible.

Can’t Pay Mortgage Due to COVID? Here are Some Options

Many people are struggling to pay their bills due to the COVID-19 pandemic. But thankfully, as a homeowner, there are several options you can use to request financial relief and avoid foreclosure.

Lenders are willing to help you through these uncertain times, but you should contact them as soon as you fear you might not be able to make your mortgage payment.

Here are some of the ways you can get help paying housing costs during an economic hardship:

ForbearanceCARES ActEmergency rental assistanceMortgage modificationLoan assistanceTalk to a housing counselorRefinance your mortgage

Check your mortgage type

Your COVID-19 mortgage relief options depend on the type of mortgage that you have. The most common mortgage types include:

ConventionalFHAVAUSDA

These loans generally have the most assistance options if you’re behind on mortgage payments.

If you have a conforming conventional loan, Fannie Mae and Freddie Mac offer several mortgage relief options to qualified homeowners impacted by the coronavirus, including a forbearance plan and loan modification.

Non-conforming loans, like jumbo loans and government-backed loans, may have fewer financial protections since Fannie Mae and Freddie Mac don’t secure these loans. If you have one of the loans, contact your loan servicer to review your assistance options.

Tip: Mortgage servicers may ask for proof of hardship if you’re seeking a loan modification, but they generally cannot require you to provide proof of hardship to enter forbearance due to COVID-19.

Forbearance

When your loan servicer approves mortgage forbearance, you have permission to stop making monthly payments or reduce your monthly payment temporarily. However, mortgage forbearance doesn’t cancel out the payments — you’ll still need to repay the deferred principal and interest once forbearance ends.

COVID-19 mortgage forbearance extension: The deadline to request COVID-19 mortgage forbearance has been extended several times. It was most recently set to expire for eligible loans on Sept. 30, 2021.

However, you can now request up to six months of initial forbearance until the end of the nationally declared emergency for FHA, USDA, and VA loans. You may also request an additional six months of forbearance if the pandemic hasn’t ended by the time your initial forbearance expires.

If you requested forbearance between Jul 1, 2021 and Sept. 30, 2021, you’re eligible to request an additional six months of forbearance as well.

Home loans owned by Freddie Mac and Fannie Mae also have an open-ended request window.

Most lenders only issue an initial forbearance period of six months. Then, if you need extra help, you can request a forbearance extension in three or six-month increments until you’re in forbearance for 12 months.

When forbearance ends, you’ll need to repay the amount you deferred. Your repayment options may include:

Reinstatement: This is when you pay the entire deferral amount back all at once. Lenders cannot require this repayment option when claiming a coronavirus hardship thanks to the CARES Act but can for traditional forbearance requests. Repayment plan: You might be able to bring your mortgage current by entering a repayment plan and making additional monthly payments for 12 months after forbearance. Once your mortgage is current again, your monthly payment will return to its normal amount.Defer payments until the end of the loan: Another option is delaying the forbearance payments and paying them back at the end of the mortgage. While you stay in debt longer, you’ll have more time to pay it back and your monthly payment won’t increase.Tip: Your forbearance period may last up to 12 months. Single-family and multi-family properties are eligible. Forbearance also isn’t limited to first mortgages — you may qualify for it on your second mortgage as well.

CARES Act

The CARES Act passage in March 2020 provided several financial assistance programs for individuals. For example, this legislation paved the way for the first stimulus checks.

There are several coronavirus-related mortgage assistance benefits too:

Mortgage forbearance: It’s easier for homeowners to qualify for forbearance for up to 12 months. There currently isn’t an application deadline for conventional or government-backed mortgages.Foreclosure moratorium: Lenders were prohibited from starting the home foreclosure process until after July 31, 2021. While this moratorium expired, most mortgage servicers will not initiate foreclosure until Jan. 1, 2022, or later.Eviction moratorium: The federal eviction moratorium expired on Aug. 26, 2021, after a Supreme Court ruling. Landlords must provide a 30-day eviction notice to tenants.

Currently, only the mortgage forbearance benefit remains active for most homeowners.

Emergency rental assistance

Many states and cities offer emergency rental assistance programs. These programs can help you pay rent or cover utility payments.

You can search for local programs from the Consumer Financial Protection Bureau.

If you own rental property, many programs also accept landlord applications. Being able to collect up to 18 months of unpaid rent can help pay your mortgage on investment properties.

Mortgage modification

You may prefer asking your lender to modify your existing loan if you want to continue making payments and avoid the refinancing process.

A loan modification permanently adjusts your mortgage terms. The main benefits of a loan modification include:

Lower monthly payment: Your lender can reduce your monthly payment (while keeping your interest rate the same) by extending your loan term. You’ll pay more in interest over the long term with this option, but it can give you more breathing room in your monthly budget. Reduced interest rate: Your lender may offer a new interest rate if it’s lower than your current rate. This can significantly reduce your monthly payment. Switch to a fixed interest rate: Your lender may recommend switching from an adjustable-rate mortgage to a fixed-rate mortgage so you have a stable monthly payment for the life of your loan.

Loan assistance

Your state may also offer financial assistance for homeowners, and you might be able to qualify for these programs even if your mortgage is already in forbearance.

Many states receive funds from the U.S. Department of the Treasury’s Hardest Hit Fund to help you when you can’t pay the mortgage due to COVID-19. Oregon, for example, offers a five-year forgivable loan with its COVID-19 Mortgage Relief program. If you’re currently receiving unemployment benefits, your funds may help keep your home loan current and cover up to six additional payments.

Certain local cities also offer mortgage assistance programs. For instance, City of Chicago homeowners with a low or moderate income may receive up to $3,300 in aid.

Tip: Most city and state loan assistance programs have limited funds. If you need help, it’s best to apply as soon as possible as you have a higher probability of securing aid.

Talk to a housing counselor

If you can’t keep up with your mortgage payments and are facing foreclosure, consider speaking with a HUD-approved housing counselor.

This service is often provided for free, and the counselor can help review your repayment options to avoid foreclosure. To find a foreclosure avoidance counselor, use this search tool from the U.S. Department of Housing and Urban Development.

You can also contact your mortgage servicer to review your personalized choices too.

Refinance your mortgage

A mortgage refinance may not be the most practical option when you can’t pay your mortgage due to COVID. Mortgage forbearance and other assistance programs may provide immediate assistance and you won’t have to worry about paying hefty closing costs.

However, refinancing is an option to consider after your pandemic forbearance period ends and you want to change the terms of your mortgage. To do this, your loan will need to be current and your lender may have a minimum waiting period if you’re just exiting forbearance or another assistance program.

Good to know: In most cases, you may be eligible for standard refinancing after three post-forbearance payments. After that, it’s possible to reduce your monthly payment, interest rate, or both.

Depending on your situation, you could have to wait at least 12 months. However, it can be easier to waive this requirement when you claim COVID-19 hardship.

If you think refinancing is the right move, Credible makes the process easy. You can compare multiple lenders and see prequalified refinance rates in as little as three minutes without leaving our site.

Find out if refinancing is right for you

Actual rates from multiple lenders – In 3 minutes, get actual prequalified rates without impacting your credit score.Smart technology – We streamline the questions you need to answer and automate the document upload process.End-to-end experience – Complete the entire origination process from rate comparison up to closing, all on Credible.Find My Refi Rate
Checking rates will not affect your credit

Trustpilot

The post Can’t Pay Mortgage Due to COVID? Here are Some Options appeared first on Credible.

What Happens If You Miss a Mortgage Payment?

While nobody wants to miss a mortgage payment, it can happen — especially if money is tight one month.

Generally, missed payments can cause your credit score to plunge and lead to late fees. Multiple missed payments can even lead to foreclosure, further damaging your credit and leaving you with no home. But it doesn’t all occur at once.

Here’s what happens if you miss a mortgage payment:

The typical timeline of missed mortgage paymentsCOVID-19 and mortgage foreclosuresHow does a late mortgage payment affect my credit score?How much will a mortgage late fee be?How can I skip a mortgage payment without penalty?

The typical timeline of missed mortgage payments

A mortgage payment that’s overdue by just a few days might not have any impact on your credit. That’s because most loan servicers offer a grace period where you can make a payment within 15 days after the due date without penalties. After the grace period, it may charge you a late fee, which should be explained in your loan documents.

But failing to make a payment altogether can negatively affect your credit and the home loan.

One missed mortgage payment

Your servicer will likely report the missed payment to the credit bureaus once it’s 30 days late. This can hurt your credit score. Generally, a late payment can cause more damage for people with higher credit scores.

If you haven’t made a payment for 36 days, your loan servicer is required to contact you — though it may reach out sooner.

Good to know: The servicer can’t start foreclosure proceedings right away, but the late payment is a serious matter nonetheless.

Two missed mortgage payments

Once you’re 45 days past due, your loan servicer may assign someone to your account. They’ll contact you and let you know about your options.

After 60 days — or two missed mortgage payments — you’ll incur a second late fee. The late payment will also be reported to the credit bureaus.

Don’t Miss: What to Do If You Fall Behind on Mortgage Payments

Three missed mortgage payments

After three missed payments, your loan servicer will likely send another letter known as a demand letter or notice to accelerate. The letter acts as a notice to bring your mortgage current or face foreclosure proceedings.

Additionally, your loan servicer will report the late payment to the credit bureaus, which may cause your credit score to drop even more.

Four missed payments

Once you’re 120 days past due, if you haven’t arranged to make repayments with your bank, your loan servicer can start the legal foreclosure process. It can also add attorney fees to your balance.

The loan servicer’s attorney will schedule a home sale and notify you of the foreclosure date. This date varies with each state, but it may be as soon as two or three months after receiving your demand letter.

Good to know: If you make arrangements with your lender or pay the total amount due before the date of sale, you may be able to keep your home.

The loan servicer will also report the newest late payment to the credit bureaus, and your credit score may drop once again. Each late payment can stay on your credit history for up to seven years.

To find a great mortgage rate, be sure to shop around. Credible lets you do this easily — compare home loans from all of our partner lenders in one place. It’s free, and checking rates with us will never affect your credit score.

Credible makes getting a mortgage easy

Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.Find Rates Now

Trustpilot

COVID-19 and mortgage foreclosures

Since early 2020, more than 7 million homeowners have taken advantage of mortgage forbearance programs to keep their accounts in good standing. Additionally, the U.S. government put a moratorium on foreclosures through the first half of 2021.

Although both measures helped foreclosure activity reach historic lows in 2020, homeowners may need to find another form of assistance. The foreclosure ban expired July 31, 2021, and about 1.75 million homeowners were still in some sort of forbearance program.

You might be able to extend your forbearance protection or get your account current by calling your mortgage lender and setting up a plan.

This can keep your account and credit in good standing. But if you can’t restart payments, your loan servicer will need to take extra steps — such as evaluating you for assistance programs — before starting the foreclosure process.

Mortgage forbearance

With mortgage forbearance, your loan servicer agrees to temporarily pause your monthly mortgage payments for a certain period of time. It also won’t start the foreclosure process.

During the coronavirus pandemic, lenders can report that your mortgage account is in forbearance. But, per the CARES Act, your account must be marked as “current” if it was in good standing before entering forbearance.

If your loan is federally backed, you can call your loan servicer and request pandemic-related mortgage forbearance until Sept. 30, 2021. Extensions may apply, too:

Fannie Mae and Freddie Mac loans: Conventional loan borrowers may request an extension for a maximum of 18 months of forbearance. You may be eligible for the extension if you entered forbearance before Feb. 28, 2021.Government-backed loans: Borrowers with a loan backed by the FHA, VA, or USDA may request an extension as long as they enrolled in forbearance on or before June 30, 2020.

Loan repayment options

If you’re 120 days or more past due on your mortgage payments or you’re about to exit a mortgage forbearance program, your loan servicer must reach out to discuss options.

Here’s how you may be able to rehabilitate your account and avoid foreclosure:

Defer payments: You can resume regular mortgage payments and move any missed or suspended payments to the end of the loan term. This option is usually available for Fannie- and Freddie-backed loans, VA loans, FHA loans, and USDA loans.Modify the loan terms: The servicer may agree to a loan modification, where you change the loan’s length or interest rate to make the payments more affordable. On federally backed loans, your servicer may be able to lower your mortgage payment by 25% or more.Enter a repayment plan: You can also create a repayment plan with your loan servicer if you have a conventional mortgage, FHA loan, USDA loan, or VA loan. You’ll spread your unpaid balance over a certain period of time — such as 12 months — on top of your regular mortgage payments. This will temporarily result in higher monthly payments.Reinstate the loan: This option lets you pay back the outstanding balance all at once. Under all federally backed mortgage programs, loan servicers can’t require you to pay off your forbearance balance with a lump sum. But you can choose to do this if you have the funds.

Foreclosure safeguards

The loan payment options mentioned above may work for borrowers who are financially sound. But the loan servicer may be able to start the foreclosure process if a borrower still can’t make payments after forbearance ends or after missing four payments.

However, homeowners are protected by three new safeguards established by the Consumer Financial Protection Bureau. Before starting foreclosure, the loan servicer must:

Ask the borrower to complete a loss mitigation application. The loan servicer must give you the opportunity to pursue loss mitigation, which may prevent foreclosure. Loss mitigation options include some of the repayment options we’ve already discussed (such as loan modification and repayment plans) as well as a short sale.Confirm the property is abandoned. If loss mitigation doesn’t work, the loan servicer may start foreclosure proceedings after confirming a property is abandoned under local and state laws.Reach out to the borrower. The loan servicer will also need to make a reasonable effort to reach the borrower.

These new safeguards apply on top of existing rules that bar loan servicers from starting the foreclosure process until a homeowner is at least 120 days past due on a home loan. They’ll be in effect from Aug. 31, 2021, to Dec. 31, 2021.

How does a late mortgage payment affect my credit score?

When you’re at least 30 days behind on mortgage payments, your loan servicer reports the information to the credit bureaus. The late payment can remain on your credit reports for up to seven years, and it may affect your credit score during this time.

Missing several payments in a row can damage your credit score more than missing only one payment. And multiple missed payments could result in foreclosure, which is one of the most damaging negative marks you can have on your credit.

How much will a mortgage late fee be?

Homeowners usually have a grace period of 15 days after the due date to make their mortgage payment. After that point, you may pay a late fee for each month that you miss a payment.

The late fee is set by state law, but it usually equals 3% to 6% of your monthly payment. So, if your mortgage payment is usually $1,000 and your late fee is 5%, then you may be on the hook for an extra $50 for each month you go without paying.

How can I skip a mortgage payment without penalty?

If you stop making mortgage payments but you’re in a foreclosure-prevention program — such as forbearance, loan modification, or a short sale — then you might be able to avoid foreclosure and the credit hit. Perform some research and request one of these options when you’re having financial problems.

The post What Happens If You Miss a Mortgage Payment? appeared first on Credible.

Student Loan Rehabilitation vs. Consolidation: Getting Out of Default

If you miss a payment on a federal student loan, your loan will be considered delinquent. After missing payments for a certain amount of time (270 days for most federal loans), your loan will enter default.

While getting back on track after ending up in default might feel impossible, the good news is that there are a few ways to recover — including rehabilitation and consolidation. Refinancing your loans could also be an option in some cases.

If you’re considering student loan rehabilitation vs. consolidation, here’s what you should know:

Rehabilitation vs. consolidation: What’s the difference?Student loan rehabilitationStudent loan consolidationStudent loan refinancing with a cosignerConsequences of ignoring student loan defaultRecovering from student loan default: How is my credit affected?

Rehabilitation vs. consolidation: What’s the difference?

Student loan rehabilitation and consolidation are the two of the most common ways to recover from federal student loan default. Which one is right for you will depend on your individual circumstances and financial goals.

Keep in mind: You also have the option to pay off your loans in full to get out of default. However, this is unrealistic for most borrowers struggling with defaulted loans.

Here’s how rehabilitation and consolidation work:

Rehabilitation: With this option, you’ll need to make on-time payments for nine to 10 consecutive months, depending on the type of loans you have. If you successfully complete the terms of your rehabilitation agreement, the default status will be removed from your loan as well as your credit report.Consolidation: You could also choose to consolidate your federal loans into a Direct Consolidation Loan, which could extend your repayment term up to 30 years. Keep in mind that before you can consolidate, you’ll have to agree to either repay the loan under an income-driven repayment (IDR) plan or make three consecutive, on-time, full payments first. Also note, that while this will remove the default status from your loan, it will remain on your credit report.RehabilitationConsolidationHow it worksRemoves default status from existing loansCombines old loans into new Direct Consolidation LoanProcessDirect or FFEL Loans:
Must agree to make 9 voluntary, reasonable, and affordable payments over the span of 10 consecutive monthsPayments will typically be 15% of your annual discretionary income divided by 12 (lender might calculate lower payment if you can’t afford this)

Perkins Loans:
Must make full monthly payments within 20 days of your due date for 9 consecutive monthsMust agree to:
Repay consolidated loan on an IDR plan; ORMake 3 consecutive, on-time, full monthly payments before consolidatingHow long to complete9 to 10 months
(depending on loan type)30 to 45 days
(might take longer if you decide to make 3 payments before consolidating)Can use for multiple loans?No, must be done separately for each loanYes, can consolidate multiple loans at onceAllowed if wages are being garnished?Yes, but wages might continue to be garnished during the rehab processNo, you can’t consolidate unless the order is lifted or judgment is vacatedImpact on credit reportIf you successfully make the required payments:
Default status will be removed from loan and from credit reportLate payments could stay on your credit reports for up to 7 yearsAfter consolidation:
Default status will be removed from loan but not from credit reportLate payments could stay on your credit reports for up to 7 yearsCan do more than once?No, can only be done once for each loan No, can consolidate to get out of default only onceProsMight lower your paymentsWill restore eligibility for other federal benefits, such as access to IDR plans and student loan forgiveness programsHaving default removed from credit report could help your credit scoreFaster process than rehabilitationCan consolidate multiple loansCan extend your repayment term up to 30 years, which could lower your paymentsConsLonger process than consolidationIf you want to rehabilitate multiple loans, must enter separate agreements for each of themWon’t stop wages being garnishedDoesn’t remove default status from credit reportAny interest or collection costs from your old loans will be added to your new loan balanceCan’t consolidate if wages are being garnished

Student loan rehabilitation

Best for: Borrowers who want to start rebuilding their credit

To rehabilitate defaulted federal loans, you’ll have to make consecutive, on-time payments for nine to 10 months, depending on the kind of loans you have.

If you successfully complete rehabilitation, the default status will be removed from both your loans and your credit report — this could make rehabilitation a good choice if you want to begin rebuilding your credit.

Keep in mind, though, that any late payments could stay on your credit report for up to seven years.

Tip: Due to the COVID-19 pandemic, payments and interest accrual on federal student loans have been paused by the CARES Act through Jan. 31, 2022.

If you decide to enter a rehabilitation agreement during this administrative forbearance period, your suspended monthly payments will qualify as on-time payments — meaning you could get credit for rehabilitation without actually paying anything.

However, if you haven’t made each of the required rehabilitation payments before the forbearance ends, you’ll still need to make the remaining payments.

Learn More: Federal Student Loans and COVID-19: What You Need to Know

Pros of rehabilitation

Default status removed from credit report: After making each of the required payments, the default will be cleared from your loans and from your credit report.Might lower your payments: If you have Direct Loans or loans made under the Federal Family Education Loan (FFEL) Program, your rehabilitation payments will generally be limited to 15% of your discretionary income. If you can’t afford this, your servicer might calculate a lower alternative after you provide documentation of your income and expenses. If you have Perkins Loans, your payments will stay the same.Restores eligibility for other federal benefits: Having defaulted loans makes you ineligible for federal protections, such as access to IDR plans and student loan forgiveness programs. But if you rehabilitate your loans, you’ll regain these benefits.

Cons of rehabilitation

Long process: You’ll have to make consecutive, on-time payments for nine or 10 months to complete rehabilitation — a much longer process compared to consolidation.Only applies to one loan: A rehabilitation agreement only applies to one loan. If you have multiple loans you want to rehabilitate, you’ll have to set up an agreement for each one.Won’t stop wage garnishment: If your wages are being garnished, agreeing to rehabilitation won’t necessarily stop these involuntary payments.

Check Out: How to Find Your Student Loan Balance

How to rehabilitate a defaulted student loan

If your federal loans are held by the Department of Education, follow these three steps to apply for rehabilitation:

Mail or fax a copy of your latest tax return or transcript. The Department of Education will use this information to calculate your monthly payment. Keep in mind that if you are married, live with your spouse, and file taxes separately, you’ll also need to submit your spouse’s tax returns. Additionally, if your tax returns don’t accurately represent your income, you can fill out the Loan Rehabilitation Income and Expense Form.Sign and return the agreement. You’ll be mailed a loan rehabilitation agreement to review within 10 business days of the Department of Education receiving your income information. This will include your payment amount, payment options, and agreement terms. You’ll need to sign and return this form to officially begin rehabilitation.Make the required payments. After the rehabilitation agreement is in place, you’ll need to make the agreed-upon monthly payments. For Direct or FFEL Loans, this means you’ll have to make nine consecutive, on-time payments. Perkins Loans, on the other hand, require 10 full payments. If you successfully make each of these payments, the default status will be removed from your loans and credit report.Tip: If your federal student loans aren’t owned by the Department of Education, you’ll need to reach out to your loan holder to see what steps are required to apply for rehabilitation.

Learn More: Federal Student Loan Repayment Calculator

Student loan consolidation

Best for: Borrowers who want to get out of default quickly

Another option for getting out of student loan default is consolidating your federal loans into a Direct Consolidation Loan. A request to consolidate your loans could be processed within as little as 30 to 45 days, which makes it a faster option than rehabilitation.

Additionally, while consolidation won’t change your interest rate, you can extend your repayment term up to 30 years. This could greatly reduce your monthly payments — though keep in mind that it also means you’ll pay more in interest over time.

Check Out: How to Consolidate Your Student Loans

Pros of consolidation

Faster process: Consolidating your federal student loans could take as little as 30 to 45 days — a much shorter process compared to the nine to 10 months of payments required by rehabilitation.Can combine multiple loans: Federal consolidation lets you combine multiple federal loans — leaving you with just one loan and payment to manage.Could reduce your payments: Through consolidation, you can extend your repayment term up to 30 years. This could greatly reduce your monthly payments — though remember that it also means you’ll pay more in interest over the life of the loan.

Cons of consolidation

Default won’t be removed from credit report: Unlike rehabilitation, consolidation won’t remove your default status from your credit report.Capitalization of interest and collection costs: After you consolidate your loans, any interest or collection costs from your old loans will capitalize — meaning they’ll be added to your new loan balance.Can’t consolidate if wages are being garnished: If you’re subject to wage garnishment, you won’t be able to consolidate until the wage garnishment order is lifted or judgment is vacated.

Learn More: Pros and Cons of Consolidating Student Loans

How to consolidate defaulted student loans

If you want to consolidate your federal loans, follow these three steps:

Contact your loan holder. Before you can consolidate defaulted federal loans, you must contact your loan holder and agree to either repay your consolidated loan under an IDR plan or make three consecutive, on-time, full monthly payments first. If you choose to make the three payments, the payment amount will be calculated by your loan holder based on what you can reasonably afford according to your total financial circumstances.Apply for consolidation. You can fill out an online application at StudentAid.gov or a paper application from your servicer. When completing the application, you’ll need to provide your personal information, list the loans you want to consolidate, and choose your repayment plan. Afterward, you’ll need to sign and submit the application.Manage your payments. A consolidation request generally takes 30 to 45 days to process. Once your loans have been consolidated, you can begin making your new monthly payments.Keep in mind: If you have a defaulted Direct Consolidation Loan that you want to reconsolidate, you must have at least one other eligible federal loan to include in the consolidation.

However, if you have a defaulted FFEL Consolidation Loan, you don’t need to include any additional loans in the new consolidation as long as you agree to repay the loan on an IDR plan.

Check Out: Private Student Loan Consolidation

Student loan refinancing with a cosigner

Best for: Borrowers who know someone with good credit who is willing to act as a cosigner

Refinancing your student loans could also help you get out of default. With this process, your federal loans will be paid off with a new private student loan. You’ll typically need good to excellent credit to qualify for refinancing, which could be difficult if your loans are in default.

To increase your chances of approval, consider applying with a creditworthy cosigner. A cosigner can be anyone with good credit — such as a parent, other relative, or trusted friend — who is willing to share responsibility for the loan. Having a cosigner might also get you a lower interest rate than you’d get on your own.

Keep in mind: While you can refinance both federal and private loans, refinancing federal student loans will cost you access to federal benefits and protections — such as IDR plans and student loan forgiveness programs.

You’ll also no longer be eligible for the suspension of federal student loan payments and interest accrual under the CARES Act.

Learn More: Defaulted Student Loans: Can You Refinance?

Pros of refinancing

Might get a lower interest rate: Depending on your credit and if you apply with a cosigner, you might qualify for a lower interest rate. This could save you money on interest and even help you potentially pay off your loan faster.Could reduce your payments: If you choose to extend your repayment term, you could reduce your monthly payments. Just remember that this means you’ll pay more interest overall.Can combine multiple loans: Through private refinancing, you can consolidate multiple federal as well as private loans.

Cons of refinancing

Could be hard to qualify: Defaulting on student loans can severely damage your credit, which could make it difficult to qualify for refinancing.Loss of federal benefits: If you refinance your federal loans into a private loan, you’ll no longer have access to federal benefits and protections.Lack of repayment options: Private loans don’t offer federal student loan repayment options. For example, you generally won’t be able to sign up for an IDR plan after you refinance.

Check Out: Student Loan Consolidation vs. Student Loan Refinancing

How to refinance a defaulted student loan

If you decide to refinance a defaulted student loan, follow these steps:

Check your credit. When you apply for refinancing, the lender will review your credit to determine your creditworthiness — so it’s a good idea to check your credit beforehand so you know where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureaus to potentially boost your credit score.Compare lenders and pick a loan option. Be sure to compare as many lenders as possible to find the right loan for your situation. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements. After comparing lenders, choose the loan option that works best for your needs.Complete the application. Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs. Also be prepared to provide information regarding each of the loans you want to refinance.Manage your payments. If you’re approved, continue making payments on your old loans while the refinance is processed. Afterward, you might consider signing up for autopay so you won’t miss any payments in the future — several lenders offer a rate discount to borrowers who opt for automatic payments.

Before your refinance, remember to consider as many lenders as you can to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

LenderFixed rates from (APR)Variable rates from (APR)Loan terms (years)Loan amountsMin. credit score

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
4.54%+N/A10, 15, 20$7,500 up to $200,000
(larger balances require special approval)Does not discloseFixed APR:
4.54%+Variable APR:
N/AMin. credit score:
Does not discloseLoan amount:
$7,500 up to $500,000Loan terms (years):
10, 15, 20Max. undergraduate loan balance:
$250,000 – $500,000Time to fund:
4 monthsRepayment options:
Immediate repayment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
AutopayEligibility:
Must be a resident of KentuckyCustomer service:
PhoneSoft credit check:
NoCosigner release:
After 36 monthsLoan servicer:
Kentucky Higher Education Student Loan CorporationMax. graduate loan balance:
$250,000 – $500,000Credible Review:
Advantage Education Loan reviewOffers Parent PLUS Refinancing :
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.15%+
1.87%+5, 7, 10, 15, 20$10,000 up to $250,000
(depending on degree)690Fixed APR:
2.15%+Variable APR:
N/AMin. credit score:
Does not discloseLoan amount:
$10,000 to $400,000Loan terms (years):
5, 7, 10, 15, 20Repayment options:
Military deferment, forbearanceFees:
Late feeDiscounts:
AutopayEligibility:
Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of TexasCustomer service:
Email, phoneSoft credit check:
Does not discloseCosigner release:
NoLoan servicer:
Firstmark ServicesMax. Undergraduate Loan Balance:
$100,000 – $149,000Max. Graduate Loan Balance:
$200,000 – $400,000Offers Parent PLUS Refinancing:
Does not disclose

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.44%+1
2.24%+15, 7, 10, 15, 20$10,000 to $500,000
(depending on degree and loan type)Does not discloseFixed APR:
2.44%+1Variable APR:
2.24%+1Min. credit score:
Does not discloseLoan amount:
$10,000 to $750,000Loan terms (years):
5, 7, 10, 15, 20Repayment options:
Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
Autopay, loyaltyEligibility:
Must be a U.S. citizen or permanent resident and have at least $10,000 in student loansCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 24 to 36 monthsLoan servicer:
Firstmark ServicesMax. Undergraduate Loan Balance:
$100,000 to $149,000Max. Graduate Loan Balance:
Less than $150,000Offers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.99%+2
2.94%+25, 7, 10, 12, 15, 20$5,000 to $300,000
(depending on degree type)Does not discloseFixed APR:
2.99%+2Variable APR:
2.94%+2Min. credit score:
Does not discloseLoan amount:
$5,000 to $300,000Loan terms (years):
5, 7, 10, 12, 15, 20Repayment options:
Military deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
All states except for MECustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 24 to 36 monthsLoan servicer:
College Ave Servicing LLCMax. Undergraduate Loan Balance:
$100,000 to $149,000Max. Graduate Loan Balance:
Less than $300,000Offers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.16%+
2.11%+5, 7, 10, 15, 20$5,000 to $500,000

680

Fixed rate:
2.44%+1Variable rate:
2.24%+1Min. credit score:
680Loan amount:
$5,000 to $500,000Cosigner release:
YesLoan terms (years):
5, 7, 10, 15, 20Repayment options:
Academic deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Available in all states, except MS and NVCustomer service:
Email, phone, chatSoft credit check:
YesLoan servicer:
FirstMarkMax. undergraduate loan balance:
$500,000Max. graduate loan balance:
$500,000Offers Parent PLUS refinancing:
YesMin. income:
$65,000 (for 15- and 20-year products)

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>

1.8%+5
1.8%+55, 10, 15, 20$1,000 to $250,000700Fixed APR:
1.8%+5Variable APR:
1.8%+5Min. credit score:
700Loan amount:
$7,500 to $200,000Loan terms (years):
5, 10, 15, 20Repayment options:
Immediate repayment, academic deferment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
AutopayEligibility:
Must be a U.S. citizen or permanent resident and submit two personal referencesCustomer service:
Email, phoneSoft credit check:
YesCosigner release:
After 36 monthsLoan servicer:
Granite State Management & Resources (GSM&R)Max. Undergraduate Loan Balance:
$150,000 to $249,000Max. Graduate Loan Balance:
$150,000 to $199,000Offers Parent PLUS Refinancing :
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.47%+3
2.39%+35, 7, 10, 12, 15, 20Minimum of $15,000680Fixed APR:
2.47%+3Variable APR:
2.39%+3Min. credit score:
680Loan amount:
No maximumLoan terms (years):
5, 7, 10, 12, 15, 20Repayment options:
ForbearanceFees:
NoneDiscounts:
NoneEligibility:
Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved schoolCustomer service:
Email, phoneSoft credit check:
YesCosigner release:
NoLoan servicer:
MohelaMax. Undergraduate Loan Balance:
No maximumMax. Graduate Loan Balance:
No maximumOffers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.47%+4
2.44%+45, 10, 15, 20$5,000 to $250,000670Fixed APR:
3.47%+4Variable APR:
2.44%+4Min. credit score:
670Loan amount:
$5,000 to $250,000Loan terms (years):
5, 10, 15, 20Repayment options:
Academic deferment, military deferment, forbearanceFees:
Late feeDiscounts:
AutopayEligibility:
Must be U.S. citizen or permanent residentCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
YesMax undergraduate loan balance:
$250,000Max graduate loan balance:
$250,000Offers Parent PLUS refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.24%+7N/A5, 7, 10, 12, 15, 20Up to $300,000670Fixed APR:
2.24%+7Variable APR:
N/AMin. credit score:
670Loan amount:
Up to $300,000Loan terms (years):
5, 7, 10, 15, 20Time to fund:
Usually one business dayRepayment options:
Academic deferral, military deferral, forbearance, death/disability dischargeFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
Email, phoneSoft credit check:
YesCosigner release:
After 24 monthsMax. undergraduate loan balance:
$300,000Max. graduate balance:
$300,000Offers Parent PLUS loans:
YesMin. income:
None

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.05%+
3.05%+7, 10, 15$10,000 up to the total amount of qualified education debt670Fixed APR:
3.05%+Variable APR:
3.05%+Min. credit score:
670Loan amount:
$10,000 up to the total amountLoan terms (years):
7, 10, 15Repayment options:
Military deferment, loans discharged upon death or disabilityFees:
NoneDiscounts:
NoneEligibility:
Must be a U.S. citizen or permanent resident and have at least $10,000 in student loansCustomer service:
Email, phoneSoft credit check:
YesCosigner release:
NoLoan servicer:
AESMax. Undergraduate Loan Balance:
No maximumMax. Gradaute Loan Balance:
No maximumOffers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.89%+N/A5, 8, 12, 15$7,500 to $300,000670Fixed APR:
2.89%+Variable APR:
N/AMin. credit score:
670Loan amount:
$7,500 to $300,000Loan terms (years):
5, 8, 12, 15Repayment options:
Does not discloseFees:
NoneDiscounts:
NoneEligibility:
Must be a U.S. citizen and have and at least $7,500 in student loansCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 12 monthsLoan servicer:
PenFedMax. Undergraduate Loan Balance:
$300,000Max. Graduate Loan Balance:
$300,000Offers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.29%+N/A5, 10, 15$7,500 up to $250,000
(depending on highest degree earned)680Fixed APR:
3.29%+Variable APR:
N/AMin. credit score:
680Loan amount:
$7,500 to $250,000Loan terms (years):
5, 10, 15Repayment options:
Academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000Customer service:
Email, phoneSoft credit check:
Does not discloseCosigner release:
NoLoan servicer:
Rhode Island Student Loan AuthorityMax. Undergraduate Loan Balance:
$150,000 – $249,000Max. Graduate Loan Balance:
$200,000 – $249,000Offers Parent PLUS Refinancing:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.49%+6
2.25%+65, 7, 10, 15, 20$5,000 up to the full balance of your qualified education loansDoes not discloseFixed APR:
2.49%+6Variable APR:
2.25%+6Min. credit score:
Does not discloseLoan amount:
$5,000 up to the full balanceLoan terms (years):
5, 7, 10, 15, 20Repayment options:
Academic deferment, military defermentFees:
NoneDiscounts:
Autopay, loyaltyEligibility:
Available in all 50 statesCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
NoMax undergraduate loan balance:
No maximumMax graduate loan balance:
No maximumOffers Parent PLUS refinancing:
YesAll APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures | 6SoFi Disclosures

Compare personalized rates from multiple lenders without affecting your credit score. 100% free!

Compare Now

Trustpilot

Consequences of ignoring student loan default

If you’ve defaulted on federal student loans, it’s important to address the default instead of ignoring it. This way, you have a better chance of avoiding or resolving some of the potential consequences of default, which include:

Damaged credit: Missing payments and defaulting on a student loan can severely damage your credit. The longer you continue to miss payments on your loan, the more harm will come to your credit. Keep in mind that having bad credit could make it hard to access more credit in the future.Loan acceleration: If you default on a loan, your entire balance could become due.Loss of hardship benefits: Loans in default no longer have access to federal hardship benefits, such as deferment and forbearance. You also won’t be able to access more federal financial aid.Wage garnishment: In some cases, your wages could be garnished, or your tax returns could be withheld.Collection costs: Your defaulted loan might be sent to a collections agency that will try to obtain payments from you. If this happens, you’ll be held responsible for covering the collection costs incurred by your loan holder.

Learn More: 6 Ways Student Loans Can Impact Your Credit Score

Recovering from student loan default: How is my credit affected?

How your credit is affected will depend on the method you choose to get out of default. Here’s what you can generally expect:

Rehabilitation: If you successfully rehabilitate your loan, the default status will be removed from your loan and your credit report, which could have a positive impact on your credit. Any late payments you made on your loan will remain on your credit report for up to seven years — but the more time that passes, the less effect these will likely have on your credit.Consolidation: Unfortunately, consolidating your federal loans doesn’t remove the default from your credit report — like late payments, a default can stay on your credit report for up to seven years. But if you’re careful to make on-time payments on your consolidated loan, you might see an improvement in your credit score over time.Refinancing: When you apply for refinancing, the lender will perform a hard credit check to determine your creditworthiness. This could cause a slight drop in your credit score — though this is usually only temporary, and your score will likely bounce back within a few months. Additionally, refinancing might actually help your credit in the long run. For example, consistently making on-time payments on your refinanced loan could help you build a positive payment history and raise your credit score.

If you decide to refinance your student loans, remember to consider as many lenders as possible to find the right loan for your needs.

This is easy with Credible: You can compare your prequalified rates from multiple lenders in two minutes — without affecting your credit.

Find out if refinancing is right for you

Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders in about 2 minutesWon’t impact credit score – Checking rates on Credible won’t impact your credit scoreData privacy – We don’t sell your information, so you won’t get calls or emails from multiple lendersSee Your Refinancing Options
Credible is 100% free!

Trustpilot

The post Student Loan Rehabilitation vs. Consolidation: Getting Out of Default appeared first on Credible.

Is Going to College Worth It? How to Decide

With education costs steadily rising, you might wonder if going to college is still worth it. Ultimately, there’s no clear answer to this question — it depends on your individual circumstances as well as the degree you choose and your job prospects after graduation.

Here’s how to decide if college is worth it:

Benefits and disadvantages of going to collegeWhy college could be worth itWhy college may not be worth itHow to cover the cost of collegeAlternatives to getting a college degree

Benefits and disadvantages of going to college

If you’re trying to decide whether college is worth it for you, here are a few pros and cons to keep in mind:

ProsConsCould help you prepare for certain professional fields where education is required (such as teaching or medicine)Will likely earn more money with a college degree compared to a high school diploma or GEDCollege graduates are less likely to be unemployed compared to people with less educationCan be expensive and leave you with student loan debtGetting a well-paid job after college isn’t guaranteedYou might not end up liking the degree and career path you choose

Why college could be worth it

Here are four potential benefits that could make college worth it:

Might need a degree for your career field

While some career paths don’t have specific education requirements, others do. For example, you’ll generally need a degree to work in medicine, engineering, physical therapy, or other regimented fields.

If you plan to work in a profession that has these requirements, then attending college will likely be a necessity.

Will likely earn more money

College graduates generally earn more compared to people who don’t have a degree. For example, in 2020, workers with a bachelor’s degree had median weekly earnings of $1,305 while workers with a high school diploma earned just $781, according to the Bureau of Labor Statistics.

If you want to earn a higher salary, then going to college could be worth it.

Less likely to be unemployed

In addition to earning higher wages, college graduates are also less likely to be unemployed compared to people with less education. For example, in March 2021, the unemployment rate for workers with a bachelor’s degree or higher was 3.7% compared to 6.7% for high school graduates with no college, according to the Bureau of Labor Statistics.

Tip: The connections that you make in college with peers, mentors, and professors could also help you find job opportunities once you enter the workforce.

If you hope to have steady employment, then attending college might be a good idea.

Learn More: College ROI: 6 Tools to Gauge the Return on Your Degree

Why college may not be worth it

There are also a few reasons why college might not be worth it, including:

Can be expensive and might require student loans

The cost of attending college has steadily risen over time, making it harder to pay for without taking out student loans. The average student loan debt for college students in 2021 was $39,351.

Keep in mind that this debt can end up being much higher for more expensive programs, such as law or medicine.

good job isn’t guaranteed

While earning a college degree can help you find employment, getting a good job after you graduate isn’t guaranteed.

Additionally, some professions don’t require a traditional four-year degree. If you’re interested in one of these jobs, then going to college likely isn’t worth the time or money.

Here are several jobs that might not require a bachelor’s degree:

Dental assistantElectricianPlumberProgrammerWebsite designer

You might not like your school or degree

Even if you attend school tours and learn as much as you can about a program before enrolling, there’s always a chance that the school or degree might not be a good fit for you. If this happens, you might end up dropping out of school.

Keep in mind: The dropout rate for undergraduate students is 40%, and 30% of them drop out before reaching their sophomore year, according to EducationData.org.

Additionally, 57% of student loan borrowers don’t end up graduating, according to OneClass — so if you drop out, you could still have student loan debt to pay off, which could be difficult if you don’t have the education to qualify for higher-paying jobs.

Check Out: Ranking: Return on Investment by University

How to cover the cost of college

If you decide that earning a degree is right for you but aren’t sure how to pay for college, follow these five steps:

1. Fill out the FAFSA

Your first step in paying for college should be completing the Free Application for Federal Student Aid (FAFSA). Your school will use your FAFSA results to determine what federal student loans and other federal aid you qualify for.

Tip: Even if you think you might not be eligible for federal aid, be sure to fill out the FAFSA anyway. You might be surprised to find out you qualify after all.

Learn More: How to Apply to College and When You Should Apply

2. Apply for scholarships and grants

Unlike student loans, college scholarships and grants don’t have to be repaid — which makes them a great way to pay for college. There’s no limit to how many scholarships and grants you can get, so it’s a good idea to apply for as many as you can.

Some organizations that might offer these awards include:

Nonprofit organizationsLocal and national businessesProfessional associations in your field

You might also be eligible for school-based scholarships depending on your FAFSA information.

Tip: You can use sites like Fastweb and Scholarships.com to easily search for scholarships that you might qualify for.

Check Out: 5 Steps to Take If You Can’t Afford College

3. Get a job or apply for a work-study program

You could also consider getting a job while you’re in school to help cover your expenses. Or you might participate in the federal work-study program, which provides part-time employment to undergraduate and graduate students with financial need.

Tip: If you decide to work while going to school, be sure to leave yourself enough time to study, too.

Learn More: When You Should Apply for a Student Loan

4. Take out federal student loans

If you need to borrow for school, it’s usually best to start with federal student loans. This is mainly because these loans come with federal benefits and protections — such as access to income-driven repayment plans and student loan forgiveness programs.

After you fill out the FAFSA, your school will send you a financial aid award letter detailing the federal loans and financial aid you qualify for. You can then choose which aid and loans to accept.

Tip: There are several student loan forgiveness programs available to federal student loan borrowers, which can help reduce the amount you’ll have to repay. To qualify for one of these programs, you’ll typically need to work in a certain field and make qualifying payments for a specific amount of time.

For example, if you’re employed at a nonprofit or government agency and make qualifying payments for 10 years, you could be eligible for Public Service Loan Forgiveness. Or if you’re a teacher, you might be able to have up to $17,500 of your federal loans forgiven through the Teacher Loan Forgiveness Program if you work in a low-income school full-time for five consecutive years.

Check Out: Subsidized vs. Unsubsidized Student Loans: Know the Difference

5. Use private student loans to fill any gaps

After you’ve exhausted your scholarship, grant, and federal student loan options, private student loans could help fill any financial gaps left over. These loans are offered by private lenders, such as online lenders as well as traditional banks and credit unions.

If you’re considering federal vs. private student loans, keep in mind that private loans don’t come with federal protections. However, they do offer some benefits of their own. For example, you can apply at any time, and you might be able to borrow more than you would with a federal loan.

Tip: You’ll typically need good to excellent credit to get approved for a private student loan — a good credit score is usually considered to be 700 or higher. There are also some lenders that offer student loans for bad credit, but these loans usually come with higher interest rates compared to good credit loans.

If you’re struggling to get approved, consider applying with a creditworthy cosigner to improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

Rates and terms can vary by lender — so if you decide to take out a private loan, be sure to shop around and consider as many lenders as possible. This way, you can find the right loan for your needs.

Credible makes this easy: You can compare your prequalified rates from our partner lenders in the table below in just two minutes.

LenderFixed rates from (APR)Variable rates from (APR)Loan amountsLoan terms (years)Cosigners allowed

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.09%+
1.48%+$2,001 to $200,0007 to 15 years
(depending on loan type)YesFixed APR:
3.09%+Variable APR:
1.48%+Min. credit score:
540Loan amount:
$2,001 to $200,000 Loan terms (years):
5, 7, 10, 12, 15, 20Repayment options:
Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
0.25% to 1.00% automatic payment discount, 1% cash back graduation rewardEligibility:
Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking programCustomer service:
Email, phoneSoft credit check:
YesCosigner release:
After 24 monthsLoan servicer:
Launch Servicing, LLC

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.23%+1
1.03%+1$1,000 to $350,000
(depending on degree)5, 10, 15YesFixed APR:
3.23%+1Variable APR:
1.03%+1Min. credit score:
720Loan amount:
$1,000 to $350,000Loan terms (years):
5, 10, 15Loan types:
Any private or federal student loanRepayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
Autopay, loyaltyEligibility:
Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner)Customer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 36 monthsLoan servicer:
Firstmark Services

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.94%+2,3

0.99%+2,3$1,000 up to 100% of the school-certified cost of attendance5, 8, 10, 15YesFixed APR:
2.94%+2,3Variable APR:
0.99%+2,3Min. credit score:
Does not discloseLoan amount:
$1,000 up to cost of attendanceLoan terms (years):
5, 8, 10, 15Repayment options:
Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.Customer service:
Email, phoneSoft credit check:
YesCosigner release:
After 24 monthsLoan servicer:
College Ave Servicing LLC

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>3.75%+1.08%+$1,000 to $99,999 annually
($180,000 aggregate limit)7, 10, 15YesFixed APR:
3.75%+Variable APR:
1.08%+Min. credit score:
Does not discloseLoan amount:
$1,000 to $99,999 annually>($180,000 aggregate limit)Loan terms (years):
7, 10, 15Repayment options:
Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
AutopayEligibility:
Not available to residents of AZ, IA, or WICustomer service:
Phone, emailSoft credit check:
YesCosigner release:
After 36 monthsLoan servicer:
American Education ServicesMin. income:
Does not disclose

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.0%+7
2.17%+7$1,000 to $200,0007, 10, 15YesFixed APR:
3.0%+7Variable APR:
2.17%+7Min. credit score:
750Loan amount:
$1,000 to $200,000Loan terms (years):
7, 10, 15Repayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Must be a U.S. citizen or permanent resident and have a minimum income of $30,000.Customer service:
Email, phoneSoft credit check:
YesCosigner release:
After 36 monthsLoan servicer:
Granite State Management & Resources (GSM&R)

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.83%+8
1.69%+8$1,001 up to 100% of school certified cost of attendance5, 10, 15YesFixed APR:
3.83%+8Variable APR:
1.69%+8Min. credit score:
670Loan amount:
$1,001 up to cost of attendanceLoan terms (years):
5, 10, 15Repayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearanceFees:
Late feeDiscounts:
Autopay, reward for on-time graduationEligibility:
Must be an Indiana resident or a U.S. citizen attending an eligible Indiana schoolCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 48 monthsLoan servicer:
American Education Services

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.75%+N/A$1,500 or $2,000 up to school’s certified cost of attendance
(depending on school type and minus other aid received)15YesFixed APR:
3.75%+Variable APR:
N/AMin. credit score:
670Loan amount:
$1,500 up to cost of attendance less aidLoan terms (years):
10, 15Repayment options:
Full deferral, interest only, immediate repayment, academic deferral, forbearanceFees:
NoneDiscounts:
NoneEligibility:
Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.Customer service:
Email, phoneSoft credit check:
YesCosigner release:
After 48 monthsLoan servicer:
American Education Services (AES)

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.5% – 12.6% APR9
1.13% – 11.23% APR9Up to 100% of the school-certified cost of attendance10, 15YesFixed APR:
3.5% – 12.6% APR9Variable APR:
1.13% – 11.23% APR9Min. credit score:
Does not discloseLoan amount:
$1,000 up to cost of attendanceLoan terms (years):
10 to 15Repayment options:
Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner.Customer service:
Phone, chatSoft credit check:
YesCosigner release:
After 12 consecutive on-time paymentsLoan servicer:
Sallie MaeCompare rates without affecting
your credit score. 100% free!

Compare Now
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

lternatives to getting a college degree

If you’re unsure whether getting a traditional four-year college degree is right for you (or if you aren’t quite ready for it), here are a few alternatives to consider:

Community collegeTaking classes at a community college can be much less expensive compared to what you’d pay at a four-year university. This could make it easier to explore various interests at a much lower cost. You could also think about completing your general education courses at a community college before transferring to a four-year school to reduce your overall expenses.Trade schoolThis type of school offers career-oriented programs in a shorter time frame than a traditional four-year degree — often at a lower cost, too. Some popular career programs provided by trade schools include auto body and maintenance, plumbing, welding, and more.Coding bootcampIf you’re interested in becoming a software developer or programmer, attending a coding bootcamp might be a good option. Coding bootcamps are intensive programs that generally take three to four months to complete. While these programs aren’t cheap, they’re typically less expensive than a four-year degree.Gap yearIf you’re not sure what you want to do career-wise, taking a gap year could be a good idea. You can use this time to explore your interests and enrich yourself before attending college.

If you decide that college is worth it for you and want to take out a private student loan, remember to consider as many lenders as you can to find the right loan for your needs. This is easy with Credible — you can compare your prequalified rates from multiple lenders in two minutes.

Compare student loan rates from top lenders

Multiple lenders compete to get you the best rateGet actual rates, not estimated onesFinance almost any degreeSee Your Rates
Checking rates will not affect your credit

Trustpilot

The post Is Going to College Worth It? How to Decide appeared first on Credible.

Did you miss our previous article…
https://www.coloradomicrofinance.org/?p=159

Nursing School Cost and How to Pay For It

Becoming a nurse generally isn’t as expensive as becoming a doctor, but it still isn’t cheap.

The exact cost of nursing school will depend on the kind of schooling you choose but could range anywhere from $3,000 up to $100,000, according to NurseJournal.

If you’re wondering how much nursing school is and how to pay for it, here’s what you should know:

How much is nursing school?Additional costs of nursing schoolHow to pay for nursing school8 student loans for nursing schoolStudent loan forgiveness for nursesStudent loan repayment for nursesIs it worth it to go to nursing school?

How much is nursing school?

There are several types of education programs available for becoming a nurse. These programs will range in price depending on how advanced they are as well as whether you choose to attend an in-state or out-of-state school.

Here’s a look at the typical nursing school costs you can expect by program:

ProgramAverage costProgram lengthPractical Nursing Diploma$4,000 to $15,0001 yearAssociate Degree in Nursing$6,000 to $20,0002 to 3 yearsBachelor of Science in Nursing$40,000 to $100,0004 yearsMaster of Science in Nursing$35,000 to $70,0001 to 2 yearsDoctor of Nursing Practice$30,000 to $70,0002 to 3 years

Practical Nursing Diploma

Average cost: $4,000 to $15,000

One of the quickest ways to begin working as a nurse is to become a licensed practical nurse (LPN) or licensed vocational nurse (LVN).

These nurses work as assistants to physicians and registered nurses (RN) in various healthcare facilities, such as hospitals, long-term care facilities, and nursing homes.

To begin your career as an LPN or LVN, you’ll need to earn a Practical Nursing Diploma — these programs usually take one year to complete.

ssociate Degree in Nursing

Average cost: $6,000 to $20,000

If you choose to earn an Associate Degree in Nursing (ADN), you’ll be trained to work as an RN over the course of two years. RNs with associate degrees can work in hospitals, doctor’s offices, outpatient care centers, and various other healthcare facilities.

Keep in mind that with the recent push for nurses to obtain a bachelor’s degree, your career options could be limited by some employers if you pursue an ADN instead.

Bachelor of Science in Nursing

Average cost: $40,000 to $100,000

Another way to become an RN is by earning a Bachelor of Science in Nursing (BSN), which generally takes about four years.

Like an ADN, a BSN will train you in the skills you need to perform nursing care — however, you’ll also receive more extensive education in research, social sciences, leadership, and management as well as public and community health.

Generally, a BSN-prepared nurse will be better equipped to handle more complex procedures compared to an ADN-prepared nurse. Because of this, BSN nurses can earn $80,000 or more per year while ADN nurses earn an average salary of just over $74,000, according to NursingProcess.org.

Tip: Some hospitals and other healthcare facilities prefer nurses with BSNs as the additional education provides lower mortality rates for patients and fewer medical errors.

However, an ADN could still be a good place to start your nursing career. Many students choose to earn their ADN so they can begin working as a nurse before returning to school to pursue a BSN.

Master of Science in Nursing

Average cost: $35,000 to $70,000

Having a Master of Science in Nursing (MSN) can open more career doors for a nurse — for example, graduates could find employment as nurse practitioners, nurse researchers, nurse administrators, or nurse educators.

Most traditional MSN programs are designed for students who have already earned their BSN and take one to two years to finish. There are also three- to four-year bridge programs available for nurses who don’t have their BSN.

Doctor of Nursing Practice

Average cost: $30,000 to $70,000

You could also choose to continue your education through a Doctor of Nursing Practice (DNP) program. With a DNP program, you can focus on learning advanced skills or pursuing advanced research.

If you’ve already earned a master’s degree, a DNP program will generally take about two to three years to complete. There are also BSN-to-DNP bridge programs available, which usually take three to five years to finish.

Learn More: How to Use Student Loans for College Living Expenses

dditional costs of nursing school

In addition to tuition, there are also other costs to consider when it comes to paying for nursing school. Some of these expenses include:

Uniform and accessories: $20 to $90Textbooks: $1,000 to $3,000Nursing supplies: $300 to $500Health insurance: $1,000 to $4,000National Council Licensure Examination (NCLEX): $200NCLEX review courses: $25 to $400

Check Out: Tuition & Room and Board: On-Campus vs. Off-Campus Costs

How to pay for nursing school

While nursing school can be expensive, there are several options that could help you cover the cost. Here’s how to pay for nursing school:

1. Fill out the FAFSA

Your first step when it comes to paying for nursing school should be completing the Free Application for Federal Student Aid (FAFSA).

Your school will use your FAFSA results to determine what federal student loans and other federal financial aid you qualify for.

Tip: It’s a good idea to fill out the FAFSA as early as possible. You can submit the FAFSA for the 2021-2022 academic year starting Oct. 1, 2020, up until June 30, 2022.

Make sure not to miss the deadline so you don’t miss out on any federal financial aid you might qualify for.

2. Apply for scholarships and grants

Unlike student loans, college scholarships and grants don’t have to be repaid — which makes them a great way to pay for school.

There’s no limit to how many scholarships and grants you can get, so it’s wise to apply for as many as you can. You might also qualify for school-based scholarships based on your FAFSA results.

There are several organizations that offer scholarships and grants to nursing students, including:

Nonprofit organizationsLocal and national businesses (such as Johnson & Johnson)Professional nursing associations

You can also use sites like Fastweb and Scholarships.com to easily search and apply for scholarships.

3. Explore employer tuition assistance

Many employers provide tuition assistance programs to nurses — for example, Intermountain Healthcare will reimburse up to 100% of tuition costs (up to $5,250 per year) for eligible nurses earning BSNs.

If you’re already employed as a nurse, be sure to check with your employer to see if they offer any tuition assistance.

Tip: Even if your employer doesn’t have an official program, it doesn’t hurt to ask. They might be willing to help you with your education costs in return for the benefits of improving your current skill set.

4. Take out federal student loans

If you need to borrow for school, it’s usually best to start with federal student loans. This is largely because these loans come with federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.

There are three main types of federal student loans available to nursing students:

Direct Subsidized Loans: These are available to undergraduate students with financial need. The government will cover the interest on these loans while you’re in school — so it’s often a good idea to take out subsidized loans first before turning to other types of loans.Direct Unsubsidized Loans: These are available to undergraduate, graduate, and professional students regardless of financial need. Unlike with subsidized loans, you’re responsible for all of the interest that accrues on unsubsidized loans.Direct PLUS Loans: There are two kinds of Direct PLUS Loan — Grad PLUS Loans for graduate students and Parent PLUS Loans for parents who want to cover their child’s education costs. PLUS Loans typically have higher interest rates than Direct Subsidized and Unsubsidized Loans. They also require a credit check.Keep in mind: Federal loans come with student loan limits based on the type of loan you get as well as what year you are in school.

5. Use private student loans to fill the gaps

After you’ve exhausted your scholarship, grant, and federal student loan options, private student loans can help fill any financial gaps left over.

Keep in mind that private loans don’t come with the protections of federal loans, which means they should be a last resort when it comes to borrowing for school.

However, private student loans do offer some benefits of their own, such as:

Higher loan limits: You might be able to borrow up to your school’s cost of attendance with private student loans.No application deadlines: Unlike with federal loans, you can apply for private student loans at any time while you’re enrolled in school.Tip: You’ll typically need good to excellent credit to qualify for private student loans — a good credit score is usually considered to be 700 or higher.

There are also some lenders that offer student loans for bad credit, but these loans tend to have higher interest rates compared to good credit loans.

If you’re struggling to get approved for a private student loan, consider applying with a creditworthy cosigner to improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

Learn More: Private Student Loan Repayment Options

8 student loans for nursing school

If you decide to take out a private student loan for nursing school, be sure to consider as many lenders as possible. This way, you can find the right loan for your needs.

Here are Credible’s partner lenders that offer private student loans for nursing school:

LenderFixed Rates From (APR)
Variable Rates From (APR)Loan amountsLoan terms (years)

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.91%+
1.48%+$2,001 to $200,0007 to 20Fixed APR:
2.91%+Variable APR:
1.48%+Min. credit score:
540Loan amount:
$2,001 to $200,000 Loan terms (years):
5, 7, 10, 12, 15, 20Repayment options:
Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
0.25% to 1.00% automatic payment discount, 1% cash back graduation rewardEligibility:
Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking programCustomer service:
Email, phoneSoft credit check:
YesCosigner release:
After 24 monthsLoan servicer:
Launch Servicing, LLC

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.23%+1
1.03%+1$1,000 to $350,000 (depending on degree)5, 10, 15Fixed APR:
3.23%+1Variable APR:
1.03%+1Min. credit score:
720Loan amount:
$1,000 to $350,000Loan terms (years):
5, 10, 15Loan types:
Any private or federal student loanRepayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
Autopay, loyaltyEligibility:
Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner)Customer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 36 monthsLoan servicer:
Firstmark Services

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
2.99%+2,3

0.99%+2,3$1,000 up to 100% of the school-certified cost of attendance5, 8, 10, 15Fixed APR:
2.99%+2,3Variable APR:
0.99%+2,3Min. credit score:
Does not discloseLoan amount:
$1,000 up to cost of attendanceLoan terms (years):
5, 8, 10, 15Repayment options:
Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.Customer service:
Email, phoneSoft credit check:
YesCosigner release:
After 24 monthsLoan servicer:
College Ave Servicing LLC

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>3.75%+1.08%+$1,000 to $99,999 annually
($180,000 aggregate limit)7, 10, 15Fixed APR:
3.75%+Variable APR:
1.08%+Min. credit score:
Does not discloseLoan amount:
$1,000 to $99,999 annually>($180,000 aggregate limit)Loan terms (years):
7, 10, 15Repayment options:
Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
AutopayEligibility:
Not available to residents of AZ, IA, or WICustomer service:
Phone, emailSoft credit check:
YesCosigner release:
After 36 monthsLoan servicer:
American Education ServicesMin. income:
Does not disclose

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.0%+7
2.17%+7$1,000 to $200,0007, 10, 15Fixed APR:
3.0%+7Variable APR:
2.17%+7Min. credit score:
750Loan amount:
$1,000 to $200,000Loan terms (years):
7, 10, 15Repayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Must be a U.S. citizen or permanent resident and have a minimum income of $30,000.Customer service:
Email, phoneSoft credit check:
YesCosigner release:
After 36 monthsLoan servicer:
Granite State Management & Resources (GSM&R)

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.83%+8
1.69%+8$1,001 up to 100% of school certified cost of attendance5, 10, 15Fixed APR:
3.83%+8Variable APR:
1.69%+8Min. credit score:
670Loan amount:
$1,001 up to cost of attendanceLoan terms (years):
5, 10, 15Repayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearanceFees:
Late feeDiscounts:
Autopay, reward for on-time graduationEligibility:
Must be an Indiana resident or a U.S. citizen attending an eligible Indiana schoolCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 48 monthsLoan servicer:
American Education Services

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.75%+N/A$1,500 up to school’s certified cost of attendance less aid15Fixed APR:
3.75%+Variable APR:
N/AMin. credit score:
670Loan amount:
$1,500 up to cost of attendance less aidLoan terms (years):
10, 15Repayment options:
Full deferral, interest only, immediate repayment, academic deferral, forbearanceFees:
NoneDiscounts:
NoneEligibility:
Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.Customer service:
Email, phoneSoft credit check:
YesCosigner release:
After 48 monthsLoan servicer:
American Education Services (AES)

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
3.5% – 12.6% APR9
1.13% – 11.23% APR9Up to 100% of the school-certified cost of attendance15Fixed APR:
3.5% – 12.6% APR9Variable APR:
1.13% – 11.23% APR9Min. credit score:
Does not discloseLoan amount:
$1,000 up to cost of attendanceLoan terms (years):
10 to 15Repayment options:
Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner.Customer service:
Phone, chatSoft credit check:
YesCosigner release:
After 12 consecutive on-time paymentsLoan servicer:
Sallie MaeCompare private student loan rates without affecting
your credit score. 100% free!

Compare Private Loans Now

Trustpilot

Student loan forgiveness for nurses

There are several student loan forgiveness programs available to nurses with federal student loans. Some of these programs include:

Public Service Loan Forgiveness

If you work for a nonprofit or government organization, you might be eligible for Public Service Loan Forgiveness (PSLF). You can apply for PSLF after making qualifying payments for 10 years.

Perkins Loan Cancellation

If you have a federal Perkins Loan and work as a full-time nurse for an eligible employer, you might qualify to have up to 100% of your loan canceled after five consecutive years of service.

Income-driven repayment forgiveness

If you sign up for an income-driven repayment (IDR) plan, your payments will be based on your income — typically 10% to 20% of your discretionary income.

Additionally, you could have any remaining balance forgiven after 20 to 25 years, depending on the plan.

Check Out: Private Student Loan Forgiveness Alternatives

Student loan repayment for nurses

In addition to student loan forgiveness programs, there are also several loan repayment programs available to nurses, including:

National Health Service Corps Loan Repayment Program

Nurses who work at an NHSC-approved location in a Health Professional Shortage Area might be eligible for up to $50,000 in loan repayment assistance. In return, you must agree to at least two years of service.

Nurse Corps Loan Repayment Program

Qualifying nurses could have up to 85% of their student loans repaid through this program. In return, you must work full time at a Critical Shortage Facility or eligible nursing school for at least two years — you’ll receive 60% repayment over two years and could have another 25% repaid if you serve for a third year.

ctive Duty Health Professions Loan Repayment Program

Nurses who enlist and serve in the U.S Army Nurse Corps for at least three years could have up to $120,000 paid toward their qualifying student loans through this program.

Indian Health Service Loan Repayment Program

This program offers up to $40,000 in student loan repayment for Advanced Practice Nurses. In return, you must agree to work for two years in a health facility that serves American Indian and Alaska Native communities.

Disadvantaged Faculty Loan Repayment Program

Nurses who work as faculty members at eligible academic institutions could receive up to $40,000 in student loan repayment in return for a two-year service commitment.

To be eligible, these faculty members must also come from economically and environmentally disadvantaged backgrounds.

Tip: Many states also offer their own student loan repayment programs. You can find more information on your state’s website.

Learn More: College ROI: 6 Tools to Gauge the Return on Your Degree

Is it worth it to go to nursing school?

This depends on your individual goals. If a career in nursing will be fulfilling for you, then it might be worth it regardless of the expense.

Keep in mind: Nurses can earn $74,000 or more per year, which could make it easier to repay any student loans you end up with.

If you decide to take out a private student loan for nursing school, remember to consider as many lenders as you can to find the right loan for you.

Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

Compare student loan rates from top lenders

Multiple lenders compete to get you the best rateGet actual rates, not estimated onesFinance almost any degreeSee Your Rates
Checking rates will not affect your credit

Trustpilot

The post Nursing School Cost and How to Pay For It appeared first on Credible.

4 Steps to Becoming Finance Fit

Due to the COVID-19 pandemic, payments and interest accrual have been paused on federal student loans by the CARES Act through Jan. 31, 2022.

If you have federal student loans, this means you only have a short time until your payments resume — which is why it’s important to get your finances in shape so you’ll be prepared.
Are you ready to start making federal student loan payments again? Take the quiz below to find out — plus get the chance to win a $50 e-gift card*!

Find Out If You’re Financially Fit

NO PURCHASE NECESSARY TO ENTER OR WIN. The Financially Fit Survey Sweepstakes begins on Oct. 5, 2021 at 12:01 a.m. PT and ends on Oct. 19, 2021 at 11:59 p.m. PT. Open to legal residents of the 50 United States & D.C., who are at least 18 years of age at time of entry. One entry per user. Void where restricted or prohibited by law. See Official Rules for eligibility/ restrictions/ Entry Periods/ prize descriptions and complete details. Void where prohibited. Privacy Policy is located at https://www.credible.com/privacy.

Here are four ways to get financially fit before you start making federal student loan payments again:

Create a budgetRefinance high-interest debtPay down high-interest debtBuild an emergency fund

1. Create a budget

Creating a budget is a great way to track your monthly income and expenses. Additionally, you can see how federal student loan payments will fit into your current budget and make adjustments if necessary.

For example, if your payments will strain your budget, you can look into trimming expenses, such as canceling unused subscriptions.

To set up a budget, you’ll need to:

Calculate your monthly income. This might include traditional employment as well as other non-traditional sources, such as a side hustle.Calculate your monthly expenses. List out your essential expenses (such as rent and utilities) as well as your non-essential spending (such as entertainment or dining out).Subtract your expenses from your income. This amount is the extra room you have in your budget — as well as how much you can afford to pay on your student loans.Tip: Creating a budget can also help you plan for your short-term and long-term financial goals.

For instance, if you want to pay off your student loans in five years, you can check your budget to see how much you can afford to pay on your loans each month and then set a payoff date.

2. Refinance high-interest debt

If you have high-interest debt, you might be able to get a lower interest rate through refinancing. This could save you hundreds or even thousands of dollars on interest — freeing up money in your budget to put toward your student loans.

Or you could opt to extend your repayment term to reduce your monthly payments. Just keep in mind that this means you’ll pay more in interest over time.

Here are a few ways to refinance depending on the kind of debt you have:

Student loan refinancing

Student loan refinancing interest rates are hovering near record lows. If you have private student loans as well as good to excellent credit, you might be able to take advantage of these low rates by refinancing your student loans.

This could save you money on interest and even potentially help you pay off your loans faster.

Keep in mind: While you can refinance both federal and private loans, refinancing federal student loans will cost you access to federal benefits and protections — such as income-driven repayment plans and student loan forgiveness programs.

You’ll also no longer be eligible for the suspension of federal payments and interest accrual under the CARES Act.

If you decide to refinance your student loans, be sure to consider as many lenders as possible to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

Find out if refinancing is right for you

Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders in about 2 minutesWon’t impact credit score – Checking rates on Credible won’t impact your credit scoreData privacy – We don’t sell your information, so you won’t get calls or emails from multiple lendersSee Your Refinancing Options
Credible is 100% free!

Trustpilot

Debt consolidation loan

A debt consolidation loan is a type of personal loan used to pay off various kinds of debt, such as credit cards or other loans. Consolidating your debt will leave you with just one loan and payment to manage, which could make it easier to budget for your student loan payments.

Keep in mind that personal loan interest rates have remained at record lows — so depending on your credit, you might qualify for a lower interest rate than what you’re currently paying.

Balance transfer card

Another way to consolidate credit card debt is with a balance transfer card. With this option, you can move your balance from one credit card to another.

Some balance transfer cards come with a 0% APR introductory offer. This means you could avoid paying interest if you can repay your balance before this period ends.

However, keep in mind that if you can’t pay off the card in time, you could be stuck with some hefty interest charges.

3. Pay down high-interest debt

If you have multiple debts and can’t refinance them for a lower interest rate, you might need to simply concentrate on paying them off as soon as possible.

Repaying some of your debt over the next few months and lessening this strain on your budget could also make it easier to manage federal student loan payments when they resume.

Here are a couple of strategies that might help you do this:

Debt avalanche method

With the debt avalanche method, you’ll focus on paying off your debt with the highest interest rate first. Here’s how it works:

Tip: While the debt avalanche method can be a good way to save money on interest over time, it can also take a while to see your savings.

If you’re more motivated by small wins, you might consider following the debt snowball method instead.

Debt snowball method

If you use the debt snowball method, you’ll start by paying off your smallest debt first. Here’s how it works:

Tip: The debt snowball method typically offers more immediate success, which could be helpful if you’re driven by small wins.

But if you’d rather save more money on interest and don’t mind waiting to see your results, the debt avalanche method might be a better option for you.

4. Build an emergency fund

Having an emergency fund can help you pay for unexpected costs and avoid racking up more debt.

In general, it’s a good idea to save enough in an emergency fund to cover three to six months’ worth of expenses — including student loan payments.

Here are a couple of savings options you might consider:

High-yield savings account: This type of savings account generally offers above-average interest rates. This means you could get a higher rate of return compared to regular savings accounts. Several high-yield savings accounts don’t require an initial deposit, which could be helpful for starting an emergency fund.Money market account: This is another savings option that typically provides a higher rate of return than regular savings accounts. Money market accounts often come with higher initial deposits and maintenance requirements compared to high-yield savings accounts, so could be a good option if you already have some money stashed away.Tip: To get started on your emergency fund, you might save as little as $5 or $10 per week.

As you get used to saving, you can gradually increase the amount you plan to save in your budget.

accordions_header_toggle = “no”;
accordions_click_track = “yes”;
jQuery(document).ready(function($){
wizard_accordion = $(“#accordions-55641.accordions .items”).accordion({
event: “click”,
collapsible:true,
heightStyle: “content”,
animate: (“linear”, 1000),
navigation: true,
active: 999999,
beforeActivate: function(event, ui) {
if (ui.newHeader[0]) {
var currHeader = ui.newHeader;
var currContent = currHeader.next(“.ui-accordion-content”);
} else {
var currHeader = ui.oldHeader;
var currContent = currHeader.next(“.ui-accordion-content”);
}
var isPanelSelected = currHeader.attr(“aria-selected”) == “true”;
currHeader.toggleClass(“ui-corner-all”,isPanelSelected).toggleClass(“accordion-header-active ui-state-active ui-corner-top”,!isPanelSelected).attr(“aria-selected”,((!isPanelSelected).toString()));
currHeader.children(“.ui-icon”).toggleClass(“ui-icon-triangle-1-e”,isPanelSelected).toggleClass(“ui-icon-triangle-1-s”,!isPanelSelected);
currContent.toggleClass(“accordion-content-active”,!isPanelSelected)
if (isPanelSelected) { currContent.slideUp(); } else { currContent.slideDown(); }
return false;
},
changestart: function(event, ui) {
child.accordion(“activate”, false);
}
});
var child = $(“.child-accordion .items”).accordion({
active:true,
beforeActivate: function(event, ui) {
// The accordion believes a panel is being opened
if (ui.newHeader[0]) {
var currHeader = ui.newHeader;
var currContent = currHeader.next(“.ui-accordion-content”);
// The accordion believes a panel is being closed
} else {
var currHeader = ui.oldHeader;
var currContent = currHeader.next(“.ui-accordion-content”);
}
// Since weve changed the default behavior, this detects the actual status
var isPanelSelected = currHeader.attr(“aria-selected”) == “true”;
// Toggle the panels header
currHeader.toggleClass(“ui-corner-all”,isPanelSelected).toggleClass(“accordion-header-active ui-state-active ui-corner-top”,!isPanelSelected).attr(“aria-selected”,((!isPanelSelected).toString()));
// Toggle the panels icon
currHeader.children(“.ui-icon”).toggleClass(“ui-icon-triangle-1-e”,isPanelSelected).toggleClass(“ui-icon-triangle-1-s”,!isPanelSelected);
// Toggle the panels content
currContent.toggleClass(“accordion-content-active”,!isPanelSelected)
if (isPanelSelected) {
currContent.slideUp();
} else {
currContent.slideDown();
}
return false; // Cancels the default action
},
heightStyle: “content”,
collapsible: true,
animated: “swing”,
});
$(“.previous, .next”).click(function () {
var index = 0;
console.log(“gCurrentIndex:”+gCurrentIndex);
console.log(“index:”+index);
if ($(this).hasClass(“next”)) {
index = gCurrentIndex + 1;
if (index > ACCORDION_PANEL_COUNT ) {
index = ACCORDION_PANEL_COUNT;
}
}
else {
index = gCurrentIndex – 1;
if (index
jQuery(document).ready(function($){
$(“#accordions-55641 .expand-collapse”).click(function() {
if( $(this).hasClass(“active”) ) $(this).removeClass(“active”);
else $(this).addClass(“active”);
accordion_id = $(this).attr(“accordion-id”);
$(“#accordions-“+accordion_id+” .ui-accordion-header:not(.ui-state-active)”).next().slideToggle();
});
$(“#accordions-55641 .accordions-head”).click(function () {
toogle_text = $(this).attr(‘toogle-text’);
main_text = $(this).attr(‘main-text’);
if(accordions_header_toggle==’yes’){
if( $(this).hasClass(‘ui-state-active’) ){
if( main_text != null && main_text != ”){
$(this).children(‘.accordions-head-title’).html(main_text);
}
} else {
if( toogle_text != null && toogle_text != ”){
$(this).children(‘.accordions-head-title’).html(toogle_text);
}
}
id = $(this).attr( ‘id’ );
}
if(accordions_click_track==’yes’){
header_id = $(this).attr(‘header_id’);
post_id = $(this).attr(‘post_id’);
$.ajax({
type: ‘POST’,
context: this,
url:accordions_ajax.accordions_ajaxurl,
data: {
“action” : “accordions_ajax_track_header”,
“header_id” : header_id,
“post_id” : post_id,
},
success: function( data ) {>
#accordions-55641 {
text-align: left;
}
#accordions-55641{
background:#ffffff url() repeat scroll 0 0;
padding: 2px;
}
#accordions-55641 .accordions-head{
background:rgba(255,255,255, 1) none repeat scroll 0 0;
margin:0px 0px 0px -12px;
padding:7px 7px 7px 0px;
}
#accordions-55641 .accordions-head-title{
color:#202022;
font-size:13px;
font-family:;
}
#accordions-55641 .accordions-head-title-toogle{
color:#202022;
font-size:13px;
}
#accordions-55641 .accordions-head:hover .accordions-head-title{
color:#202022;
}
#accordions-55641 .ui-state-active{
background: #ffffff;
}
#accordions-55641 .accordion-content{
background:rgba(255,255,255,1) none repeat scroll 0 0;
color:#202022;
font-size:18px;
font-family:;
margin:5px 5px 5px -5px;
padding:3px;
}
#accordions-55641 .accordion-icons{
color:#6dc3a8;
font-size:18px;
padding:0px;
background: ;
}
#accordions-55641 .accordions-head:hover .accordion-icons{
color:#6dc3a8;
}

#accordions-55641 .expand-collapse{
}

@media screen and (min-width: 1200px) {
#accordions-55641 {
width: 100%;
}
}

@media screen and (max-width:1199px) and (min-width: 768px) {
#accordions-55641 {
width: 100%;
}
}

@media screen and (max-width: 767px) {
#accordions-55641 {
width: 100%;
}
}

.accordions-head-title {
font-family: “Open Sans”, sans-serif;
}
.accordion-content {
font-family: “Open Sans”, sans-serif;
}
.accordion-content p {
line-height: 1.7 !important;
margin-top: .5em;
}
.ui-helper-reset {
line-height: 1.7 !important;
}
.accordions .accordions-head {
align-items: baseline;
}
.accordion-icons {
top: -.125em;
}
.accordions-head-title h3 {
margin-top: 0;
font-weight: 600;
}
.ui-widget-content a {
color: #4eb696 !important;>
jQuery(document).ready(function($){
jQuery(document).on(‘keyup’, ‘#search-input-55641 input.search-input’, function(){
keyword = jQuery(this).val().toLowerCase();
content_head = [];
content_body = [];
$(‘#accordions-55641 .items .accordions-head-title’).each(function( index ) {
content = $( this ).text().toLowerCase();
content_head[index] = content;
$( this ).parent().removeClass(“accordion-header-active”);
$( this ).parent().removeClass(“ui-state-active”);
});
$(‘#accordions-55641 .items .accordion-content’).each(function( index ) {
$( this ).hide();
content = $( this ).text().toLowerCase();
content_body[index] = content + ‘ ‘ + content_head[index];
n = content_body[index].indexOf(keyword);
if(nFinancially Fit Survey Sweepstakes
Official Sweepstakes Rules

Financially Fit Survey Sweepstakes
Official Sweepstakes Rules

NO PURCHASE OR PAYMENT NECESSARY TO ENTER OR WIN. MAKING A PURCHASE DOES NOT INCREASE YOUR CHANCES OF WINNING.

The following promotion is intended for participants in the fifty (50) United States and Washington D.C. only and shall be construed and evaluated according to the laws of the United States. Do not proceed in this promotion if you are not a legal U.S. resident residing in the fifty (50) United States or Washington D.C. Further eligibility restrictions are contained in the official rules below.

1. SWEEPSTAKES DESCRIPTION: The Financially Fit Survey Sweepstakes begins on Oct. 5, 2021 at 12:01 a.m. PT and ends on Oct. 19, 2021 at 11:59 p.m. PT.

The sponsor of this Sweepstakes is Credible Labs, Inc. (“Sponsor”). Sweepstakes void where prohibited or restricted by law. THIS SWEEPSTAKES IS IN NO WAY SPONSORED, ENDORSED, ADMINISTERED BY, OR ASSOCIATED WITH TWITTER OR INSTAGRAM.

2. ELIGIBILITY: The Sweepstakes is open only to legal residents of the fifty (50) United States and the District of Columbia who are physically located and residing therein and who are at least eighteen (18) years of age and the age of majority in their state of primary residence at the time of entry (“Entrant”). Entrants are limited to one entry each. Employees, shareholders, officers, directors, agents, and representatives of Sponsor, Presenter, Administrator (collectively, “Sweepstakes Entities“), and each of their respective parent companies, affiliates, divisions, subsidiaries, agents, representatives and promotion and advertising agencies are not eligible to participate in the Sweepstakes. Immediate family and household members of such individuals are also not eligible to enter or win. For purposes of the Sweepstakes “household members” shall mean those people who share the same residence at least three months a year and “immediate family members” shall mean parents, step-parents, legal guardians, children, step-children, siblings, step-siblings, or spouses. Void in Puerto Rico, all U.S. territories and possessions and overseas military installations, and where prohibited.

3. HOW TO ENTER: During the Entry Period, eligible Entrants may participate by completing the Financially Fit survey.

Online Entry:

Entrant must complete the following steps for Online Entry:

Visit https://hxfu0nh43pu.typeform.com/finance-quiz (the “WebsiteFollow the onscreen instructions to complete the survey.Affirmatively accept the Official Rules and click “Enter”.

Limit one (1) Submission per Entrant, per Entry Period. Any attempt by an Entrant to obtain more than the stated number of entries by using multiple/different identities, registrations, logins, and/or any other methods will void such Entrant’s Submission and that Entrant may be disqualified from the Sweepstakes.

Entries generated by a script, macro or other automated means will be disqualified. Incomplete, unreadable, or unintelligible entries will be disqualified. ELIGIBLE ENTRANTS MUST SUBMIT THEIR ENTRY IN ACCORDANCE WITH THESE OFFICIAL RULES. NO ALTERNATE FORM OF ENTRY WILL BE ACCEPTED. Participation in the Sweepstakes constitutes Entrant’s understanding of and full and unconditional agreement to and acceptance of these Official Rules. Sweepstakes Entities reserve the right to disqualify any Entrant that they determine to be in violation of any term contained in these Official Rules. Sweepstakes Entities reserve the right to move, change or extend deadlines or dates in their sole discretion. Such changes, if applicable, will be communicated on the Website, on the Sponsor’s Instagram account, and on the Sponsor’s Twitter account.

4. WINNER SELECTION & NOTIFICATION: Following the conclusion of each Entry Period, in accordance with the dates and times as detailed in the Entry Period Chart above, Administrator will randomly select one (1) potential winner from all eligible entries for the corresponding Entry Period. Potential winner notification will vary according to the channel of Sweepstakes entry:

Online Entry

If the potential winner entered via Online Entry, he or she will be contacted via the email address provided on the entry form.

Winners will be responsible for any and all federal, state and/or local taxes resulting from acceptance of the Prize. No cash or prize substitution is allowed except at the discretion of Sweepstakes Entities. If a prize cannot be awarded due to circumstances beyond the control of the Sweepstakes Entities, a substitute prize of equal or greater retail value may be awarded; provided, however, that if Prizes are awarded but unclaimed/forfeited by recipient, Prize may not be re-awarded, in Sweepstakes Entities’ sole discretion. Other restrictions may apply.

5. CONDITIONS OF PARTICIPATION/RELEASES: All federal, state and local laws and regulations apply. By participating, each Entrant agrees to be bound by these Official Sweepstakes Rules and the decisions of the Sweepstakes Entities, which shall be final in all respects. By participating in this Sweepstakes and/or by accepting any prize that they may win, each Entrant agrees to release and indemnify the Sweepstakes Entities; each of their respective parent, subsidiary and affiliated companies, units and divisions and advertising and promotional agencies and Prize suppliers; each of their respective officers, directors, agents, representatives and employees; and each of these companies and individuals’ respective successors, representatives and assigns (collectively, the “Released Parties“) from any and all actions, claims, injury, loss or damage arising in any manner, directly or indirectly, from participation in this Sweepstakes and/or acceptance, use, or misuse of any prize. Acceptance of a prize authorizes the Sponsor, Presenter and their designees to use each winner’s Social Media handle, Social Media profile picture, name, voice, likeness, biographical data, city and state of residence in programming or promotional material, throughout the universe in perpetuity, or on a winner’s list, if applicable, without further compensation unless prohibited by law. By entering the Sweepstakes, Entrants agree that: (1) any and all disputes, claims, and causes of action arising out of or connected with the Sweepstakes, or any prizes awarded, shall be resolved individually, without resort to any form of class action; (2) any and all claims, judgments and awards shall be limited to actual out-of-pocket costs incurred, including costs associated with entering the Sweepstakes, but in no event will Entrant’s attorneys’ fees be awarded or recoverable; and (3) under no circumstances will any Entrant be permitted to obtain any award for, and Entrant hereby knowingly and expressly waives all rights to seek, punitive, incidental or consequential damages and/or any other damages, other than actual out-of-pocket expenses, and/or any and all rights to have damages multiplied or otherwise increased. The Released Parties shall not be liable for: (i) late, lost, delayed, stolen, misdirected, postage-due, incomplete, unreadable, inaccurate, garbled or unintelligible entries, communications or affidavits, regardless of the method of transmission; (ii) telephone system, telephone or computer hardware, software or other technical or computer malfunctions, lost connections, disconnections, delays or transmission errors; (iii) data corruption, theft, destruction, unauthorized access to or alteration of entry or other materials; (iv) any injuries, losses or damages of any kind caused by the prize or resulting from acceptance, possession, use or misuse of a prize, or from participation in the Sweepstakes; (v) the Entrant’s claim that he or she has somehow been defamed or portrayed in a false light or (vi) any printing, typographical, human administrative or technological errors in any materials associated with the Sweepstakes. The Released Parties assume no responsibility for any damage to an Entrant’s computer system, or for any computer system, phone line, hardware, software or program malfunctions, or other errors, failures, delayed computer transmissions or network connections that are human or technical in nature, or for the incorrect or inaccurate capture of information, or the failure to capture any information. Sweepstakes Entities reserve the right, in their sole discretion, to cancel, modify or suspend the Sweepstakes (or any portion of the Sweepstakes) should a virus, bug, computer problem, unauthorized intervention or other cause or problem corrupt or inhibit the administration, security or proper play of the Sweepstakes and, in such situation, to select the Winner from eligible non-suspect entries received prior to and/or after such action or in such manner as deemed fair and appropriate by the Sweepstakes Entities. Sweepstakes Entities may prohibit you from participating in the Sweepstakes or winning a Prize if, in their sole discretion, they determine you are attempting to undermine the legitimate operation of the Sweepstakes by cheating, hacking, deception, or any other unfair playing practices of intending to annoy, abuse, threaten or harass any other Entrants or the Released Parties representatives.

6. GOVERNING LAW: ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, INTERPRETATION AND ENFORCEABILITY OF THESE OFFICIAL RULES, OR THE RIGHTS AND OBLIGATIONS OF ENTRANTS OR THE RELEASED PARTIES IN CONNECTION WITH THE SWEEPSTAKES OR IN CONNECTION WITH ANY SUBMISSION OR OTHER MATERIAL SUBMITTED IN CONNECTION WITH THE SWEEPSTAKES, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF CALIFORNIA WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OF CONFLICT OF LAW RULES OR PROVISIONS THAT WOULD CAUSE THE APPLICATION OF ANY OTHER STATE’S LAWS. THE INVALIDITY OR UNENFORCEABILITY OF ANY PROVISION OF THESE RULES SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF ANY OTHER PROVISION. IN THE EVENT THAT ANY PROVISION IS DETERMINED TO BE INVALID OR OTHERWISE UNENFORCEABLE OR ILLEGAL, THESE RULES SHALL OTHERWISE REMAIN IN EFFECT AND SHALL BE CONSTRUED IN ACCORDANCE WITH THEIR TERMS AS IF THE INVALID OR ILLEGAL PROVISION WERE NOT CONTAINED HEREIN.

IN NO EVENT WILL THE RELEASED PARTIES, THEIR RESPECTIVE PARENT, AFFILIATES, SUBSIDIARIES AND RELATED COMPANIES, THEIR ADVERTISING OR PROMOTION AGENCIES, WEB MASTERS/SUPPLIERS, VENDORS, CONTRACTORS OR EACH OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, SHAREHOLDERS, MEMBERS, SUCCESSORS, ASSIGNS, REPRESENTATIVES AND AGENTS BE RESPONSIBLE OR LIABLE FOR ANY DAMAGES OR LOSSES OF ANY KIND, INCLUDING DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT OF ENTRANT’S PARTICIPATION IN THE SWEEPSTAKES. WITHOUT LIMITING THE FOREGOING, ALL PRIZES AND THE SWEEPSTAKES ARE PROVIDED “AS IS,” WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND THE SWEEPSTAKES ENTITIES HEREBY EXPRESSLY DISCLAIM ALL IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT SOME JURISDICTIONS MAY NOT ALLOW LIMITATIONS OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OR EXCLUSION OF IMPLIED WARRANTIES, SO SOME OF THE ABOVE LIMITATIONS OR EXCLUSIONS MAY NOT APPLY TO YOU. CHECK YOUR LOCAL LAWS FOR ANY RESTRICTIONS OR LIMITATIONS REGARDING THESE LIMITATIONS OR EXCLUSIONS. CAUTION: ANY ATTEMPT TO DELIBERATELY DAMAGE OR UNDERMINE THE LEGITIMATE OPERATION OF THE SWEEPSTAKES MAY BE A VIOLATION OF CRIMINAL AND CIVIL LAWS AND SHOULD SUCH AN ATTEMPT BE MADE, THE RIGHT IS RESERVED TO SEEK DAMAGES TO THE FULLEST EXTENT OF THE LAW.

7. ARBITRATION PROVISION: By participating in this Sweepstakes, each Entrant agrees that any and all disputes the Entrant may have with, or claims Entrant may have against, the Released Parties relating to, arising out of or connected in any way with (i) the Sweepstakes, (ii) the awarding or redemption of any prize, and/or (iii) the determination of the scope or applicability of this agreement to arbitrate, will be resolved individually and exclusively by final and binding arbitration administered by the National Arbitration Forum (the “Forum”) and conducted before a sole arbitrator pursuant to the Code of Procedure established by the Forum. The arbitration shall be held at a location determined by the Forum pursuant to the Code of Procedure, or at such other location as may be mutually agreed upon by the Entrant and Sponsor. The arbitrator’s decision shall be controlled by the terms and conditions of these Official Rules and any of the other agreements referenced herein that the applicable Entrant may have entered into in connection with the Sweepstakes. There shall be no authority for any claims to be arbitrated on a class or representative basis; arbitration can decide only the Entrant’s and/or Sponsor’s individual claims and the arbitrator may not consolidate or join the claims of other persons or parties who may be similarly situated. The arbitrator shall not have the power to award special or punitive damages against the Entrant or Released Parties. For more information on the Forum and/or the Forum’s Code of Procedure, please visit their website at www.arb-forum.com. If any part of this Arbitration Provision is deemed to be invalid or otherwise unenforceable or illegal, the balance of this Arbitration Provision shall remain in effect and shall be construed in accordance with its terms as if the invalid or illegal provision were not contained herein.

8. PRIVACY POLICY: Any personal information supplied by you to Sponsor will be subject to Sponsor’s privacy policy posted at [URL] By entering the Sweepstakes, you grant Sponsor permission to share your social media handle, email address and any other personally identifiable information with the other Sweepstakes Entities for the purpose of Sweepstakes administration and prize fulfillment. Sponsor will not sell, rent, transfer or otherwise disclose your personal data to any third party other than as described herein or in accordance with Sponsor’s privacy policy.

9. SPONSOR: Credible Labs, Inc. 115 Sansome Street, Suite 600, San Francisco, CA 94104

The Sweepstakes is in no way sponsored, endorsed or administered by Instagram or Twitter. Instagram and Twitter are completely released of all liability by each Entrant in this Sweepstakes.

The post 4 Steps to Becoming Finance Fit appeared first on Credible.

Did you miss our previous article…
https://www.coloradomicrofinance.org/?p=149

Contingent vs. Pending: What’s the Difference?

When you’re looking at real estate listings, you might come across homes described as “pending” or “contingent” instead of “for sale” or “active.” If you’re wondering whether you should consider these listings in your home search, you’ll need to understand the difference between the two terms.

Here’s what contingent and pending mean in real estate, and whether you can place an offer on homes with one of these statuses:

What is the difference between pending and contingent?What does contingent mean in real estate?What does pending mean in real estate?Common contingency clausesCommon pending clausesCan you put an offer on a house that is contingent?Can you put an offer on a house that is pending?

What is the difference between pending and contingent?

The difference between pending and contingent lies in how many things still need to happen before the home sale can close. Both terms mean that the seller has already accepted an offer, however the difference lies in how far along the home is in the sale process:

Pending: A pending home indicates that all contingencies have been met by the prospective buyer.Contingent: A home listed as contingent still has certain contingencies open.

The seller of a pending or contingent home may or may not be open to receiving additional offers. It depends on how likely they think the transaction is to close.

Important: Since a pending home is closer to closing, you’re more likely to have your offer accepted on a contingent home than a pending home. Technically, either type of listing represents a home that hasn’t actually been sold yet, so it’s worth inquiring to the seller’s agent if it’s your dream home and you’re serious about buying it.

What does contingent mean in real estate?

Contingent means that certain conditions — aka contingencies — need to be met before the deal can close. A homebuyer will often include contingencies in their offer to make sure they can get their earnest money back if the home does not appraise high enough, their mortgage isn’t approved, or another specified condition can’t be met.

A contingent listing is less likely to end up sold than a pending listing because of these conditions. If the purchase contract contingencies can’t be met, then the buyer or seller can terminate the contract without penalty.

What does pending mean in real estate?

Pending means the home has not sold yet, but the deal is likely to go through. Either the contract did not have any contingencies, or all the contingencies have been met and the sale is being processed.

Tip: Some multiple listing services use the term “under agreement” instead of pending. Homes listed as pending are so likely to close that the National Association of Realtors uses the number of pending home sales to gauge how well the housing market is performing.

Common contingency clauses

Here are five common contingency clauses homebuyers and sellers often include in purchase agreements.

ppraisal contingency

An appraisal contingency allows you to back out of the deal if your lender determines that the home’s value is less than the purchase price.

For a home purchase, a professional home appraiser typically evaluates the home inside and out to determine its fair market value.

Financial contingency

A financing contingency, also called a mortgage contingency, allows you to exit the contract if you can’t secure a mortgage.

Ideally, you’ll get pre-approved for a mortgage before making an offer on a home. However, even with pre-approval, the lender may uncover additional information during underwriting, your financial situation may change for the worse, or mortgage rates may go up and make it harder for you to qualify.

In situations like these, you may be unable to secure a mortgage and, therefore, unable to buy the home.

With Credible, you can find prequalified rates and generate a streamlined pre-approval letter in a matter of minutes. Our online tools allow you to easily compare loan options from all of our partner lenders to find a mortgage that’s right for you.

Credible makes getting a mortgage easy

Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.Find Rates Now

Trustpilot

Inspection contingency

An inspection contingency involves you — the buyer — hiring a professional home inspector to look for major problems that could affect the home’s value, safety, or livability.

If the home inspection reveals significant issues, you and the seller can negotiate a solution to keep the deal intact. For example, the seller might make the necessary repairs or lower the purchase price by the estimated cost of the repairs so you can have the work performed after closing.

Contingency with a kick-out clause

A kick-out clause in a home purchase contract means the seller and buyer have agreed that the seller will continue accepting backup offers because the buyer’s offer is contingent upon the sale of their property.

A kick-out clause goes hand-in-hand with a sale contingency, described below. The listing might have a “48-hour kick-out clause” or “72-hour kick-out clause,” indicating how long the buyer currently under contract has to waive their sale contingency and provide proof of financing before the seller can accept a backup offer.

Title contingency

A title search is an important part of any real estate transaction. You’ll pay a title company to make sure the seller is the only one with any legal claim on the home.

A title contingency allows you to walk away if the title search reveals title defects that cannot be resolved. For example, if the home has a contractor’s lien from work the seller hasn’t paid for, a title contingency would require the seller to pay off that lien if they want to sell the home to you.

Sale contingency

A sale contingency allows you to exit the contract if you cannot sell your current home. Let’s say you are moving from New Orleans to Nashville and you only want to move your belongings once. But to get the money to buy a new place in Tennessee, you’ll need to first sell your current place in Louisiana.

You’d want to put a sale contingency in your purchase agreement for the Nashville home so you won’t lose your earnest money if your New Orleans home doesn’t sell within the time period stated in the purchase contract.

Tip: You can avoid having to use a sale contingency by getting a bridge loan.

Closing contingency

Let’s say you’ve found a buyer for your New Orleans home, but the deal isn’t final. A closing contingency, also called a settlement contingency, would allow you to get out of your Nashville contract without penalty if your buyer can’t close within a specified time.

Common pending clauses

If you see a home that’s listed as pending, it might come attached with one of these additional descriptions.

Pending – taking backups

“Pending – taking backups” means that the seller isn’t confident the deal with their current buyer will close. The buyer might be having trouble obtaining financing, for instance. Whatever the case may be, this status indicates the seller is willing and contractually able to accept backup offers should the current deal fall through.

Pending – short sale

This listing status describes a situation where the owner wants to sell but must get their mortgage lender’s approval first. That’s because in a short sale, the property’s market value is lower than the mortgage balance, and the lender will have to take a loss.

“Pending” in this case does not mean that the transaction is about to close. It means the seller has accepted an offer and is waiting for their lender to approve it. You’re more likely to see these types of listings during a recession or after a major housing market decline.

Good to know: Depending on which listing service you’re using to search for homes, you might also see a home in this situation listed as “contingent short sale.” And with some listing services, “pending short sale” does indeed mean that the seller is under contract with a buyer and the bank has approved the short sale.

Pending – more than 4 months

This is a self-explanatory status that means a property has been listed as pending for longer than four months. The property might still be under contract but experiencing delays, or it might have been sold and the listing status is incorrect. A public records search can determine whether the home was recently sold if the listing agent can’t be reached.

Can you put an offer on a house that is contingent?

It is sometimes possible to place an offer on a house that is contingent. One way sellers can indicate that they’re open to additional offers is to have their agent change the property’s listing status from “active” to “active under contract.” Active under contract means the seller has accepted an offer, but that offer has contingencies, and the seller may consider additional offers.

Ask your real estate agent to contact the seller’s agent for more information. Then, your agent can guide you through the process of making an offer on a contingent listing if it seems worthwhile.

Can you put an offer on a house that is pending?

You probably won’t be able to make an offer on a house that is pending because this status means the house has a scheduled closing date and everything is on track to close. Plus, the seller’s contract with their existing buyer may prohibit them from accepting additional offers.

If the seller is not accepting backup offers and it’s your dream home, you might want to contact the listing agent. You can always express your interest and ask them to get in touch with you if the home ends up back on the market.

The post Contingent vs. Pending: What’s the Difference? appeared first on Credible.