How to Refinance or Get Nevada Student Loans

June 30, 2020 Loans & Finance

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:

School
Loan
Details
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 Emergency student loans 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.

Need a student loan?
Here are our top student loan lenders of 2020!

LenderVariable APREligibility 
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
2 Important Disclosures for College Ave.
CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 6/15/2020. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.

.br-none br{display:none}3 Important Disclosures for Discover.
Discover Disclosures
Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
View Auto Reward Debit Reward Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.
Aggregate loan limits apply.
Lowest APRs shown are available for the most creditworthy applicants and include an interest-only repayment discount and Auto Debit Reward. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including undergraduate and graduate loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 1.00% as of April 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.
Get a variable interest rate from 2.99% APR to 6.24% APR (3-Month LIBOR + 1.99% to 3-Month LIBOR + 5.24%) for either a 10-year or 20-year repayment term. Or lock in a fixed interest rate from 3.74% APR to 6.49% APR for a 10-year repayment term or from 3.74% APR to 6.49% APR for a 20-year repayment term. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 1.00% as of April 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both.

Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.
4 Important Disclosures for Earnest.
Earnest Disclosures
Rates include 0.25% Auto Pay Discount
 
Explanation of Rates “With Autopay” (APD)
Rates shown include 0.25% APR discount when client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

Available Terms
For Cosigned loans – 5, 7, 10, 12, 15 years. 
Primary Only – 10, 12, 15 years

In school deferred payment is not available in AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, and WA).

5 Important Disclosures for Ascent.
Ascent Disclosures

Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.

Competitive variable rates calculated monthly at the time of loan approval based on a margin plus the 1-Month London Interbank Offered Rate (LIBOR) rounded to the nearest 1/100th of a percent. The current LIBOR is 0.667%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes. Rates are effective as of 06/01/2020 and reflect an Automatic Payment Discount. Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. (See Automatic Payment Discount Terms & Conditions.)

Undergraduate Loans: Variable rate loans have an Annual Percentage (APR) range between 2.71%- 12.99%. Fixed rate loans have an APR range between  3.82%- 14.50% based on your credit worthiness and your selected program. Rates reflect an Automatic Payment Discount of 0.25% (for Credit-Based Loans) on the lowest offered rate and a 2.00% discount on the highest offered rate (See Undergraduate Loan repayment examples.)
Graduate Loans: Variable rate loans have an APR range between 5.71% and 11.17%. Fixed rate loans have an APR range between 6.64% and 11.92% based on your credit worthiness and your selected program. Rates reflect an Automatic Payment Discount of 0.25%. (See Graduate Loan repayment examples.)

Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.
Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options that include fully deferred, interest only and $25 minimum repayment.
Flexible repayment plans may be offered up to a fifteen (15) year repayment term for a variable rate loan and ten (10) year repayment term for a fixed rate loan. Students must be enrolled at least half-time at an eligible school. Minimum loan amount is $2,000.
Interest rate reduction of 0.25% for enrollment in automatic debit applies only when the borrower and/or cosigner signs up for automatic payments and the regularly scheduled, current amount due (including full, flat, or interest only payments, as applicable) is successfully deducted from the designated bank account each month. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of In-School, Deferment, Grace or Forbearance. If you have two (2) returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the 0.25% interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the 0.25% interest rate reduction.
All applicants (individual and cosigner) are required to complete a brief online financial literacy course as part of the application process to be eligible for funding.
Eligibility, loan amount and other loan terms are dependent on several factors, which may include: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.
The legal age for entering into contracts is eighteen (18) years of age in every state except Alabama where it is nineteen (19) years old, Nebraska where it is nineteen (19) years old (only for wards of the state), and Mississippi and Puerto Rico where it is twenty-one (21) years old.
1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. In order to be eligible for the 1% Cash Back Graduation Reward, borrower must meet the following criteria after graduation:

The student borrower has graduated from the degree program that the loan was used to fund.
The student borrower may change majors and/or transfer to a different school, but must obtain the same level of degree (e.g. – undergraduate or graduate)
The graduation date is more than 90 days and less than five (5) years after the date of the loan’s first disbursement.
Any loan that the student has borrowed under the Ascent loan is not more than 30-days delinquent or in a default status as of the graduation date and until any Graduation Reward is paid.

Students can apply to release their cosigner and continue with the loan in only their name after making the first 24 consecutive regularly scheduled full principal and interest payments on-time and meeting the other eligibility criteria to qualify for the loan without a cosigner.

* Application times vary depending on the applicant’s ability to supply the necessary information for submission.

6 Important Disclosures for CommonBond.
CommonBond Disclosures

Offered terms are subject to change and state law restrictions. Loans are offered through CommonBond Lending, LLC (NMLS #1175900).

 Rates are as of July 1, 2019 and include auto-pay discount. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment. Variable rates may increase after consummation.

1.25% – 9.44%*,1 Undergraduate and Graduate

Visit SallieMae

1.24% – 11.98%2 Undergraduate, Graduate, and Parents

Visit College Ave

1.87% – 11.99%3 Undergraduate and Graduate

Visit Discover

1.24% – 11.44%4 Undergraduate, Graduate, and Parents

Visit Earnest

2.71% – 12.99%5 Undergraduate and Graduate

Visit Ascent

3.52% – 9.50%6 Undergraduate and 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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