Federal undergraduate student loans guide

Summary: Direct Stafford Loans, also called Stafford Loans, are federal student loans offered to both undergraduate and graduate students. Students in undergraduate programs receive a 6.53% interest rate. A 1.057% origination fee is taken from the loan amount before the funds are sent to the school.

Key Takeaways about Undergraduate Student Loans

Federal student loans for undergraduates include both subsidized and unsubsidized loans offered by the Department of Education.
Subsidized loans are exclusively offered to students showing financial need, whereas unsubsidized loans are accessible without regard to financial need.
Aggregate loan limits for Direct Stafford Loans are based on the student’s dependency status, program, and if they are an undergraduate or graduate student.
Annual loan limits for an undergraduate student are up to $7,500 for a dependent student, and up to $12,500 for an independent student.
Aggregate loans limits for undergraduate students are up to $31,000 for a dependent student, and $57,500 for an independent student.
Repayment terms vary depending on the type of loan and program chosen; options include standard repayment, extended repayment and income-driven plans.

Federal Student Loans

Undergraduate students are eligible for federal Direct Stafford Loans, which are offered by the federal student aid program. Direct Stafford Loans (sometimes just called Stafford Loans or Direct Loans) are low-cost, fixed-rate federal student loans available to undergraduate and graduate students. Direct Loans offered to undergraduate students are the most common and among the lowest-cost loans available.

In the Direct Loan program, your lender is the U.S. Department of Education (ED). However, your loan will be managed by a federal student loan servicer. Your loan servicer will be your primary contact if you ever have questions about your loan. Your servicer will also be mailing (or emailing) you information regarding your federal student loans. Once you enter repayment, you will make payments to your loan servicer.

Types of Federal Student Loans

Undergraduate students may be eligible for two types of Direct Stafford Loans:

Direct Stafford Unsubsidized Loan (not need-based)
Direct Stafford Subsidized Loan (need-based)

Note: If you’re an undergraduate student and your parent would like to help you pay for college, but they need to borrow a loan, they may be eligible for a federal Direct Parent PLUS Loan, or a private student loan (private student loans are not part of the federal student loan program).

Subsidized vs. Unsubsidized Loans

The main difference between a Direct Subsidized Loan and a Direct Unsubsidized Loan, is that a Direct Subsidized Loan is considered a need-based loan, which is a loan based on your or your family’s financial circumstances. This matters when it comes to how much money you qualify for, along with who pays the interest on your loan. For subsidized loans, the U.S. Department of Education will pay the interest on your behalf while you are in school, during your grace period and during any deferments. For unsubsidized loans, you are responsible for the interest on your loans.

Federal Subsidized Loans

A Direct Subsidized Loan is a need-based loan. Your school will be the one to determine if you have financial need (based on your school’s determined cost of attendance, your expected family contribution, as well as the other financial aid offered to you). If your school has determined that you have financial need, they may award you a Direct Subsidized Loan. However, if your school determines that you do not have financial need to attend their school, there’s no way to apply for this type of loan. If you think you should have received a subsidized loan and there was a mistake made on your financial aid determination, you need to talk to your financial aid advisor. Graduate students are not eligible for subsidized loans. You must be an undergraduate student to qualify.

A Direct Subsidized Loan is known to offer the most beneficial terms for undergraduate student borrowers.

Here are some key details about this type of student loan:

Interest will be paid by the U.S. Department of Education:

While you're in school and are considered enrolled at least half-time
During your six-month grace period (your grace period begins when you graduate or drop below half-time enrollment)
During authorized periods of deferment while you're in repayment

Interest rates tend to be low for undergraduate students

For award year 2024 - 2025 the interest rate is 6.53%

The loan has low origination fees

For federal student loans first disbursed on Oct. 1, 2024 through Sept. 30, 2025: 1.057%

Federal Direct Unsubsidized Loans

A Direct Unsubsidized Loan is not a need-based loan. This means your or your family’s income is not a factor when awarding this type of loan. In fact, your school won’t even use your expected family contribution (as determined by the FAFSA) when it comes to including this type of loan in your financial aid package.

Keep in mind, your school is still limited to only awarding you up to the cost of attendance (determined by your school) minus other aid received.

Here are some key details about unsubsidized federal student loans:

Interest is not paid for by the U.S. Department of Education while you’re in-school, during your grace period, or during authorized period of deferment. You are responsible for accrued interest from the time the loan is disbursed.
Interest rates tend to be low for undergraduate students

For award year 2024 - 2025 the interest rate is 6.53%

This loan does have origination fees

For loans first disbursed on Oct. 1, 2024 through Sept. 30, 2025: 1.057%

Federal Student Loan Interest Rates and Fees for Undergraduate Students

Federal student loan interest rates and fees for undergraduate students
Loan Type	Interest Rate	Loan Fees
Direct Stafford Subsidized Loan	6.53% (for loans first disbursed July 1, 2024 through June 30, 2025)	1.057% (for loans first disbursed Oct. 1, 2024 through Sept. 30, 2025)
Direct Stafford Unsubsidized Loan	6.53% (for loans first disbursed July 1, 2024 through June 30, 2025)	1.057% (for loans first disbursed Oct. 1, 2024 through Sept. 30, 2025)
PLUS Loan for Parents	9.08% (for loans first disbursed July 1, 2024 through June 30, 2025)	4.228% (for loans first disbursed Oct. 1, 2024 through Sept. 30, 2025)

How to Apply for Federal Student Loans

If you are interested in borrowing a federal student loan, you need to complete the Free Application for Federal Student Aid (FAFSA®). Along with federal student loans, by completing the FAFSA, you are applying for federal grants, as well as state and institutional grants and scholarship opportunities.

You are eligible to file the FAFSA in October of each year for the next term starting the following July. (Yes, you can file the FAFSA almost a year before school starts). It’s always recommended that you complete the FAFSA as soon as possible in order to qualify for as much free money as possible—that way you can borrow as little as possible.

Federal Student Loan Eligibility

You're likely eligible to receive a federal student loan if you:

Meet the eligibility criteria for federal student aid
Successfully complete the FAFSA
Have not reached your annual or aggregate loan limits
Are not in default on a federal student loan

It is up to your school to determine which federal student loans may be available to you, and the amounts you are eligible to receive.

Federal Student Loan Limits

There are limits on the amount of Direct Subsidized and Direct Unsubsidized Loans that you are eligible to receive each year (annual) and in total (aggregate).

Here’s what you need to know, just because there are annual and aggregate loan limits doesn’t mean you will be awarded loan funds up to that limit. Your school can’t award you financial aid funds in excess of your school’s determined cost of attendance for the academic year. Loan amounts tend to be determined last, after your school has determined the other types of aid you are eligible for, like grants and scholarships.

Annual Loan Limits

Depending on what academic year you are in and your FAFSA dependency status, the maximum amount of Direct Subsidized and Direct Unsubsidized Loans will be from $5,500 to $12,500.

Undergraduate students in their first two academic years are eligible for slightly lower maximum student loan amounts in loan funds than their upperclassman peers. Also, if you are a dependent undergraduate student (as determined by the FAFSA), you will have a lower annual loan limit than an independent undergraduate student. Unless you qualify for a dependency override, in order to qualify for increased loan limits, your parent will have to first be denied a Parent PLUS loan. The denial is needed each academic year for your financial aid office to offer the higher loan amounts (those of an independent student).

Maximum Eligibility for Subsidized Loan Funds

If you received your first Direct Subsidized loan disbursement after July 1, 2021, there is no set time limit for loan eligibility under your program. However, if you were a first-time borrower between July 1, 2013, and July 1, 2021, a maximum eligibility period was enforced - not exceeding 150% of your program's duration at enrollment. For example, in a four-year degree program, the extended period to receive Direct Subsidized loans would be six years (150% of four years).

If you received your first disbursement of Direct Subsidized loans on or after July 1, 2021, there is no time limit on how long you can continue to receive a loan for your program. However, if you are a first-time borrower who obtained their initial student loan between July 1, 2013 and July 1, 2021, there was a maximum eligibility period in place. This period was set at no more than 150% of the published length of the program you were enrolled in at that time.

For example, if you were enrolled in a typical four-year bachelor's degree program, the maximum period you could receive Direct Subsidized Loans would be extended to six years, which represents 150% of the standard program length.

Aggregate Loan Limits

Another loan limit you need to be aware of, is the aggregate (total) loan limit on Direct Subsidized and Direct Unsubsidized Loans. If you are a dependent undergraduate student you can only borrow up to $31,000 of which no more than $23,000 can be subsidized federal student loans.

If you are an independent undergraduate student you can only borrow up to $57,500 of which no more than $23,000 can be subsidized loans.

If you go back to school to continue graduate studies, your aggregate loan limits increase to $138,500 (or $224,000 if you are a health professional student), of which no more than $65,500 can be subsidized loan funds. As a graduate student, your undergraduate and graduate borrowing are both included in this total.

Aggregate Cumulative Loan Limits Undergraduate

Reached Aggregate Student Loan Limit?

If you don’t see a Direct Stafford Loan in your financial aid package; and you’ve been in school for some time, the reason you aren’t eligible could be because you have reached your aggregate loan limit. If this is the case, it’s time to have a discussion with your financial aid office so they can explain your student loan options.

Here are two options if you still need help paying for college:

Option 1: Federal Parent PLUS Loan

If you’re a dependent undergraduate student, even if you’ve reached your Direct Stafford Loan limits, your parents may be able to borrow a federal Parent PLUS loan to help cover your college costs. Of course this requires your parent to apply, qualify, and borrow money they will be responsible to repay. It is up to your parent(s) to decide if they want to borrow money to help you pay for college.

Option 2: Private Student Loan

There are private student loan options to help you pay for college. However, this route may not be that easy. If you don’t have any credit history and are unable to demonstrate at least two years of work history, you may not qualify for a private student loan unless you apply with a creditworthy cosigner. A private student loan may also be a viable option if you are an international student and don't qualify for federal loans.

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Another option with private undergraduate student loans is for your parent to apply for a private parent student loan to help you pay for college. Your parent will have to be willing and will need to pass the credit check or apply with a creditworthy cosigner.

How Do Federal Student Loans Work?

As mentioned before, you will need to file the FAFSA in order to be considered for federal student loans. Once filed, your school will determine your federal student loan eligibility after they determine your eligibility for other types of aid that you don’t need to repay (free money) such as grants and scholarships.

Important numbers you should know:

Expected family contribution. This is the number determined by the FAFSA which is used by your school to award you need-based financial aid.
Cost of attendance (aka student budget). Your school determines the cost of attendance by determining how much it would cost a student to attend school for the academic year. They may have different costs of attendance depending on your enrollment status (full-time, half-time, part-time, etc.), and your living situation (are you living on-campus, off-campus, or with family). Your cost of attendance includes more than just tuition and fees. It could include housing, meals, transportation, books and supplies, etc. Your school should clearly outline what they consider to be part of your costs of attendance.

How is Need-Based Aid Determined?

Your school will first take your expected family contribution and subtract it from your cost of attendance. They will then award you with need-based aid, starting with the grants and scholarships you are eligible for. If you still have financial need, they will then award you a Direct Subsidized Loan.

How is Non-Need-Based Aid Determined?

Once your school has determined your need-based award, now it’s time to determine your non-need-based aid. Your school will take your cost of attendance and subtract all the financial aid you have been awarded so far. Your school will then begin to determine your eligibility for non-need-based aid, like a Direct Unsubsidized Loan.

Keep in mind, your school may not award you enough aid to cover your tuition costs or the cost of attendance.

If you are in a situation where you need to seek additional funding, you should sit down with your financial aid office. You should also seek out additional scholarship opportunities to help you pay your tuition.

If you are a dependent undergraduate student and still have a financial aid gap, your school may suggest your parent look into borrowing a Direct PLUS loan for parents or a private parent student loan. You could also look at private student loan options, but you will likely need a creditworthy cosigner to help you qualify. Of course, Direct PLUS Loans or private student loans are not an option for every family.

However, if you or your parent want to borrow additional funds, then it’s time to have an honest discussion. If you determine you are able and have a need to borrow every year to complete your program, do your research. It may be worth it to compare federal and private student loan options.

What Can Federal Student Loans Be Used For?

Federal student loans may be used for education-related expenses, including:

Tuition fees and other enrollment costs
Room and board
Off-campus housing
Groceries and meals during the school year
Textbooks and supplies
Computers and equipment necessary for class
Transportation to school
Childcare expenses related to school activities

Students may also use federal loans to help pay for certain personal expenses, but keep in mind that student loans are intended to pay for college—not frivolous spending. Avoid using your student loans on things like expensive clothing, fine dining, vacations, or paying off credit cards. While no one is tracking what you spend your student loan funds on, if you use federal loans to cover non-education-related expenses, you may not have enough money to pay for college in the future—or the option to borrow more. In the unlikely event that your financial aid office does discover you’ve used funds inappropriately, you may be investigated for student loan abuse. If found guilty, you would have to pay back funds retroactively, including any funds already spent. Your cosigner can also be held responsible.

Can I Be Denied Federal Student Loans?

The simple answer here is, yes. Here are some reasons why you could be denied federal student loans:

You have reached either your annual or aggregate loan limits
You are not eligible to receive federal student loans because you have received other types of aid (like a scholarship) up to your cost of attendance
If you indicate to your financial aid administrator that you have no intention to repay the loan according to the terms of the Master Promissory Note, they may be able to prevent you from borrowing federal student loan funds. They will need to document the situation.
You have a federal student loan in default.
If your parent is seeking to borrow a Parent PLUS loan, they will need to pass a credit check and could be denied if they’re found to have adverse credit history, as defined by the U.S. Department of Education. Note: Parent PLUS loans and private student loans do not have the same credit requirements. Just because you were denied for one, does not mean you will be denied for the other.

How to Accept Student Loans?

When you get your financial aid package from your school, you may be required to accept or deny any awards you may have received; this includes loans. Make sure you read the directions carefully. Schools use two different methods: active and passive acceptance of financial aid.

If your school uses the active method, you will need to complete an action affirming all the financial aid you want to keep. You have the option here to reject, modify or accept, the aid being offered to you. If you do not accept your financial aid by the deadline provided by your school, your school may consider their financial aid package rejected. Chances are they will reach out to you if you are getting too close, or worse, pass the deadline. But this is why it’s important to read the directions of your financial aid package carefully. It will save you a headache of fixing an issue you could have avoided.

If your school uses the passive method, you will only need to indicate if there are any awards you want to modify or reject. If you take no action your school will make the assumption you want all the financial aid being offered to you. Schools with a passive method will also have deadlines for package modifications. Even though you can probably make changes after the deadline, it may not be as easy (or clean) of a process after your school’s deadline.

Do You Have to Accept Student Loans?

You can influence your financial aid package, regardless of your school's method. But why would you consider reducing or rejecting an undergraduate student loan? The total cost at your school might exceed what you actually owe. If you have savings, plan to live at home, or intend to work while studying, you could lower or eliminate the need for borrowing money. It's advisable to borrow only what you truly need, even with favorable terms like federal student loans – remember, loans must be repaid with interest.

Now what happens if you reject a federal student loan and run into trouble later in the term? You can actually go back to the financial aid office and request your loan funds.

How Are Federal Student Loans Disbursed?

A disbursement is essentially the payment of money from the source. When it comes to federal student loans, in most cases, the U.S. Department of Education will send (disburse) your loan funds to your school directly. From there your school will apply the funds to your student account and then let you know if you have any money leftover after paying the money you owe the school first—this is known as a credit balance. When can you expect your money? Your school should have a disbursement schedule online or available upon request. For your information regarding the disbursement process for federal student loans and other aid, we highly recommend you check out our blog which talks about financial aid disbursement.

If I Accept a Student Loan, Can I Cancel It?

If you accepted your federal student loans and realized you didn’t need those funds, you can return them within the 14-day window after your school has informed you about your right to cancel. You should contact your financial aid office as soon as possible. If you cancel your student loan within your right to cancel window, you won’t be charged any fees or interest.

Now, if you miss your 14-day window, but your loan has yet to be disbursed, you want to contact your school with a written request to cancel your federal student loan. If you wait to submit your written request 30 to 120 days after your loan is disbursed, it can get a bit tricky because federal student loan cancellation will be up to your school’s discretion.

If you miss the 120 day deadline, or your school won’t process your request, you can still return the money. The best way to do this is to pay it back to your student loan servicer. This method will not eliminate the interest and fees that have already accrued (added up) on the loan, but it will save you money in the long run by not allowing additional interest to accrue.

Federal Student Loan Repayment

Any time you borrow money, you need to understand the terms of repayment. When it comes to federal student loans, you have a lot of options and flexibility.

Types of Federal Student Loan Repayment Plans

There are about 10 federal student loan repayment plans and options. Many of them are similar. Here is a brief description of the various student loan repayment options. For a more detailed description see our repayment plan page.

Standard Repayment: This is a 10-year student loan repayment plan. This is the repayment plan you will be automatically placed in if you don’t choose another plan. Under this plan, you will repay your loan in 10 years with fixed (unchanging) monthly payments. This is the fastest repayment plan and you will repay the least amount in total (because you will accrue less interest). Loan payments under this repayment plan do count towards Public Service Loan Forgiveness.

Example: If you had $50,000 in federal student loan with a 5% interest rate, your monthly student loan payments would be about $530 under a standard repayment plan.

Graduated Repayment: This is a 10-year repayment plan. Under this plan, you will repay your loan within 10-years. However, your loan payments will start small and increase every two years. This is a great repayment plan if you’re just starting out and expect to earn more money over time. Payments under this plan do not count towards Public Service Loan Forgiveness.

Example: If you had $50,000 in federal student loan with a 5% interest rate, your monthly payments would start around $300 and your last payments will be around $900 under a graduated repayment plan.

Extended Repayment: This is a repayment plan that extends your repayment up to 25 years. You can have payments fixed (unchanging) or graduated so they start small and increase every two years. This repayment option usually results in a cheaper monthly payment without repaying under an income drive repayment plans. However, it will result in you repaying a higher total amount. Loan payments made under an extended repayment plan do not count towards Public Service Loan Forgiveness.

Example: If you had $50,000 in federal student loans with a 5% interest rate, your loan monthly payments under a fixed extended repayment plan would be about $292. Under a graduated extended repayment plan, your student loan payments would start around $208 and your last payment will be around $476.

Income-Driven Repayment Plans: The federal government offers four repayment plans that base your monthly payment on your income and not your outstanding loan balance. They are all very similar but each has slightly different terms, conditions, and eligibility requirements.

Most income-driven repayment plans, with the exception of income-based repayment, are options only for federal Direct Loans made to students.

Direct PLUS loans made to parents are only eligible to be repaid under an income-driven repayment plan if they are consolidated into a Direct Consolidation Loan and then repaid under an income-contingent repayment plan.

Borrowers with Federal Family Education Loan Program loans can either choose to repay under an income-based repayment plan, or consolidate their loans into the Direct Loan program.

All student loan payments made under an income-driven repayment plan will count towards Public Service Loan Forgiveness.

Income-Based Repayment (IBR): This student loan repayment plan will set your payments to 10 to 15% of our discretionary income (depending on when you borrowed your first loans). After 20 to 25 years of eligible payments, any amount outstanding will be forgiven.

Example: If you had $50,000 in federal student loans with a 5% interest rate, were single, had a family size of 1 with an income of $40,000, and you were eligible to cap your payments at 10% of your discretionary income, your monthly payments would be about $174 for 20 years. Your student loan payments would increase or decrease depending on your income, marital status, and family size.

Revised Pay As You Earn (REPAYE) Repayment: This student loan repayment plan will set your payments to 10% of your discretionary income. After 20 to 25 years of eligible payments any remaining balance will be forgiven – 20 years for loans borrowed for undergraduate study and 25 years for loans borrowed for graduate or professional study.

Example: If you had $50,000 in federal student loan with a 5% interest rate, were single, and had a family size of 1, with an income of $40,000, your monthly payments would be about $174 for 20 years. Your student loan payments would increase or decrease depending on your income, marital status, and family size.

Pay as You Earn (PAYE) Repayment: This repayment plan will set your payments to 10% of your discretionary income. After 20 years of eligible payments any remaining balance will be forgiven. This repayment plan is limited to new Direct Loan borrowers, borrowing on or after Oct. 1, 2007.

Example: If you had $50,000 in federal student loan with a 5% interest rate, were single, and had a family size of 1, with an income of $40,000, your monthly payments would be about $174 for 20 years. Your student loan payments would increase or decrease depending on your income, marital status, and family size.

Income-Contingent Repayment (ICR): The eldest of the income-driven repayment plans. This plan will set your payments to 20% of your discretionary income. It can be used to repay Direct Consolidation Loans which may include a Parent PLUS loan. After 25 years of eligible payments, any outstanding amount will be forgiven.

Example: If you had $50,000 in federal student loans with a 5% interest rate, were single, and had a family size of 1, with an income of $40,000, your monthly payments would be about $384 for 25 years. Your payments would increase or decrease depending on your income, marital status, and family size.

Direct Consolidation: Consolidation is actually a student loan repayment option. If you have multiple loans you can combine them together and keep them in the federal student loan program with a Direct Consolidation Loan. Direct Consolidation Loans are eligible for the federal student loan repayment options, as long as all appropriate criteria is met for each plan.

There are a few things to note (of course). Your extended repayment option may allow you to extend your repayment to up to 30 years depending on your total education debt (this will take into consideration any federal and private student loan debt you have). If you extend your repayment to 30 years, your monthly payments may be more affordable, but you will repay more in total.

Although the process is similar to a traditional loan refinance, a consolidation in the federal program will not allow you to qualify for a competitive interest rate on your loans. The interest rate on your Direct Consolidation Loan will be based on the weighted average of the loans you are consolidating.

Private Student Loan Refinance: This is an option for both federal and private student loans. A private student loan refinance will allow you to choose a lender you want to work with, and qualify for a new loan with a competitive interest rate.

With COVID-19 driving down private student loan interest rates, you may even be able to find a lower interest rate than your current federal loans offer. Reducing your interest rate can allow you to significantly reduce the interest you’ll pay over the life of the loan, leaving you more money to pay for personal expenses while in school. If your federal student loans are being offered COVID-19 relief , you can start researching now and come up with a plan to re-enter repayment in February 2022.

This is not an option for borrowers who are seeking loan forgiveness under the federal student loan program, and private student loans don't qualify for federal student loan repayment options. Because you will be working with a private lender, you will need to pass a credit check or apply with a creditworthy cosigner.

Statute of Limitations on Student Loans

As you can probably tell, the repayment terms for some of these undergraduate loans are rather long. Some people also have a significant amount of loan debt, and may find it challenging to repay their loans. When it comes to federal student loans, the debt collection is a bit different. There is no statute of limitation on federal student loans, and they are difficult to have discharged in bankruptcy. Meaning, if you have federal student loans, it’s best to find a way to repay them.

If you’re having trouble repaying, you need to contact your loan servicer. They can let you know if there are repayment options available to you, or if you qualify for a loan payment postponement (deferment or forbearance).

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This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.72% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 17.10% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

¹You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

²Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

³Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
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⁴Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

The information provided on this page is updated as of 02/19/2025. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107.

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We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Explore federal loans and compare to make sure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income -based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

¹Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

²Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

³Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2022 to September 30, 2023.

⁴For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.

Information advertised valid as of 04/17/2025.

Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

© 2025 Sallie Mae Bank. Sallie Mae loans are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.

SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America. W646400 0325

Fixed APR 3.49% - 15.49%¹

Variable APR 4.99% - 15.51%¹

Cosigner Recommended

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Get your rate in about 2 minutes⁴
4x more likely to be approved by applying with a qualified cosigner⁵
No Application or Origination Fees

¹Student Loan Rate Disclosure: Variable interest rates range from 4.99% - 15.60% (4.99% - 15.61% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).

²Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

³Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: personal checking, personal savings, personal credit card or previous student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

⁴Get My Rate: Selecting “Get My Rate” only requires a "soft credit pull" which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

⁵Citizens Undergraduate Booked Loans from 10/1/2023 through 9/30/2024 were 4 times more likely to be approved with a qualified cosigner.

⁶Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2023 and October 1, 2024. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. Please Note: International students are not eligible for Multi-Year Approval.

Information advertised valid as of 05/01/25. Rates and offer subject to change. All accounts, loans and services subject to individual approval.

Fixed APR 3.47% - 17.99%¹

Variable APR 4.44% - 17.99%¹

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Fixed APR 3.44% - 15.00%*

Variable APR 4.95% - 14.85%*

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Fixed APR 3.54% - 15.99%*

Variable APR 4.64% - 15.99%*

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All online, all easy.
SoFi private student loans cover up to 100% of school-certified costs.
No fees required.
Repay your way with flexible repayment options (find the monthly student loan payment and rate that fits your budget).
Applying with a cosigner may increase your chances of approval and getting a better rate.*
Over 1 million students have chosen SoFi.

SoFi Private Student Loan

Undergraduate, Graduate, MBA, Law, Health Interest Rates: Eligibility and Important Details. Fixed rates range from 3.54% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 1/7/25 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

Parent

Interest Rates: Eligibility and Important Details. Fixed rates range from 5.74% APR to 16.85% APR with a 0.25% autopay discount. Variable rates range from 6.07% APR – 16.85% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 1/7/25 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.

Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 8/5/24 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

Fixed APR 3.69% - 14.22%*

Variable APR 5.00% - 13.97%*

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Fixed APR 3.45% - 15.00%^*

Variable APR 4.50% - 15.73%^*

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No application fees, origination fees, or late payments
Prequalify in minutes
Lone terms available from 5, 7, 10, 15 or 20 years
Reduce your rate by up to 0.50% for building a good payment history
Early cosigner release

Before applying for a private student loan, DR Bank and Monogram recommend exhausting all financial aid alternatives including grants, scholarships, and federal student loans.

The Abe^SM student loan is made by DR Bank, Member FDIC (“Lender”). All loans are subject to individual approval and adherence to Lender’s underwriting guidelines. Program restrictions and other terms and conditions apply. LENDER AND MONOGRAM LLC EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE.

Interest rates and APRs (Annual Percentage Rates): Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the expected number of years in deferment, (4) the requested loan amount and (5) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective as of 12/01/2024. The variable interest rate for each calendar month is calculated by adding the 30-Day Average Secured Overnight Financing Rate (“SOFR”) index, or a replacement index if the SOFR index is no longer available, plus a fixed margin assigned to each loan. The SOFR index is published on the website of the Federal Reserve Bank of New York. The current SOFR index is 4.750% as of 12/01/2024. The variable interest rate will change if the SOFR index changes or if a new index is chosen or if you automatically qualify for In-School Default Protection (see footnote below for details). The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the on-time payment discount or auto pay discount, or automatically qualify for In-School Default Protection (see footnote below for details).

APRs displayed as a range: APRs assume a $10,000 loan with one disbursement. The high APRs assume a 5-year term with the Interest-Only Repayment option, a 37 month deferment period, and a six-month grace period before entering repayment. The low APRs assume a 7-year term, and the Immediate Repayment option with payments beginning 30-60 days after the disbursement via auto pay. See auto pay footnote for details.

Loan Terms: The 15- and 20- year terms are only available for loan amounts of $5,000 or more. Making interest only payments during deferment will not reduce the principal balance of the loan. Payment examples (all assume a 14-month deferment period, a six-month grace period before entering repayment, no auto pay discount, and the Interest Only Repayment option): 5 year term: $10,000 loan, one disbursement, with a 5-year repayment term (60 months) and a 9.60% APR would result in a monthly principal and interest payment of $210.51. 7- year term: $10,000 loan, one disbursement, with a 7-year repayment term (84 months) and a 8.82% APR would result in a monthly principal and interest payment of $159.98. 10-year term: $10,000 loan, one disbursement, with a 10-year repayment term (120 months) and a 8.57% APR would result in a monthly principal and interest payment of $124.36. 15-year term: $10,000 loan, one disbursement, with, a 15-year repayment term (180 months) and a 8.48% APR would result in a monthly principal and interest payment of $98.36 20-year term: $10,000 loan, one disbursement, with, a 20-year repayment term (240 months) and a 8.62% APR would result in a monthly principal and interest payment of $87.54.

Grad Reward: The principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, canceled, or returned. To receive this principal reduction, it must be requested from the Servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation must be provided to the Servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.

Autopay Discount: Earn a 0.25% interest rate reduction for making automatic payments from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. The auto pay discount is in addition to other discounts. The auto pay discount will be applied after the Servicer validates your bank account information. Automatic payments and the associated discount will be temporarily discontinued (1) if you elect to stop automatic deduction of payments and (2) during periods when you are not required to make payments. The discount will be permanently discontinued in the event three automatic deductions are returned by the financial institution for any reason.

On-Time Payment Discount: The 0.05% interest rate reduction will automatically be applied for every 6 consecutive monthly payments of principal and interest made during the repayment term within 10 calendar days after their due date up to a maximum interest rate discount of 0.25%. During any period of deferment or forbearance the interest rate will increase by any previously received On-time Payment Benefit reduction(s). The interest rate will return to the reduced interest rate following such period. Use of a deferment or forbearance will reset the number of consecutive monthly payments of principal and interest made to zero. A late payment will disqualify the loan from receiving any additional interest rate reductions for on-time payments.

Cosigner Release: A cosigner may be released from the loan upon request to the Servicer, provided that the student borrower has met certain credit and other criteria, and 12 consecutive monthly principal and interest payments or lump sum payments equal to 12 monthly principal and interest payments have been received by the Servicer during any 12-month period. While a loan is in a reduced repayment plan or while a request for a reduced payment plan is pending, borrowers are not eligible to apply for cosigner release.

In-School Default Protection: Borrowers with Interest Only loans that reach at least 120 days delinquent during an in-school deferment period will automatically have their repayment option transitioned from the Interest Only repayment option to the Full Deferment repayment option. Under these circumstances, the interest rate on the loan will automatically increase to match the interest rate associated with the corresponding Full Deferment loan. For an Interest Only loan, the interest rate will increase by one percentage point (1.00%). Credit reporting prior to the transition of a loan to the Full Deferment repayment option will remain on your record. Any unpaid accrued interest at the end of an in-school deferment period may be capitalized in accordance with the Credit Agreement.

Loan Amounts: The minimum loan amount is $1,000, except for (a) student applicants who are permanent residents of Iowa in which case the minimum loan amount is $1,001, (b) student applicants or cosigners who are permanent residents of Massachusetts in which case the minimum loan amount is $6,001 and (c) student applicants or cosigners who are permanent residents of New Hampshire in which case the minimum loan amount is $10,001. The maximum loan amount to cover in-school expenses for each academic year is determined by the school’s cost of attendance, minus other financial aid, such as federal student loans, scholarships, or grants, up to $99,999. The loan amount must be certified by the school. The loan amount cannot cause the aggregate maximum student loan debt (which includes federal and private student loans) to exceed $225,000 per applicant (on cosigned applications, separate calculations are performed for the student and cosigner).

Monthly Payment During School: This is the estimated monthly payment that will be made during the time you remain enrolled at your school certifies, subject to the initial deferment period maximum of 66 months from the first disbursement date. Immediate Repayment: Starting 30-60 days after your first disbursement date the first monthly payment of principal and interest will be due. The monthly payments of principal and interest will be generally stable for twelve months and will be recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Full Deferment: Principal and interest payments will be deferred from your first disbursement date through your initial deferment period end date. Starting 30-60 days after the initial deferment period, the first monthly payments of principal and interest will be due unless you qualify for and request an additional type of deferment. Interest Only Repayment: Principal payments will be deferred from your first disbursement date through your initial deferment period end date. Starting 30-60 days after your first disbursement date you will pay interest-only monthly payments that are equal to the accrued interest on the outstanding principal balance throughout the initial deferment period.

Monthly Payment After Graduation:

Immediate Repayment: This is the estimated combined monthly principal and interest payment amount following the final disbursement of your loan The monthly payment amount shown in the estimate will increase or decrease if the interest rate increases or decreases and will be computed based on the interest rate applicable at the time repayment begins. Your monthly payment amount may also be recalculated (a) after any deferment or forbearance period, (b) after you ask the servicer to change the monthly payment due date or (c) if the minimum monthly payment is not enough to cover the interest accrued during that month.

Full Deferment, and Interest Only Repayment during school: The Estimated Monthly Payment after Graduation is the combined principal and interest payment amount following the initial deferment period. The first year of principal and interest repayment generally has the same monthly payment each month. After the first year of principal and interest payments, monthly payment amounts are recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. The monthly payment amount shown in the estimate will increase or decrease if the interest rate increases or decreases and will be computed based on the interest rate applicable at the time repayment begins. For all repayment options, the minimum monthly payments of your loan’s combined principal and interest will be at least $50. Past Due Balances: Applications may be accepted up to the earlier of (a) eighteen calendar months after the Applicant’s academic period end date or (b) eighteen calendar months after the Applicant’s graduation date. Abe is a service mark of Monogram LLC.

Monogram LLC is not an affiliate of DR Bank.

Monogram LLC (NMLS #2542102)

NMLS Consumer Access