Top Colorado Student Loan Refinance and Student Loan Options

A recent report by The Bell Policy Center found that 66.9% of students that graduate from Colorado’s public institution leaves with debt. On average, Colorado college graduates have a $23,425 average debt.

The aggregate federal student loan limit is set to $31,000 for undergraduate students pursuing a degree as dependents. If more funding is needed, students can turn to private student loans which add to their total debt after graduation. And Colorado students who attend graduate school can look forward to possibly more debt.

In this article, we’ll explore the opportunities for student loan refinancing and private student loan options in Colorado.

Colorado student loans from national lenders

Are you a Colorado college student looking for a loan? There are many local and national lenders that offer private student loans at competitive rates.

Although there are several options, here are the national lenders that Student Loan Planner® recommends:

• Earnest. You’ll find flexible repayment terms and customer loan payments available through Earnest.
• Sallie Mae. Sallie Mae can help you fund your education through undergraduate, graduate and parent loans. Read our Sallie Mae review to learn more.
• Ascent.  Ascent is a great choice to get a private loan without a cosigner.

To compare more lenders against the top Colorado student loan options above, check out our complete list of private student loan lenders.

Colorado student loan refinance options

Refinancing your student loans could be the right move for your financial future. With the right student loan refinancing option, you could save money through reduced interest charges or eliminate your loan balance more quickly.

However, if you refinance federal student loans you’ll lose access to benefits offered by the federal government. In some cases, the benefits offered through your federal student loans are more lucrative than the potential interest savings through a refinance.

If you decide to go through with a student loan refinance, here are some options of our favorite options to choose from:

• Earnest. With very flexible repayment options, Earnest is a great choice for student loan refinancing. Plus, Student Loan Planner® readers can receive a bonus of up to $1,000. Check out our Earnest refinancing review.
• Laurel Road. Have extensive student debt? Laurel Road is a helpful option with profession-based discounts. Additionally, Student Loan Planner® readers can receive up to a $1,050 bonus. Learn more through our Laurel Road refinancing review.
• Education Loan Finance (ELFI). If you value customer service, ELFI is a standout choice. You can also receive a bonus of up to $1,275 as a Student Loan Planner® reader. Check out the full ELFI review.
• Credible. Want to compare a lot of options at once? Credible can help you find the best deal quickly. You’ll even find up to a $1,250 bonus as a Student Loan Planner® reader. Find out more in our full review.

Not sure if you should refinance your federal student loans? Read these considerations before refinancing student loans.

How to qualify for Colorado student loan forgiveness opportunities

Although there aren’t state-sponsored student loans or refinancing opportunities in Colorado, there are forgiveness options. As a Colorado resident, you might be eligible for one or more of the forgiveness options below.

Colorado Health Service Corps

As a healthcare professional, you might qualify for this opportunity. The Colorado Health Service Corps provides funding to assist with student loan payments to those working in health professional shortage areas.

The program is offered to a wide range of healthcare professionals, including dentists, doctors, psychologists, social workers, nurse practitioners, physician assistants and more. However, the forgiveness amount varies based on your profession and time commitment.

As a doctor with a full-time commitment in an underserved area, you could receive a student loan repayment award of up to $90,000. You’ll need to commit to three years of service, and meet the hourly requirements during the commitment.

For physicians and dentists who accept this benefit, you'll probably be in Colorado a while. Hence, it probably makes sense to investigate Colorado doctor mortgage programs while you're at it.

University of Denver Sturm College of Law Loan Repayment Assistance Program

The University of Denver College of Law offers a Loan Repayment Assistance Program (LRAP) for its graduates. To qualify, you’ll have to work in a government or nonprofit position that requires your legal background with an income of $75,000 or less.

The amount of the award varies. Awards can cover between 15% to 75% of your monthly payments. Plus, awards are renewable for up to five years.

How Colorado’s cost of living affects student loan borrowers

Overall, Colorado has a relatively high cost of living compared to the rest of the country. Higher expenses toward food, housing and other monthly expenses can affect your ability to repay your student loans aggressively. For example, the median cost of a home in Colorado is $384,000 while the national median cost for a home is $231,200 — more than a $100,000 increase.

As a state with a higher cost of living, finding an affordable Colorado student loan refinance solution is critical.

Are you searching for the right way to tackle your student loan debt in Colorado? Consider scheduling a debt consultation with a Student Loan Planner® advisor. A student debt expert can walk through the best options to refinance your student loans.