Dating Someone in Debt: How to Handle Student Loans in Relationships

May 14, 2020 Loans & Finance

With almost 45 million Americans currently holding student loans, chances are at some point in your dating life, student debt — either your own or your partner’s — will become a puzzle piece that you’ll have to consider. Dating someone in debt can have consequences on how you spend time together and shape the decisions you make as the relationship progresses.

Finances can affect everything from what kind of an apartment you can qualify for together, how you travel together, or even just where you’ll eat on Friday night. Let’s look at the following topics and how best to deal with this sometimes sensitive topic:

Dating someone in debt: How to approach student loans in your relationship
How to deal with a partner in debt
Dating if you’re the one with student loan debt

Dating someone in debt: How to approach student loans in your relationship

Whether you’re dating someone with a lot of debt or dating someone with financial problems that seem relatively minor, one thing is certain: Finances are a major component when it comes to measuring your compatibility long-term.

Not even the bedroom is safe from the impact of student loans — survey results show 32% of student loan borrowers report having a decreased sex drive. Here’s what to know about how to approach the subject of debt in your dating relationships.

Here’s how you can begin to face the topic of dating and finances directly so you can work toward relationship health in this area:

1. Talk candidly about your finances
2. Assess your partner’s attitude about their student loan debt
3. Keep an open mind, but recognize your boundaries
4. Consider how student loan debt will impact your future together

1. Talk candidly about your finances

Financial transparency and honesty in a relationship is crucial when it comes to building a serious partnership that both members can equally engage in. “It should be part of the conversation because it is part of life. Debt is normal, it happens,” says Leslie Tayne, founder of Tayne Law Group, a debt solutions firm headquartered in New York City. “Just as it is important to talk about if you’re having children, want to live in the city or suburbs, how you feel about travel, the financial piece is a huge part of your relationship.”

But knowing how to find out if someone is in debt in a tactful way that doesn’t damage the relationship can sometimes be a struggle. “I’ve only been remarried for two years, so these topics came up often when I was dating,” says Tayne. If you’re wondering how to check someone’s financial status, here are some ideas that Tayne has used both personally and professional in her work with clients:

Begin the conversation with your goals: “One way is to talk about where you’re at,” says Tayne, adding that you might start the conversation by saying something such as ‘‘I rent my apartment, these are my goals, this is what I’m looking to do.” This could be an easier way into the conversation instead of opening aggressively. “It’s really important to be non confrontational about it and find the right environment to talk about [finances]. It’s really more important to talk and ask questions,” says Tayne.
Dig into potential patterns: It’s important to understand how your partner got into debt and whether it was strategic debt, such as taking on a mortgage or student loans or unorganized debt, such as consumer spending on credit card bills. “I once dated someone who had 75 pairs of jeans,” said Tayne. “To me, that is a little bit of a red flag.” But Tayne also cautioned against jumping to conclusions. “Do you have the same pair [of jeans] you had in your 20’s and you never got rid of anything?” While that might signify it’s time for a closet overhaul, it doesn’t necessarily point to out of control spending. Asking the right questions and getting honest about spending habits is the best way to the bottom of these potential red flags.
Be respectful: Different opinions on personal finance can cause emotions to flare, which could be one reason student loans factor into the divorce rate, but Tayne cautions couples to take the conversation slow and make sure it’s healthy for both individuals. If discomfort arises she suggests asking something along the lines of, ‘‘I sense that you’re being super-hesitant, is this not a good time or is this not a topic you’re comfortable with?” If your partner is never comfortable talking about personal finance, this could be a deal breaker.

2. Assess your partner’s attitude about their student loan debt

Not all debt is necessarily bad debt, and often the reason your partner got into debt may be informative. For example, did they plan carefully for an advanced degree or overspend student loans in college? Have they been responsible about paying off their loans on time? The reasons people get into debt are varied. If your boyfriend has financial problems, understanding what led to the problems and if he has a plan to get out of them could make the difference on whether or not you feel comfortable proceeding with the relationship. Here are some ways you can assess your partner’s attitude about their debt:

Use a questionnaire: Magdalena Johndrow, a financial advisor at Johndrow Wealth Management, often has couples fill out the same questionnaire separately before coming together to review their answers. “When you understand why we have a relationship with money, you can be more empathetic to your partner,” says Johndrow. “If debt really scares you, and your partner told you they have student loans, you might have a visceral reaction because debt scares you.” Understanding your history with money and your partners, can help illuminate your respective attitudes about financials. If student loan debt is an overwhelming concept for one person in the relationship, a questionnaire could be a straightforward way to uncover that.
Understand the purpose of the debt: “You have to think about, ‘What sort of debt do they have?’” says Johndrow. “Student loans in many ways are considered good debt because you invested in something that ideally will get you a more lucrative career. If you have credit card debt, that tends to be seen as less good debt.” She recommends asking why the debt was taken out. “I think the underlying reason for the debt is very important. Was it because of an emergency or one-time expense or is this a pattern that you wouldn’t be OK with?” Having a debt management plan in place can also help show the attitude your partner is taking toward dealing with their debt.
Look for honesty: Even though you would hope your partner would be forthcoming about their financial situation, not everyone feels comfortable discussing particulars which could cause them to omit details or mischaracterize circumstances. “One guy I dated had trouble getting a car,” says Tayne. “I finally realized it’s because there’s a financial issue.” Tayne cautions that not everyone will feel comfortable detailing why they’re having trouble taking certain financial steps, which illuminates their attitude toward their debt and finances. “That person might not be willing to discuss why they’re having trouble getting a car. They might not be 100% honest with you.”

Knowing your partner’s attitude toward student loan debt can give you an idea about how they’re likely to behave with their finances later on. If their attitude shows a pattern of poor money management, it’s likely that this will continue even if you take on the role of managing the finances in a relationship. It could lead to problems sticking to a collective budget later on in the relationship.

3. Keep an open mind, but recognize your boundaries

Figuring out whether you are comfortable dating someone in debt, especially if you have different attitudes about it, is an important step in creating your own boundaries. While it helps to keep an open mind when it comes to financial situations, finances can also be a valid reason to end a relationship, especially if your partner seems irresponsible about their debt. Breaking up with a boyfriend because of money is a reality many people experience. Here’s how to develop boundaries that tell you whether it’s safe to proceed or if you need to figure out how to get out of a bad relationship financially.

Respect your own life circumstances: Understanding what your goals are in life can help determine your financial boundaries in dating. “I’m a successful business woman, I wasn’t willing to take on a situation where someone needed significant help,” says Tayne. “That’s not where I wanted to be and not where I was in my life.”
Assess how much help you’re willing to give: Not all partners with debt will want or need your help, but on the flip side are those partners who expect or demand it. “What level of help do you feel comfortable offering and where is the line in the sand?” says Tayne. If your partner has a significant amount of debt and there is an expectation that you will help with it, this could be a red flag. “Then you might want to take a step back and ask, ‘Why is there an expectation?’ Someone could take advantage of your willing nature to be helpful,” says Tayne.
Understand the impact of debt on your life: Helping someone deal with their debt could significantly alter your lifestyle and you should be prepared for these changes if you decide to go down this road. If you get married, you could become legally responsible for your partner’s student loan debt. “Even though couples sometimes have separate money and everything is kept separate, that doesn’t mean that it doesn’t impact the other,” says Tayne. “That means if you’re splitting things, one part of the couple might not be able to do what the other person can do.”

Developing financial values and boundaries can make your decision about staying in the relationship increasingly clear. If your partner pushes your financial boundaries, this could be a sign that it’s time to exit the relationship.

4. Consider how student loan debt will impact your future together

Your partner’s debt will impact your future, and someone else’s bad financial situation — whether it’s a low credit score or an overwhelming amount of debt — can hamper your own. What happens if you marry someone with bad credit? “The question becomes, what’s the impact on your life? Your family? Your finances? Are you going to be able to maintain a house, children, other expenses?,” says Tayne. “Those are things that have to be discussed.” Here’s what you should consider before heading toward marriage with someone who has significant debts:

Will student loan repayment plans change? If your partner is on an income-driven repayment plan, filing joint taxes could affect their payments. If combining your finances is an important financial value for you, there could be some further necessary discussions about how you’ll navigate student loan repayment.
Will your credit be impacted? Dating someone with bad credit and marrying that person are two different ball games. There could be certain purchases or expenses you’ll want to take on together after you’re married that might be difficult if one partner has bad credit. For example, if you want to put both names on a lease or mortgage, your partner’s bad credit could significantly impact what you qualify for. Also, joint credit card payments could pose a problem. “If your partner has a low credit score because they have been missing payments or not making them in time or racking up interest, if you take out a joint credit card and they miss a payment, your credit will be affected,” says Johndrow.
Can you reach your financial goals? Your financial goals will change depending on what stage of life you’re in. If you have children nearing adulthood, for example, you might already be focusing on how to help them with student loans and adding your partner’s debt onto your plate could change the way you help your children. “If someone has debt, you have to decide ahead of time what you’re going to do with it,” says Tayne. This includes understanding what financial goals might be untenable for your partner’s risky financial situation begins to impact your own. If your partner has bad credit and you haven’t taken your financial goals into account, this is important to do before your big day.

How to deal with a partner in debt

Coming up with a plan to handle each of your student loan debt burdens is important. If you predict a future together, you’ll need to know how you’ll tackle debt and handle money together as a couple. Here are some strategies that could help.

Talk about whether you’re willing to help financially. Many people wonder, “Should I help my girlfriend financially?” or “Can you pay off someone else’s debt?” While you might want to contribute something financially to your partner’s debt situation, if that contribution becomes an expectation that could be a red flag. Remember, there are ways you can support each other beyond a direct financial contribution.
Motivate your partner to stay on track. “Something I equate money to is sticking to a diet,” says Johndrow. “They always say, if there is high caloric food in your home you’re more likely to eat it. They always say to get your partner involved in your diet. Similarly, talk to your partner about cooking at home more, sticking to a budget together, it’s much easier when your partner is on the same page with you.” Supporting your partner by finding low-cost activities to do together is one way to help keep them motivated instead of tempting them away from their budget.
Look into refinancing. Refinancing your debt or your partner’s debt could help you repay your loans sooner. If you refinance your loans at a lower interest rate, you direct the money you’re saving toward paying the principal on your loans. If you go this route, be sure to factor in the cost of any prepayment fees on your old loan or origination fees on your new loan. Compare loans online to make sure you’re getting your best deal.
Schedule a recurring meeting: When it comes to dealing with debt as a couple, it could help to set aside time regularly to work on it together. “Put them in your calendar and leave your home — go to a library or coffee shop, wherever you feel comfortable talking about it. Treat it like you would a meeting with a personal trainer or a client, a doctor,” says Johndrow. She recommends a cadence of no less than once a month.
Seek professional help. When you’re looking at how to help someone in serious debt, it could help to use a third party’s knowledge and resources. Tayne says some clients are referred to her by their partners who don’t want to directly give money to their significant other but are willing to help them seek professional help. She also recommends couples therapy to proactively deal with financial issues. “I’m a huge fan of therapists. There’s no reason why you can’t go to a couples therapist when everything is great.

Dating if you’re the one with student loan debt

If you’re on the other side of the equation, the partner with student loan debt, it could be intimidating to be open about your finances in a dating relationship. However, you might find that your partner is empathetic and open to your circumstances, especially if you’re upfront and motivated to work through your debt. Here’s how you can approach the situation if you’re the one in debt:

Be open and honest: Build trust with your partner by leading the debt conversation and revealing as much as you feel comfortable. If there are areas that don’t feel right to talk about just yet, let your partner know why and when they can expect additional information from you.
Create a plan for your debt — and stick to it: Taking ownership of your debt can go a long way in assuring your partner that you’re also on track to reach your financial goals. Take responsibility for your finances and make it clear to your partner that you value their support but don’t expect them to contribute to your repayment process.
Get outside help, if necessary: Don’t be afraid to reach out to a financial planner or therapist if there are elements of your debt that are emotionally overwhelming or that you don’t understand. A supportive partner should respect your efforts to better yourself in this way.

Dealing with personal finances while dating can feel awkward, but finances are an important part of your daily life. Finding a partner who is compatible to you when it comes to financial values can help alleviate friction later in the relationship.

Elyssa Kirkham contributed to this report.

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1 Important Disclosures for Laurel Road.
Laurel Road Disclosures

Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

ANNUAL PERCENTAGE RATE (“APR”)
This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

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There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.

LOAN AMOUNT

For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section below), Lender will refinance up to $50,000 in loans for non-ParentPlus refinance loans. Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum, refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information about refinancing ParentPlus loans.

ELIGIBILITY & ELIGIBLE LOANS

Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).

Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.

All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.

For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.

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The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.

DISBURSEMENT OPTIONS

The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.

POSTPONING OR REDUCING PAYMENTS

After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.

We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.

We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.

If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of March 4, 2020 and is subject to change.

2 Important Disclosures for Splash Financial.
Splash Financial Disclosures

Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member.

The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website.

You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 1, 2020.

Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).
The Rate will not change during the term. Repayment examples are for illustrative purposes only. The following Fixed Rate examples are based on a $10,000 loan amount using the lowest APR for each application term listed above. All student loan rates used in calculating the examples are shown without the autopay discount (.25%). There are no application or origination fees, and no prepayment penalties. The monthly payment for a sample $10,000 loan with an APR of 2.88% per year for a 5-year term would be $179.15. The monthly payment for a sample $10,000 loan with an APR of 3.40% for a 7-year term would be $134.17. The monthly payment for a sample $10,000 loan with an APR of 3.45% for a 8-year term would be $119.35. The monthly payment for a sample $10,000 with an APR of 3.89% for a 10-year term would be $100.72. The monthly payment for a sample $10,000 with an APR of 4.18% for a 12-year term would be $88.43. The monthly payment for a sample $10,000 loan with an APR of 4.20% for a 15-year term would be $74.98. The monthly payment for a sample $10,000 loan with an APR of 4.51% for a 20-year term would be from $63.32.

Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Variable APRs and amounts subject to increase or decrease. Variable rates are indexed to the one-month LIBOR rate. The following Variable Rate examples are based on a $10,000 loan amount. Repayment examples are for illustrative purposes only. All student loan rates below are shown without the autopay discount (.25%). There are no application or origination fees, and no prepayment penalties. The monthly payment for a sample $10,000 loan with an APR of 2.01% per year for a 5-year term would be $175.32. The monthly payment for a sample $10,000 loan with an APR of 4.00% for a 7-year term would be $136.69. The monthly payment for a sample $10,000 loan with an APR of 2.09% for a 8-year term would be $113.21. The monthly payment for a sample $10,000 with an APR of 4.25% for a 10-year term would be $102.44. The monthly payment for a sample $10,000 with an APR of 2.67% for a 12-year term would be $81.24. The monthly payment for a sample $10,000 loan with an APR of 3.44% for a 15-year term would be $71.19. The monthly payment for a sample $10,000 loan with an APR of 4.75% for a 20-year term would be from $64.62. The monthly payment for a sample $10,000 loan with an APR of 5.14% for a 25-year term would be from $59.28.

 

3 Important Disclosures for SoFi.
SoFi Disclosures
Student loan Refinance: Fixed rates from 3.75% APR to 6.57% APR (with AutoPay). Variable rates from 3.50% APR to 6.57% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 3.50% APR assumes current 1 month LIBOR rate of 0.93% plus 3.07% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

4 Important Disclosures for Earnest.
Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.21% APR (with Auto Pay) to 8.77% APR (with Auto Pay). Variable rate loan rates range from 3.21% APR (with Auto Pay) to 8.72% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of May 8, 2020, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 5/08/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on our student loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.

5 Important Disclosures for CommonBond.
CommonBond Disclosures

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.8100000000000002% effective April 10, 2020.

1.99% – 6.65%1 Undergrad & Graduate

Visit Laurel Road

1.99% – 7.10%2 Undergrad & Graduate

Visit Splash

3.50% – 6.67%3 Undergrad & Graduate

Visit SoFi

3.21% – 8.72%4 Undergrad & Graduate

Visit Earnest

3.22% – 6.05%5 Undergrad & Graduate

Visit CommonBond

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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