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Guide to Finding Indiana Student Loan Refinance and Private Loans

According to The Institute for College Access and Success, 59% of graduates in Indiana have student loan debt. Based on borrower data, Indiana borrowers have an average student loan debt of $28,112. If you have a professional or graduate degree, your student debt might be even higher.

If you want to save money on interest charges and pay off your student debt faster, student loan refinancing can be a helpful strategy. State residents who need to borrow money for school also have access to competitive Indiana student loan options.

Keep reading to learn where to find top Indiana student loan refinance options and private student loans.

Getting an Indiana student loan refinance

For Indiana student loan refinance options, you can check out local credit unions and community lenders that might offer a student loan refinancing loan. One option is an INvestEd Refi Loan which is offered by INvestEd, a nonprofit lender serving Indiana families.

In addition to exploring local community lenders, you’ll also want to check national refinancing lenders to find the best offers.

National student loan refinancing options

Borrowers who are searching for Indiana student loan refinance options, can compare many top lenders online. Private refinancing lenders that partner with Student Loan Planner® also offer cash-back bonuses for more savings overall.

  • Earnest. You can skip a payment once per year, choose biweekly payments and adjust payments to fit with your budget. Get up to $1,000 cash back when you refinance.
  • ELFI. With excellent customer service and 4.9 out of 5-star ratings on Trustpilot, ELFI offers the support you need when refinancing. Get up to $1,275 cash back when you refinance.
  • SoFi. You can refinance your student loans with SoFi and get access to a number of perks, like one-on-one career specialists. Plus, it offers many other financial products for cash management and investing, too. Get up to $1,000 cash back when you refinance.
  • Laurel Road. Apply easily and choose from various repayment terms of five, seven, 10, 15 or 20 years. Get up to $1,050 cash back when you refinance.

Each of these student loan refinancing lenders has its own eligibility requirements, minimum and maximum loan limits, and benefits. Shop around to find the best Indiana student loan refinance option for you. Through our links, you can score even more money with cash-back bonuses up to $1,250 right now.

Indiana student loan refinance caveats

When you refinance federal or private loans, you’re taking out a new private student loan which is used to pay off your existing loans. You’re then responsible for paying back the refinancing loan. The goal is to get approved at a lower interest rate which helps reduce your interest costs over the life of the loan.

Federal student loan borrowers should be cautious about refinancing as you turn federal loans into private loans. This process eliminates government benefits. For example, you’ll lose eligibility for emergency student loan payment relief offered through the CARES Act. You’ll also  lose access to income-driven repayment and student loan forgiveness programs.

Keep reading: The Biggest Pros and Cons of Refinancing

Refinancing your student loans isn’t something to consider lightly if you feel you’ll ever need to rely on federal benefits. If you feel your employment is steady, credit is good, and you have a debt payoff plan, refinancing can be helpful.

Indiana student loans options

If you’re headed back to school because you want to pursue a professional or graduate degree, you might need private student loans to cover all of your costs.

Take advantage of federal student aid options first, such as grants, scholarships and federal student loans. For example, The Adult Student Grant offers up to $2,000 for adults going back to school, and the Frank O’Bannon Grant offers aid toward tuition, based on your FAFSA.

Sometimes federal aid doesn’t cover everything, even with federal student loans. Credit unions and community lenders can offer helpful Indiana education loan options. One example is the INvestED student loan.

To make sure you’re scoring the best deal, however, look at national private student loan offerings, too.

National private student loan lenders

When it comes to private student loans, there are many different lenders to choose from. Here are a few top lenders that can help you get a private loan at the best rate possible.

  1. College Ave. Whether you need an undergraduate, graduate, parent, or career loan, College Ave has you covered. College Ave is highly rated by its customers.
  2. Sallie Mae. As one of the top private student loan lenders, Sallie Mae offers education loans for undergraduate students, graduate students, parents, and provides career loans as well. The company has an A+ rating on the Better Business Bureau.
  3. Earnest. Using Earnest, you can access undergraduate, graduate, business, medical and law school loans and take advantage of flexible repayment.

Be sure to read each offer’s terms and conditions and repayment options so that you can find the best one for your monthly budget.

Indiana cost of living and other factors to consider

When taking out any kind of loan, whether it’s an Indiana refinance student loan or Indiana student loans, you want to evaluate your cost of living as well.

Why? Because if your cost of living is lower, you might be able to take on more risk with a higher loan. If not, it could be risky.

According to data from Payscale, the cost of living in Indianapolis, Indiana is lower than the national average by eight percent. That means you may be able to do more with your money.

Having a lower cost of living means you could take out a higher loan, but of course, never borrow more than you need. You also want to consider how taking out loans affects your other life goals, like getting a mortgage.

If you have higher monthly payments, your debt-to-income ratio might be high. But if your income is high and you don’t have much consumer debt, a high monthly student loan payment might not be a make-or-break situation.

Lastly, consider your profession and income before taking out additional loans. For example, if you’re a healthcare worker in Indiana, make sure that your income will continue to rise in upcoming years. Supply and demand can change your job security in the state, so understand how your income affects your loan payments in the long run.

Bottom line

If you want your student loan payments to be more affordable, you can look into Indiana student loan refinance options. If you need additional money for school, Indiana student loans are available, but also check out national lenders as well that offer competitive rates.

In both situations, always be mindful of the cost of living in the state, your debt-to-income ratio, and any restrictions that might affect your repayment.

Need help deciding what student loan strategy is best? Get in touch with us for a pre-debt consultation or to create a post-debt plan.

Refinance student loans, get a bonus in 2024

Lender Name Lender Offer Learn more
sofi
$500 Bonus
*Includes optional 0.25% Auto Pay discount. For 100k or more.
Fixed 5.24 - 9.99% APR*
Variable 6.24 - 9.99% APR*
splash logo
$1,000 Bonus
For 100k or more. $300 for 50k to $99,999
Fixed 5.19 - 10.24% APPR
Variable 5.99 - 10.24% APR
earnest
$1,000 Bonus
For 100k or more. $200 for 50k to $99,999
Fixed 5.19 - 9.74% APR
Variable 5.99 - 9.74% APR

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