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Parent PLUS Double Consolidation Loophole: Pay 10% to 15% of Your Income Instead of 20%

Meagan Landress student loan planner

Meagan Landress student loan plannerBy Updated

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Borrowers who have Parent PLUS Loans deal with somewhat of a different beast than when a student borrows federal student loans. Parent PLUS Loans stay in the name of the parent who pulled them out if kept in the federal system. They generally have much higher interest rates than Direct Loans and don’t offer student loan forgiveness opportunities.

Parent PLUS Loans also have far fewer repayment options available (e.g., amortized standard fixed and graduated repayment plans). But there’s a loophole you probably haven’t heard about before: the Parent PLUS double consolidation.

The Parent PLUS double consolidation loophole is a game changer. This strategy could drop your payment from 20% to 10% of your income.

Table of Contents hide
1. Refinancing Parent PLUS Loans to private student loans
2. Parent PLUS double consolidation loophole
3. Parent PLUS double consolidation steps
4. Final steps
5. Case study #1: Parent PLUS double consolidation with PSLF
6. Case study #2: Consolidating Parent PLUS Loans and Direct Loans

Refinancing Parent PLUS Loans to private student loans

A few options we’ve written about in the past have included private refinancing and consolidation. With Parent PLUS Loan refinancing, you take federal loans out of the federal system and get a new loan with a private lender like Laurel Road. The goal is to get a lower interest rate and snag more favorable terms.

Student loan refinancing works great for folks in a couple of different situations, assuming their credit is in a good place, such as:

  1. When the student loan debt balance is lower than their annual income, and they feel confident in committing to that payment and term.
  2. When there’s a need or desire to transfer ownership of the loan to the student/child, and their credit and financial situation allow them to commit to that payment and term.

If refinancing doesn’t seem to be the right fit — because of poor credit or the loan balance is much higher than income, making the repayment terms difficult to commit to — consolidating within the federal system is a way to open the door to one income-driven repayment plan (IDR): Income-Contingent Repayment (ICR).

Parent PLUS double consolidation loophole

Parent PLUS loan borrowers can consolidate into a Direct Consolidation Loan even without another loan and have access to Income-Contingent Repayment (ICR). This plan is based on 20% of discretionary income and has a maximum student loan repayment period of 25 years. If your employment meets eligibility requirements, it also qualifies for loan forgiveness programs, like the Public Service Loan Forgiveness program (PSLF).

If refinancing isn’t a viable option and consolidation does not bring relief with the 20% calculation, you can entertain a process called Parent PLUS double consolidation.

How Parent PLUS double consolidation works

Double consolidation is not something your servicer will offer as a strategy for repayment. The federal Direct Consolidation Loan application and process is also very tedious and time-consuming. However, it CAN open the door for access to Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), and Income-Based Repayment (IBR). In the future, it might also give you access to a more generous new REPAYE plan that President Biden’s Department of Education is proposing in 2023. However, this plan hasn’t been finalized as of yet.

These lower IDR repayment options were not initially available to Parent PLUS Loans or consolidated Parent PLUS Loans. Let’s get technical:

  • A consolidation loan that includes a consolidation that paid off a Parent PLUS Loan is NOT the same as a consolidation loan that paid off a Parent PLUS Loan.

You essentially wipe out the Parent PLUS Loan code by consolidating twice.

This technicality is critical because of the way student loans are administered and how the laws were written to identify what repayment options are available for a loan code. This legal “loophole” allows the double-consolidation process to open the door for accessing REPAYE, PAYE (if you hadn’t borrowed prior to October 1, 2007) and IBR.

Could the double consolidation loophole work for you?

First and foremost, let’s review some terminology and how consolidations work:

  • Parent PLUS Loans can consolidate themselves into a Direct Consolidation Loan. This means the double-consolidation process could be successful with as little as two Parent PLUS Loans consolidating individually in the first round.
  • Unlike Parent PLUS Loans, Direct Consolidation Loans need one other loan to consolidate with.
  • Parent PLUS Loans can consolidate with non-Parent PLUS Loans. But it might be best to keep them separate if possible.
  • If you only have one Parent PLUS Loan (and no other federal loans), your only opportunity is to consolidate that one loan into one Direct Consolidation Loan and have access to ICR or private student loan refinance.

Will double consolidation be unnecessary with Biden Parent PLUS Reform?

If President Obama could have included Parent PLUS loans in the REPAYE and PAYE plans directly, he likely would have done so. Hence, we do not think the double consolidation process is going away anytime soon, unfortunately.

Parent PLUS double consolidation steps

If it sounds like this double consolidation loophole would work for you, here are some next steps and notes:

1. Fill out paper consolidation applications

You will want to submit paper applications for the first round of consolidations. This includes one application for consolidating one or more loans and the second application for consolidating the other loan(s) left out from the first application.

You will mail to two different servicers to avoid having them added into the same consolidation (which defeats this process’s purpose). Loan servicers and contact information can be found on the Federal Student Aid website.

2. Include an IDR application for ICR

In the application mailer, include an IDR application electing the ICR plan. If you don’t, the consolidation will be denied for no repayment plan elected.

3. Mail your consolidation paperwork

Use certified mail to ensure delivery to the servicers.

If you’re going for PSLF, don’t send an application to MOHELA first. Consolidations take 30 to 90 days to complete, in which your loans will be put into forbearance or deferment while the process is underway.

You can find your corresponding loan codes and account numbers by logging into studentaid.gov. Once you’re logged in, click on the “consolidate my loans” section. You should see a long list of your loans.

View the titles of each individual loan by hovering over the question mark box with your mouse, and the name should pop up.

Reminder: DON’T submit your application online this way — the first round should be via paper application.

Final steps

Wait for your confirmation that the different servicers processed both consolidations and you have payment schedules. Once that is confirmed, you can proceed to the last steps:

4. Do the online consolidation application for the final consolidation

After you have confirmation that both consolidations were processed and you have payment schedules, do the online consolidation application.

5. Choose your final servicer

You’ll select this from the drop-down menu in the online application. If going for PSLF, choose MOHELA. If not, choose a servicer that you haven’t sent a consolidation application to yet.

6. Complete the online IDR application

When completing the online IDR application, elect REPAYE, PAYE or IBR repayment plans.

7. Make your monthly payments and recertify annually

To maintain eligibility for income-driven repayment plans, it’s crucial to make your monthly payments on time and recertify your income and family size annually.

Case study #1: Parent PLUS double consolidation with PSLF

Sara is a single mom and borrowed loans to send her two sons to college. She works full-time for a 501(c)(3) nonprofit and is interested in pursuing PSLF.

Here’s Sarah’s loan list:

Loan

Balance

Servicer

Direct PLUS Parent

$43,000 (Son #1)

Aidvantage

Direct PLUS Parent

$35,000 (Son #2)

Aidvantage

Her current payment on the Standard Extended Fixed Plan is $575 per month for 300 months (25 years). She knows there is efficiency to be achieved with PSLF, so she needs to have the right type of loans (Direct) and be on an IDR plan to qualify.

Consolidation process #1

Sara consolidates each Direct PLUS Parent loan individually.

  • She mails in a paper consolidation application to Nelnet, consolidating one Direct PLUS Parent Loan. Additionally, she includes an IDR application for ICR in the mailing packet.
  • Sara mails a second paper consolidation application to Great Lakes, consolidating the other Direct PLUS Parent Loan she didn’t include on the first application. She also includes an IDR application for ICR in the mailing packet.
  • She waits. Her Direct PLUS Parent loans are successfully consolidated into a Direct Consolidation Loan at both Nelnet and Great Lakes.

Consolidation process #2

Sara then completes the online consolidation application.

  • She now consolidates BOTH loans by logging into studentaid.gov and including them in her online application.
  • Sara sends them to MOHELA since she’s going for PSLF.
  • She completes an online IDR application for REPAYE. This plan is based on 10% of discretionary income and household size. She also submits her Employer Certification Form (ECF) for PSLF.

Sara’s adjusted gross income (AGI) is $80,000, so her new payment under REPAYE is $511 per month. This payment is slightly lower than the 25-year plan she was on and now she will achieve PSLF forgiveness after 120 qualifying payments (10 years). Her estimated forgiven balance will be $65,000!

Case study #2: Consolidating Parent PLUS Loans and Direct Loans

A second case study is for Sam, who has Direct PLUS Parent loans and his own federal loans. Sam borrowed it for his daughter’s education. He also has loans from his own education funding.

Here is Sam’s loan list:

Loan

Balance

Servicer

Direct Consolidated Unsubsidized

$35,000 (Sam's)

MOHELA

FFEL Consolidated

$35,000 (Sam's)

Aidvantage

Direct PLUS Parent

$44,000 (Daughter's)

MOHELA

Direct PLUS Parent

$37,000 (Daughter's)

MOHELA

Direct PLUS Parent

$36,000 (Daughter's)

MOHELA

Sam’s current monthly payment on the Extended Graduated Plan is $1200. He is entering retirement, and this will severely impact his cash flow. So, he begins the double-consolidation process.

Consolidation process #1

Since Sam has his own loans, we want to leave those out of this consolidation for now.

  • Sam puts his Direct consolidated unsubsidized and FFEL consolidated loans in forbearance for six months. This pauses his payments while he completes the consolidation for the Parent PLUS Loans.
  • He mails in a paper consolidation application to Nelnet, consolidating one Direct PLUS Parent loan. Sam includes an IDR application for ICR in the mailing packet.
  • Then, he mails in the second paper Consolidation application to Great Lakes, consolidating the other two Direct PLUS Parent Loans he did not include on the first application. Sam includes an IDR application for ICR in the mailing packet.
  • He waits. His Direct PLUS Parent loans are successfully consolidated into a Direct Consolidation Loan at both Nelnet and Great Lakes.

Consolidation Process #2

Sam then completes the online consolidation application.

  • He now consolidates just the consolidated loans at Nelnet and Great lakes together by logging into studentaid.gov, and still leaving his own loans out.
  • Sam sends them all to the servicer, Nelnet.
  • He completes an online IDR application for REPAYE, which is based on 10% of discretionary income and household size.

Sam’s joint AGI for him and his wife is $60,000. So, his new payment under REPAYE is slightly higher than $288 per month.

*Since Sam has one FFEL loan that’s not eligible for REPAYE, this loan’s payment is specifically based on 15% of discretionary income instead of 10%, slightly increasing his payment. Sam could complete another consolidation in the future, consolidating his two education loans together, but that application would likely need to be done via paper and sent to MOHELA.

This lower payment will help him manage retirement better, giving him about $900 per month back in his cash flow. This is a big difference compared to his original payment of $1200 per month (which would increase every two years on the graduated repayment plan).

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Reader Interactions

Comments

  1. Mary Ann says

    I mistakenly consolidated two of my daughters plus loans into my direct loans from nursing school (second career). Do I have any options available to pull the plus loans back out? I cannot qualify for the IDR plan to get into the PSLF plan due to the payment being $700 a month. I’m currently on an income contingent plan that has my payments at $350/month.

    Nelnet offers me no options except paying the 700 to qualify.

    What do you think?

    Thanks

  2. Quincey says

    Do you have any guidance as to what servicer to file the final consolidation under? Would the original servicer be more likely to recognize the loophole I’m trying to work through and deny me?

    Thanks!

    • Travis at Student Loan Planner says

      We tend to suggest Great Lakes as the ideal servicer to end up with if you’re not pursuing PSLF, and we suggest FedLoan for people pursuing PSLF. The reason you need to use different servicers is that any loans not included with a consolidation get automatically included with a 180 day lookback if you use the same servicer. So you just have to follow the instructions exactly and then it likely works out according to the rules.

      • Quincey says

        Okay gatcha. My initial services was Great Lakes, and I split the first round of the consolidations between Great Lakes and Nelnet. I am pursuing PSLF, so if I do the final consolidation through FedLoan, is the 180 day look-back not applicable? Or should I leave a 180 day window before the final consolidation?

        Thanks so much for your quick response.

        • Travis at Student Loan Planner says

          We suggest using someone besides your current servicer for the 2 consolidations that are used. It might work out ok but I would’ve suggested you use navient and nelnet then do the final consolidation immediately after getting confirmation that both went through and send that internet consolidation of the 2 consolidation loans to fedloan for PSLF.

  3. Ethan says

    I was wondering, I have 7 Parent plus loans and no other federal loans. Am I able to take advantage of this strategy? If I consolidate 3 of these loans at one servicer, and 4 at another, and then at a third servicer once those have been confirmed consolidated, submit those two consolidated loans to this third servicer to be consolidated the second time and I am able to apply for REPAYE on this final consolidated loan?

    Thanks!

  4. Meredith says

    I had completed the paperwork and was ready to send everything in to initiate the process of consolidating the 2 sets of loans but then was furloughed at the end of March due to COVID-19. They’re still paying my insurance, though of course my income has been drastically diminished without a paycheck since March. Would it make sense to leave my employer listed, still provide my 2019 tax return, as well as my unemployment application to verify the date of furlough?

    • Travis Hornsby says

      Sure you just want to get the loans consolidated then reconsolidated dont worry about the payment you can change that later w updated documentation

  5. Robin Thompson says

    Great article but it seems that the outcome of Case Study #2 is a little inflated unless I missed something. Wasn’t the new payment of $288 only for the Parent Plus loans that Sam consolidated? If so, what is the remaining payment for Sam’s Direct loans that were placed into forbearance while he dealt with the Parent Plus loans? If I’m correct, the stated $900 per month cash flow increase will be lower once the remaining loans are accounted for. Thanks for confirming if I missed something or not. Again, great article!

  6. Lee says

    I will have 2 Parent Plus Loans. The first has deferred payments until my daughter graduates in 2021. I am deciding whether we should make immediate payments on the second loan, which will be for my son starting college this Fall. Can these consolidation strategies work if we do NOT defer payments on the 2nd loan or must we defer that as well?

  7. Kris says

    I have two children. If I have a Parent Plus loan for one child who will graduate in 2023. Can I consolidate that into a Direct Consolidation loan once she graduates with ICR payment? Then, when the second child graduates in 2025, can I consolidate the Parent Plus loan I took for her into a Direct Consolidation loan with ICR, and then immediately consolidate both Direct Consolidation loans into a final consolidation loan with FedLoan as the servicer if I’m going for PSLF? Will this loophole work if I consolidate the first child’s loan two years before the second child’s loan is consolidated? Hope this makes sense. Great article!

    • Amy Beardsley About PictureAmy at Student Loan Planner says

      It depends. It could work. Although if you consolidate the Parent Plus loans for your child who graduates in 2023 again in 2025, you lose 2 years of potentially qualifying payments toward PSLF because your payment count starts over when you consolidate. When you first child graduates in 2023, I’d suggest booking a consult to walk through your best strategy options.

  8. Paula Gibbs says

    I have three Parent Plus Loans and I’d like to take the Double Parent Plus Consolidation approah. How can I do this with three Parent Plus Loans?

  9. alicia says

    Is it possible to use this consolidation plan on my own or do I need to pay someone to help me with this? I have Parent Plus loans that I would like to move to PAYEE program by doing the double consolidation.

    • Amy Beardsley About PictureAmy at Student Loan Planner says

      You shouldn’t ever have to pay someone to use a consolidation plan. It’s possible to do it on your own. Our consult service analyzes your loans and situation to pick the best repayment option but you’re paying for our financial expertise which can streamline your repayment strategy.

  10. Paul says

    I have gone through the first round of consolidation with my parent plus loans. I have received confirmations that both have been approved, but because of the covid cares acts, payments do not start till February, so I have not received a payment schedule yet on both. Would you suggest waiting for the payment schedules before going through the second round of consolidation on Federal Aid’s website? Or would it be ok for me to move forward without the payments schedules?

    I appreciate the article!

  11. Bobbi says

    If I already have a consolidation loan with Fed Loan that includes a FFEL (my) loan and parent plus, can I consolidate again with my daughters parent plus loans. So basically combining the 3 consolidation loans together with Fedloan to be eligible for the loophole, or will Fedloan know and just combine them all together with them and I would just remain on ICR?

    • Amy Beardsley About PictureAmy at Student Loan Planner says

      Hi Bobbi – I ran this one by one of our consultants and if they are all 3 separate consolidation loans, you could combine them all and open access to REPAYE/PAYE/IBR. Just make sure to use a different servicer altogether. If you leave the consolidation loan with FedLoan out (with an FFEL loan and a Parent Plus loan) and only consolidated the 2 Parent Plus consolidated loans, that FedLoan consolidation loan would stay only eligible for ICR, while the other 2 would consolidate and have access to PAYE/REPAYE/IBR. If the Parent Plus loans are still in their original form, those need to be consolidated FIRST, then you could consolidate that one with your existing consolidation loan at FedLoan. Hopefully that makes sense – it’s quite a process, as you can see. If that seems confusing, book a consult and one of our consultants can walk you through it.

      • Bobbi says

        Thank you Amy, it is not confusing at all. I forgot to mention I am a teacher so that is why I am using Fedloan for PSLF. I listen to the Student Loan Planner podcasts which give great advice as well.
        I have told other teachers about your service and info on the web, most of them think they are getting forgiveness but they are not with Fedloan. They do have to be with Fedloan for PSLF, correct?
        Thanks Again,
        Bobbi

  12. Amos says

    Thank you for the great article!

    Do you know whether the same method works if we reconsolidate a single commercially-owned *FFEL* consolidation loan–that repaid Parent PLUS loans–to a Direct Consolidation Loan? The current loan shows up as type J, “Unsubsidized FFEL consolidation loans,” on the Direct Consolidation Loan Application.

    By the way, I thought readers might be interested to know the 2017 PROSPER Act (currently dead to my knowledge) had an explicit provision to close this loophole: “A current law loophole allows parent loan borrowers to enter IBR if such borrowers consolidate a consolidation loan. We eliminate this ‘double consolidation’ loophole for all loans.”

  13. Teri says

    If you have not taken a new loan out in the last 180 days (6 months) can you do the process electronically. When talking to the loan servicers, they say that to just pick the loans you want to consolidate when you fill out the online application.

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Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.

Lender and Bonus disclosure

Laurel Road: If you refinance more than $250,000 through our link and Student Loan Planner receives credit, a $500 cash bonus will be provided directly by Student Loan Planner. If you are a member of a professional association, Laurel Road might offer you the choice of an interest rate discount or the $300, $500, or $750 cash bonus mentioned above. Offers from Laurel Road cannot be combined. Rate range above includes optional 0.25% Auto Pay discount.

Laurel Road Bonus Offer Disclosure:

Rates as of 3/21/23. Rates Subject to Change. Terms and Conditions Apply. All products subject to credit approval. Laurel Road disclosures. To qualify for this Laurel Road Welcome Bonus offer: 1) you must not currently be an Laurel Road client, or have received the bonus in the past, 2) you must submit a completed student loan refinancing application through the designated Student Loan Planner® link; 3) you must provide a valid email address and a valid checking account number during the application process; and 4) your loan must be fully disbursed. If a borrower is eligible for and chooses to accept an interest rate promotional offer due to that borrower’s membership in a professional association, the borrower will not be eligible for the cash bonus from Laurel Road. However, the borrower can still be eligible for the Student Loan Planner® bonus if they qualify under the “Student Loan Planner® Bonus Disclosure terms below.”  If you opt to receive the cash bonus incentive offer, you will receive a $1,050 bonus if you refinance $100,000 or more, or a $300 bonus if you refinance an amount from $50,000 to $99,999.99. For the $1,050 Welcome Bonus offer, $500 will be paid directly by Student Loan Planner® via Giftly. Laurel Road will automatically transmit $550 to your checking account after the final disbursement. For the $300 Welcome Bonus offer, Laurel Road will automatically transmit the $300 bonus to your checking account after the final disbursement.  There is a limit of one bonus per borrower. This offer is not valid for current Laurel Road clients who refinance their existing Laurel Road loans, clients who have previously received a bonus, or with any other bonus offers received from Laurel Road via this or any other channel.

You 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

Student Loan Planner® Bonus Disclosure

Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.

Lender and Bonus disclosure

Elfi: If you refinance over $150,000 through this site, $500 of the cash bonus listed above is provided directly by Student Loan Planner.

To begin the qualification process for the Student Loan Planner® sign on bonus, customers must apply from the link provided on https://www.elfi.com/student-loan-planner. Customers who are approved for and close a loan will receive the $300-$775 bonus through a reduction in the principal balance of their Education Loan Finance loan when your loan has been disbursed. The amount of the bonus will depend on the total loan amount disbursed. In order to receive this bonus, customers will be required to complete and submit a W9 form with all required documents. Taxes are the sole responsibility of the recipient. There is a limit of one bonus per borrower. This offer is not valid for current ELFI customers who refinance their existing ELFI loans, customers who have previously received a bonus, or with any other bonus offers received from ELFI via this or any other channel. If the applicant was referred using the referral bonus, they will not receive the bonus provided via the referring party. If the applicant becomes an ELFI customer, they may participate in the referral bonus by becoming the referring party. Additional terms and conditions apply.

For the $1,275 bonus associated with refinancing at least $150,000, $500 of the bonus is provided by Student Loan Planner® via Giftly, which can be redeemed as a deposit to your bank account or PayPal account. Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.

Splash Disclosure

See disclaimers at: https://www.splashfinancial.com/disclaimers/

Splash Financial, Inc. (NMLS #1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545

General Disclosure

Terms and conditions apply. Loan or savings calculators are offered for your own use and the results are based on the information you provide. The results of this calculator are only intended as an illustration and are not guaranteed to be accurate. Actual payments and figures may vary. Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member. The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans. Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. Products may not be available in all states. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer but does not guarantee you will receive any loan offers. If you do not use the specific link included on this website, offers on the Splash website may include offers from lending partners that have a higher rate. This information is current as of March 2, 2023.

Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates are reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require an autopay discount of 0.25%.

Fixed APR: Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed rate options range from 4.47% (without autopay) to 9.24% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer.

Variable APR: Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 4.59% (with autopay) to 9.24% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Variable rates are 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).

Lender and Bonus Disclosure

Splash: If you refinance over $100,000 through this site, $500 of the cash bonus listed above is provided directly by Student Loan Planner. Lowest rates displayed with an autopay discount of 0.25%. Splash disclosures.

To begin the qualification process for the Student Loan Planner® sign on bonus, customers must apply from the link provided. Customers who are approved for and close a loan will receive the $300-$500 bonus through Splash Financial. The amount of the bonus will depend on the total loan amount disbursed. There is a limit of one bonus per borrower. This offer is not valid for current Splash customers who refinance their existing Splash loans, customers who have previously received a bonus, or with any other bonus offers received from Splash via this or any other channel. If the applicant was referred using the referral bonus, they will not receive the bonus provided via the referring party. Additional terms and conditions apply.

For the $1,000 bonus associated with refinancing at least $100,000, $500 of the bonus is provided by Student Loan Planner® via Giftly, which can be redeemed as a deposit to your bank account or PayPal account. Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.

Lender and Bonus disclosure

Sofi: If you refinance $100,000 or more through this site, $500 of the $1,000 cash bonus is provided directly by Student Loan Planner. Fixed rates range from 4.74% APR to 8.99% APR with a 0.25% autopay discount. Variable rates from 5.09% APR to 8.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. 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 refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). Additional terms and conditions apply; see SoFi.com/eligibility for details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Rate Match Guarantee Disclosure

Get $100 when you fund a Student Loan Refinance offered by SoFi Lending Corp. or an affiliate. $100 bonus not available to residents of OH. Rate Match valid only for private student loan refi products & will be on the rate, exclusive of all discounts. Eligible documentation of a competitor’s current rate offer, issued within 30 days of your SoFi pre-qualified rate, will be determined at SoFi’s sole discretion and must be for the same loan amount and repayment terms. Lowest rates reserved for the most creditworthy borrowers. Void where prohibited by state law. See full terms & conditions at sofi.com/refinance-student-loan/#guaranteed-rate-match. SoFi reserves the right to modify or discontinue at any time without notice. Additional terms & conditions apply; see SoFi.com/eligibility. CFL#6054612, NMLS#1121636 (nmlsconsumeraccess.org)

Student Loan Planner® Bonus Disclosure

Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.

Lender and Bonus disclosure

Credible:If you refinance over $100,000 through this site, $500 of the cash bonus listed above is provided directly by Student Loan Planner.

To begin the qualification process for the Student Loan Planner® sign on bonus, customers must apply from the link provided on www.credible.com.

The amount of the bonus will depend on the total loan amount disbursed. In order to receive this bonus, customers will be required to complete and submit a W9 form with all required documents. Taxes are the sole responsibility of the recipient. A customer will only be eligible to receive the bonus one time. New applicants are eligible for only one bonus. Additional terms and conditions apply.

For the $1,250 bonus associated with refinancing at least $100,000, $500 of the bonus is provided by Student Loan Planner® via Giftly, which can be redeemed as a deposit to your bank account or PayPal account. Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.

Lender and Bonus disclosure

Terms and conditions apply. To qualify for this LendKey Bonus offer: 1) you must not currently be an LendKey client, or have received the bonus in the past, 2) you must submit a completed student loan refinancing application through the designated Student Loan Planner® link; 3) you must provide a valid email address and a valid checking account number during the application process; and 4) your loan must be fully disbursed.

You will receive a $1,250 bonus if you refinance $150,000 or more, or a $100 to $400 bonus if you refinance an amount from $20,000 to $149,999.99, depending on the amount refinanced. For the $1,250 Welcome Bonus offer, $500 will be paid directly by Student Loan Planner® via Giftly. LendKey will automatically transmit $750 to your checking account after the final disbursement. For the $100 to $400 Welcome Bonus offer, LendKey will automatically transmit the $100 to $400 bonus to your checking account after the final disbursement. There is a limit of one bonus per borrower. This offer is not valid for current LendKey clients who refinance their existing LendKey loans, clients who have previously received a bonus, or with any other bonus offers received from LendKey via this or any other channel. Bonus cannot be issued to residents in KY, MA, or MI.

Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed.

Sallie Mae Disclosures

1 Lowest rates shown include auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 3/27/23.

Advertised APRs for career training students assume a $10,000 loan to a student who attends school for 2 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.

Sallie Mae Disclosures

1 Lowest rates shown include auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 3/27/23.

Advertised APRs for career training students assume a $10,000 loan to a student who attends school for 2 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.

Sallie Mae Disclosures

1 Lowest rates shown include auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 3/27/23.

Advertised APRs for career training students assume a $10,000 loan to a student who attends school for 2 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.

Discover Disclosures

Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount a 0.25% interest rate reduction while enrolled in automatic payments.

The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including Undergraduate, Graduate, Health Professions, Law and MBA Loans. The lowest APRs shown for residency, bar exam, private consolidation and parent loans are available for the most creditworthy applicants and include a 0.25% interest rate reduction while enrolled in automatic payments.

The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of January 1, 2021. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both.

Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates.

Sallie Mae Disclosures

1 Lowest rates shown include auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 3/27/23.

Advertised APRs for career training students assume a $10,000 loan to a student who attends school for 2 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.

CommonBond Disclosures: Private, In-School Loans

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access (https://www.nmlsconsumeraccess.org/). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.  If you choose to complete an application, we will conduct a hard credit pull, which may affect your credit score. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.

Student Loan Planner® Disclosures

Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.

Sallie Mae Disclosures

1 Lowest rates shown include auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 3/27/23.

Advertised APRs for career training students assume a $10,000 loan to a student who attends school for 2 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.