Where to Find New York Student Loans and Refinancing Options

According to The Institute for College Access & Success, 58% of New York undergraduate students graduated with debt in 2019. And the average debt load for those graduates was $31,155.

New York students have access to federal student loans that come with added benefits, like income-driven repayment (IDR) plans and loan forgiveness programs. But federal student loans have annual borrowing limits that might leave a financial gap for some students.

If you need additional funding, there are a variety of local and national private student loan lenders to work with. And if you have existing New York student loans, refinancing your student debt could help save you money by lowering your interest rate or monthly payment.

Read on to explore the best New York student loan refinance and private student loan options.

New York student loan refinance options

The pros and cons of refinancing depend on whether you currently have federal or private student loans.

If you have federal student loans, you’ll need to weigh whether it’s worth losing all federal benefits and protections. This includes IDR plans, loan forgiveness programs and forbearance options.

But, if you already have private New York student loans, we recommend shopping around for a better refinancing rate at least once a year. You can refinance as many times as you want to get a lower interest rate. Many of the top refinancing lenders offer generous cash-back bonuses that can be used to pay down your debt faster.

Here’s some New York student loan refinance options that are available locally and nationally.

Student loan refinancing in New York

If you’d prefer a local lender, check with your credit union or local bank for student loan refinancing offers. You might score a better rate if you already have an existing relationship. And you’ll likely receive a more personal customer experience.

ACMG Federal Credit Union, a New York not-for-profit institution formed in 1953, offers student loan refinancing options for graduates with a bachelor’s degree and Parent PLUS borrowers. Key refinancing details include:

• Rate type: Fixed or variable
• Interest rates: 1.75% to 6.20%*
• Terms: 5, 10 and 15 years
• Loan amounts: $5,000 to $150,000
• Cosigner option: Yes
• Cosigner release: Yes, after 48 on-time payments
• Transfer Parent PLUS to child: Yes

*Rates as of December 4, 2020, and are subject to change without notice.

You can apply with ACMG without being a member, but you and your cosigner (if applicable) will need to become members for the loan to be funded.

Top national student loan refinancing lenders

New York graduates can find competitive interest rates with online refinancing lenders that serve borrowers across the country.

Examples of these top lenders include:

• Earnest. Best student loan refinancing company for flexible repayment (up to $1,000 cash-back bonus)
• Laurel Road. Best for medical professionals (up to $1,050 cash-back bonus)
• Education Loan Finance. Best for customer service (up to $1275 cash-back bonus)

We recommend comparing offers from at least three refinancing lenders to get the best rate and terms. You can use a platform like Credible to quickly compare student loan refinancing options from multiple lenders at once.

New York private student loans options

If you’re still in school and need to take out student loans, always maximize your federal loan options before turning to a private lender.

But if federal loans aren’t enough, you might still need private New York student loans to pay for school or other education costs.

Here are some local and national private student loan lenders to consider.

Private loan options in New York

AMCG offers private New York student loans to undergraduates enrolled at least half-time at an eligible institution. Key private student loan details include:

• Interest rates: 2.75% to 7.25%*
• Terms: 20 or 25 years, depending on principal balance at time of repayment
• Loan amounts: $1,000 minimum per year (maximum up to the certified need determined by your school)
• Cosigner option: Yes
• Cosigner release: Yes, after 48 on-time payments
• In-school repayment options: Full payments, interest-only payments or defer principal and interest until six months after graduation

*Rates as of December 4, 2020 and are subject to change without notice.

Money Federal Credit Union is another local option for private New York student loans. But membership is only available to students (or families) who live, work or attend school within its local region which includes Onondaga, Oswego, Cayuga or Madison County. Key details include:

• Interest rates: 4.25% to 5.74%*
• Terms: 20 or 25 years, depending on principal balance at time of repayment
• Loan amounts: $1,000 minimum per year (maximum up to the certified need determined by your school)
• Cosigner option: Yes
• Cosigner release: Yes, after 48 on-time payments
• In-school repayment options: Full payments, interest-only payments or defer principal and interest until six months after graduation

*Rates as of December 4, 2020 and are subject to change without notice.

National private student loan lenders

Many private student loan lenders do business with borrowers nationwide. Here are several of the best private student loan lenders that are at the top of our list:

• Sallie Mae. Best for one-stop shopping
• Earnest. Best for fast application and approval
• Ascent. Great for student loans without a cosigner
• College Ave. Low rates and flexible options

Each of these private lenders earned 4.5 stars from Student Loan Planner® based on our readers’ experiences and other factors.

When searching for private student loan options, compare rates, terms and other benefits. Be sure to review the lender’s in-school payment options and whether it offers a cosigner release.

How New York borrowers can lower their student debt

Grants, scholarships and other financial aid opportunities can reduce your education costs.

HESC administers more than 20 scholarships and loan forgiveness programs for New York residents to explore. For example, the New York State Tuition Assistance Program (TAP) covers up to $5,165 in tuition per academic year for eligible students.

Additionally, we’ve put together some of the most notable student loan forgiveness programs in New York.

If you’re headed to graduate school in New York, schedule a pre-debt consultation to ensure you’re on the best financial path for financing your graduate degree.