Top Ohio Student Loans and Refinance Opportunities Today

Ohio students use a variety of funding sources to pay for college. Scholarships and grants can ease the financial burden, but many students end up taking out student loans.

The Institute for College Access & Success found the average cost of attendance at an Ohio four-year college for the 2018-2019 academic year was $34,971. It also found that Ohio class of 2019 graduates left school with an average undergraduate debt of $29,886.

Federal student loans offer low interest rates and strong borrower protections. But depending on your situation, they might not be enough to cover the full cost of your education expenses.

Private student loan lenders can bridge this financial gap when needed. They can also be a solution if you have existing Ohio student loans and want to refinance to a lower interest rate or monthly payment.

Read on to explore Ohio refinancing and private student loan options from local and national lenders.

Student loan refinancing

Refinancing your existing student debt can help lower your interest rate and save you thousands in interest over the life of your loans.

But, if you currently have federal student loans, consider the pros and cons of refinancing before giving up your federal benefits and protections. For example, when you refinance with a private lender, you’ll no longer have access to income-driven repayment plans or federal loan forgiveness programs.

However, if your loans are already with a private lender, then you have nothing to lose by periodically shopping around for a better refinancing interest rate.

Ohio student loan refinance options

There are many local and national lenders to refinance with. If you’re looking for a more personal experience where you can speak to someone face-to-face, consider exploring nearby credit unions and local banks.

Keep in mind that you’ll likely need to become a member of a credit union to receive funding, but many will allow you to apply without being a current member.

Here’s a few examples of Ohio student loan refinance lenders.

Cincinnati Ohio Police Federal Credit Union (COPFCU)

COPFCU was originally established to serve the city’s police force, but it now serves more than 10,000 public servants and their family members. It offers college graduates the opportunity to refinance federal loans (including PLUS) and private student loans.

Key refinancing details include:

• Rate type: Fixed and variable
• Interest rates: 3.00% to 8.25%
• Terms: 5, 10 and 15 years
• Loan amounts: $5,000 to $125,000
• Cosigner option: Yes
• Cosigner release: Yes, after 48 on-time payments

*Rates as of December 14, 2020, and are subject to change without notice.

KEMBA Financial Credit Union

KEMBA Financial Credit Union, founded in 1933, has 10 branches across Central Ohio and thousands of shared branching locations nationwide. It offers student loan refinancing for borrowers who graduated from an approved school, which currently includes 1,881 institutions.

Key refinancing details include:

• Rate type: Fixed and variable
• Interest rates: 3.25% to 8.99%
• Terms:         10 and 15 years
• Loan amounts: $5,000 to $75,000
• Cosigner option: Yes
• Cosigner release: Yes, after 48 on-time payments

*Rates as of December 14, 2020, and are subject to change without notice.

Splash Financial

Splash Financial is a student loan refinancing marketplace and technology platform that’s headquartered in Cleveland. It partners with credit unions and banks to help get borrowers low refinancing interest rates.

Key refinancing details include:

• Rate type: Fixed and variable
• Interest rates: 1.89% to 6.77%
• Terms: 5, 7, 8, 10, 12, 15 and 20 years
• Loan amounts: $5,000 (no maximum)
• Cosigner option: No
• Cash-back bonus: Up to $1,000 (based on your refinancing amount)

*Rates as of December 14, 2020, and may include an autopay discount. Rates are subject to change without notice.

Read our full Splash Financial student loan refinancing review.

Top national student loan refinancing lenders

You can find exceptional refinancing offers with online lenders that serve borrowers across the country. The top refinancing lenders have user-friendly websites and applications, which can make the process faster and more convenient.

They also have competitive interest rates and generous cash-back bonuses that can serve as an extra loan payment.

We recommend shopping around for the best interest rate with refinance lenders like:

• Earnest. Get up to a $1,000 cash-back bonus when applying through Student Loan Planner®.
• Laurel Road. We partnered with Laurel Road to get you up to $1,050 cash back for refinancing.
• Education Loan Finance (ELFI). Receive cash back up to $1,275 when refinancing using our link.

You can also use a platform, like Credible, to compare multiple lender offers with only one form.

Ohio student loans options

Financial aid usually isn’t enough to cover the true cost of college. If you’re still in school and need help paying for your education, use federal loan options before signing up for student debt with a private lender.

Depending on your situation, you might still need private Ohio student loans to fill in any financial gaps. Local lenders like COPFCU and KEMBA Financial Credit Union offer private student loans for undergraduates enrolled at least half-time.

Here’s key details for each of their private student loan opportunities.

COPFCU

• Rate type: Fixed and variable
• Interest rates: 3.75% to 9.25%
• Terms: 10, 20 and 25 years (depending on rate option and principal balance)
• Loan amounts: $1,000 per year, 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 14, 2020 and are subject to change without notice.

KEMBA Financial Credit Union

• Rate type: Fixed and variable
• Interest rates: 4.99% to 11.49%
• Terms: 10, 20 and 25 years (depending on rate option and principal balance)
• Loan amounts: $1,000 per year 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 14, 2020 and are subject to change without notice.

Additionally, KEMBA Financial Credit Union offers graduate student loans with a variable rate, which is currently at 5.75%.

National private student loan lenders

There are many private student loan lenders to choose from. So, it’s important you shop around for the best interest rate and terms. And take a look at what other borrowers are saying about their customer service experience.

We recommend checking out these top private student loan lenders:

• Sallie Mae has rates starting at 1.25%.
• Earnest has rates starting at 1.05%.
• Ascent has rates starting at 2.46%.

*Rates as of December 14, 2020, and may include an autopay discount. Rates are subject to change without notice.

Make a plan for your student debt

Whether you have existing student loans or plan to have them in the future, you’ll save the most money by having a debt repayment plan in place. Borrowers can also explore various Ohio loan forgiveness programs, as well as federal forgiveness options to reduce their total student debt after graduation.

And our team of student debt experts is always ready to help. Schedule a consultation today to discuss your repayment options and receive a custom plan.

Get a Student Loan Plan