Where to Find Florida Student Loans and Refinancing Options

Between its sandy beaches and diverse culture, Florida is a great place to live and go to school. But the cost of college can leave students in debt for years to come.

The Institute for College Access & Success found that almost half of the 2018-2019 graduating class left Florida four-year colleges with student debt. And the average debt load came out to $24,629.

It also found that 63% of Florida undergraduates had financial need, but only 20% of those students’ needs were fully met with grants and federal subsidized loans.

If you find yourself in a similar situation and don’t have enough financial aid to cover your education costs, you might need to turn to private student loan options. There are several Florida student loan refinance lenders that can save existing borrowers money.

Read on to find some of the top Florida student loans available locally and nationally — and where to find the best refinancing offers in the state.

Florida private student loans options

Before diving into private student loans, make sure you’ve exhausted scholarship, grant, and federal student loan opportunities, completely.

Federal loans typically have lower interest rates and better benefits, like flexible income-driven repayment (IDR) plans and loan forgiveness programs. Some also offer the ability to apply without a cosigner or credit history.

But federal loans also have loan limits, which means you might need private loans to cover any remaining financial need.

Local private lenders, like credit unions or nearby banks, might be more willing to work with you if you or your family has an existing relationship. But national lenders are also a great option. They offer simple application processes with competitive interest rates. Here’s a few lenders to explore for Florida student loans.

USF Federal Credit Union

USF Federal Credit Union has been helping the University of South Florida’s faculty, staff, students and their families since 1959. It now offers private student loans for both undergraduate and graduate students nationwide.

Key details for its undergraduate and graduate loans include:

• Rate type: Variable
• Interest rates: 4.00% to 7.00%
• Terms: 20 or 25 years, depending on the principal balance
• Loan amounts: $1,000 to $75,000 for undergraduates ($100,000 maximum for graduates)
• 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

*As of December 25, 2020. Rates are subject to change without notice.

Suncoast Credit Union

Suncoast Credit Union is Florida’s largest credit union. It offers private student loan options for undergraduates and graduates, and loans specific to students attending business, medical, dental or law school.

Key details for its undergraduate loan include:

• Rate type: Variable or fixed
• Interest rates: 1.25% to 13.87%
• Terms:         5 to 20 years
• Loan amounts: $1,000 up to 100% of the cost of attendance
• Cosigner option: Yes
• Cosigner release: Yes, after 12 on-time payments
• In-school repayment option: $25 fixed monthly payments, interest-only payments or defer principal and interest

*As of December 25, 2020. Rates are subject to change without notice.

Keep in mind that Suncoast Credit Union’s rates, terms and benefits vary based on the type of loan at the graduate level.

National private student loan lenders

We recommend shopping around with at least three private student loan lenders to find the best interest rate and loan terms. And this includes checking out lenders that serve students nationwide.

You can quickly compare lenders online by using a platform like Credible. Or consider exploring these lenders that are known for fast applications and flexible loan terms:

• Sallie Mae. Best for one-stop shopping with a variety of private student loans and terms to choose from.
• Earnest. Best for a quick application and approval process.
• Ascent. Best for borrowers without a cosigner.
• College Ave. Best for customer service and accessible loan options for everyone (e.g. undergraduates, graduate students and parents).

Read our detailed private student loan reviews for: Sallie Mae, Earnest and Ascent.

Florida student loan refinance options

If you already have Florida student loans, you might benefit from refinancing with a private lender. You might be able to lower your interest rate or find better terms that fit your current financial situation.

But don’t rush into refinancing if you have federal student loans due to their strong borrower protections and benefits. You’ll need to weigh the various pros and cons of refinancing since you’ll forfeit access to IDR plans and loan forgiveness programs that might benefit you more in the future.

If you have private student loans or are in a good place to refinance your federal loans, consider the following refinancing lenders.

Earnest

Earnest is an online lender that offers flexible repayment terms, custom loan payments, and a cash-back bonus of up to $1,000 (if you refinance more than $100,000).

Key refinancing details include:

• Rate type: Variable or fixed
• Interest rates: 1.99% to 5.89%
• Terms:         5 to 20 years
• Loan amounts: $5,000 minimum ($10,000 for California residents) up to $500,000
• Cosigner option: No

*As of December 25, 2020. Rates might include an autopay discount and are subject to change without notice.

Note that Earnest doesn’t lend to residents of Kentucky and Nevada. And variable rate loans are based on residency.

Laurel Road

Laurel Road offers flexible repayment terms, profession-based discounts and a cash-back bonus of up to $1,050. It’s a great choice for medical professionals, high-income earners and high-debt borrowers.

Key refinancing details include:

• Rate type: Variable or fixed
• Interest rates: 1.89% to 6.00%
• Terms: 5, 7, 10, 15 and 20 years
• Loan amounts: $5,000 minimum, no maximum
• Cosigner option: Yes

*As of December 25, 2020. Rates might include an autopay discount and are subject to change without notice.

Another top refinancing lender includes ELFI.

Some readers ask if you should refinance your student loans through your mortgage in Florida, and generally the answer is no because there's no tax advantages. Stick to the actual student loan refinancing companies.

Make a plan for your Florida student loans

There’s no shame in taking out student loans to pursue your education and career goals. But it’s best to have a debt repayment in place to maximize your savings over the life of your loans.

Borrowers with Florida student loans have access to loan forgiveness programs, including federal programs. There are also a variety of strategies to help pay down your student debt efficiently.

If you’d like detailed help figuring out the best student debt route, schedule a consult with a member of our team. Our student debt experts can review your student debt and finances to create a custom plan to help you achieve your long-term goals.

Get a Student Loan Plan