How to Refinance or Get Nevada Student Loans
Note that the situation for student loans has changed due to the coronavirus outbreak, so be sure to also check out our Student Loan Hero Coronavirus Information Center for additional news and details.
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If you need student loans in Nevada or have already graduated with some, you’re in good company.
The average student loan debt in Nevada for graduates of four-year public or private colleges is $22,600, and more than half of graduates have student debt, according to the Institute for College Access and Success.
While student loans are a fact of life for most students and graduates, being smart about which loans you take can keep costs down. Fortunately, you have plenty of options to fund your education.
Here are must-know details about different student loan options in the Silver State, as well as some information about refinancing student loans in Nevada.
Federal student loans Student loans from Nevada schools Private student loans Student loan refinance in Nevada Federal student loans for Nevada students
Students going to school in Nevada might be eligible for federal student aid, including:
Direct subsidized loans
These loans are available to undergraduates with financial need who complete the Free Application for Federal Student Aid (FAFSA). Direct subsidized loans had a fixed interest rate of 4.53% for loans disbursed for the 2019-2020 school year, plus a 1.059% origination fee — though rates were set to tumble to 2.75% for 2020-2021. The government pays interest on these loans while students are in school or while loans are deferred after graduation. Students are limited in how much they can borrow each year, and there’s a lifetime borrowing limit.
Direct unsubsidized loans
Most undergrad and grad students who complete the FAFSA are eligible for direct unsubsidized loans. There was a fixed interest rate of 4.53% for undergraduate loans and 6.08% for graduate loans, as well as a 1.059% origination fee for the 2019-2020 school year. The government doesn’t subsidize interest, which begins accruing as soon as you receive the loan. There are annual and aggregate limits, with higher limits for grad students.
PLUS loans
Both graduate students and parents of undergrads can qualify for PLUS loans by completing the FAFSA. Those with adverse credit aren’t eligible. There was a fixed interest rate of 7.08% for loans disbursed for the 2019-2020 school year, and a loan origination fee of 4.236%. You can borrow up to the full cost of attendance at your school.
Direct subsidized loans and direct unsubsidized loans come with borrower-friendly perks, including low fixed rates, easy approval regardless of your credit, flexible repayment options and loan forgiveness for qualifying public service work.
PLUS loans offer some (but not all) benefits other federal loans do, but they aren’t the cheapest choice in all situations. Private loans could be less costly if you have good credit, so it’s important to compare options.
Student loans from Nevada colleges and universities
Though Nevada doesn’t offer state-funded student loans, students attending certain Nevada schools might be eligible for other funding. For example, students attending the state’s flagship universities have several options, including:
University of Nevada, Reno | Garvey-Rhodes and Blundell Undergraduate Loan | These loans are funded by endowments and available to full-time students with financial need. The interest rate is 5.00% and students aren’t required to begin repayment as long as they remain in school at least half time. There’s a six-month deferment period after graduation. |
University of Nevada, Las Vegas | Marion Smith Health Professions Loan | Non-freshman students majoring in integrated health sciences or nursing are eligible to borrow up to $1,000 for their programs. |
University of Nevada, Las Vegas | Distressed students could borrow up to $650 per semester to cover secondary expenses like room and board or textbooks. A $20 fee is assessed on each debt, which is usually repaid in 30 days. |
Ask your financial aid office if you’re eligible for any institutional student loans from your university or department and how you can apply.
Nevada’s government also offers loan repayment assistance to state residents who provide medical care to underserved rural areas through Nevada Health Service Corps. Assistance is provided based on available funding. Qualifying medical professionals who receive repayment funds must work in assigned rural communities for a period specified by contract.
Private student loans in Nevada
Private student loans are a good funding option if you’ve exhausted your federal or school-based student aid options. But private loans typically don’t provide the same borrower protections as federal loans.
For example, you likely won’t find a private lender that can match the federal income-driven repayment plans. But private lenders often offer flexible payment options while you’re in school, including deferring payments while you’re enrolled, and most allow you to suspend payments temporarily if there’s financial hardship.
To qualify for private loans, you’ll need income and good credit — or a cosigner. And because there’s no standard interest rate or origination fee among private lenders, it’s more important to comparison shop to find your best private loan.
Start with our list of lenders offering private student loans and compare terms to find the right lender for you. These banks, credit unions and online companies lend across the country, so you don’t need to worry about your location. Still, if you prefer borrowing from a brick-and-mortar branch, compare lenders within striking distance of your home alongside these national companies.
Student loan refinance in Nevada
If you’ve already graduated with student loans, you’re not stuck with them forever. By refinancing your debt with a private lender, you could land better interest rates or more favorable loan terms. That’s true whether your Nevada student loans were borrowed from the federal government, your school, a bank operating in the state or a national lender.
Think refinancing student loans in Nevada could benefit you? Check out some of the top refinancing lenders for your student loans and compare factors, such as the interest you’ll pay, how long you’ll repay your loans and the qualification requirements.
Earnest is an example of one top-rated lender that doesn’t operate in Nevada, but most national lenders do, even if they don’t have a branch or office near your residence. If you want to refinance with a lender offering in-person customer service at a location near you, rate-shop with local lenders like Greater Nevada Credit Union. Then, compare them with the more nationally-known options to ensure you get your best deal.
Refinancing has pros and cons, however. You likely don’t want to refinance if you might be eligible for federal student loan forgiveness or if you depend on an income-driven repayment plan. For many borrowers, however, refinancing can make student loans more manageable.
Andrew Pentis contributed to this report.
The post How to Refinance or Get Nevada Student Loans appeared first on Student Loan Hero.
