Written By Caitlin See
Updated on November 6, 2024
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
- Terms: 5, 10 and 15 years
- Loan amounts: $5,000 to $125,000
- Cosigner option: Yes
- Cosigner release: Yes, after 48 on-time payments
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
- Terms: 10 and 15 years
- Loan amounts: $5,000 to $75,000
- Cosigner option: Yes
- Cosigner release: Yes, after 48 on-time payments
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
- 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)
Read our full Splash Financial student loan refinancing review.
Splash Financial: Best for easy application
- Positives: Compares multiple lenders, good customer service available
- Allows cosigners: No
- Deferment or forbearance available: Yes, length and availability varies based on lender
- Interest rates: Fixed starting at 4.99% APR; Variable starting at 5.28% APR
- Bonus: $300 for 50k to 99k or $1,000 when you refinance $100,000 or more
Splash searches multiple lenders at once and provides a rate estimate very quickly. Their site provides one of the best user experiences, and you can get a rough estimate of how good your rate will be in the market as a whole by applying with them. Get up to a $1,000 bonus when you use our Splash Financial link to apply and refinance. Note that if you refinance $100,000 or more, $500 of the $1,000 bonus comes directly from Student Loan Planner®. Lowest rates displayed may include an autopay discount of 0.25%.
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: Best for flexible repayment
- Positives: Flexible repayment terms, custom loan payments
- Allows cosigners: Yes
- Deferment or forbearance available: Yes, up to 36 months
- Interest rates: Fixed starting at 3.95% APR; Variable starting at 5.89% APR
- Bonus: $200 for refinancing 50k to $99,999; $1000 for refinancing 100k or more.
Payment flexibility and consistently low rates make Earnest a top lender Student Loan Planner® readers use when refinancing student loans. Earnest also services its own loans and has a Rate Match program that matches competitors' contractual interest rates. If you refinance $100,000 or more, you can get a $1000 bonus ($500 Earnest bonus + $500 from Student Loan Planner®). *See Earnest disclosures
Laurel Road: Best for medical professionals
- Positives: Flexible repayment terms, profession based discounts
- Allows cosigners: Yes, cosigner release available after 36 months
- Deferment or forbearance available: Yes, up to 12 months
- Interest rates: Fixed starting at 4.99% APR; Variable starting at 5.29% APR
- Student Loan Planner® bonus: $300 for refinancing 50k to 100k, $1,050 for refinancing over 100k, OR interest rate discount if applicable.
While Laurel Road serves all borrowers, it is a must check for medical professions as well as Parent PLUS loan borrowers. They offer residency and fellowship refinancing and an additional 0.25% rate discount based on membership to different medical and dental associations. Laurel Road will automatically apply the better of our bonus up to $1,050 OR an applicable professional association discount you qualify for when you use our link to apply. *See disclosures
ELFI: Best for customer service
- Positives: Highly competitive fixed rates
- Allows cosigners: Yes, but no cosigner release
- Deferment or forbearance available: Yes, up to 12 months
- Interest rates: Fixed starting at 4.88% APR; Variable starting at 4.86% APR
- Bonus: $300 for refinancing at least $50,000. $575 for 100k to 149k, and $1,275 for refinancing 150k+.
Education Loan Finance, aka ELFI, excels with customer service and low rates for borrowers with the highest credit scores. There is a minimum loan size of $10,000 but no max loan size, and their fixed rates are very competitive historically. Expect about 5 minutes to get an initial rate estimate. Get up to a $1,275 bonus when you use our ELFI link. ($500 of this would come from Student Loan Planner®). *See disclosures
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
- 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
KEMBA Financial Credit Union
- Rate type: Fixed and variable
- 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
Additionally, KEMBA Financial Credit Union offers graduate student loans with a variable rate.
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
- Fixed interest rates: 3.49% APR – 15.49% APR1
- Variable interest rates: 4.92% APR – 15.08% APR1
Sallie Mae Disclosures
1 Lowest rates shown include the auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 11/25/2024.
Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 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.
Earnest
- Fixed interest rates starting at 3.47% APR
- Variable interest rates starting at 4.99% APR
Ascent
- Fixed interest rates starting at 3.69% APR
- Variable interest rates starting at 5.50% APR
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.
Refinance student loans, get a bonus in 2024
| Lender Name | Lender | Offer | Learn more |
|---|---|---|---|
|
$500 Bonus
For refinancing 100k or more (bonus from Student Loan Planner®, not SoFi®)
|
Fixed 4.49 - 9.99% APR
Variable 5.99 - 9.99% APR with all discounts with all discounts |
|
|
|
$1,000 Bonus
For 100k or more. $200 for 50k to $99,999
|
Fixed 3.95 - 9.74% APR
Variable 5.89 - 9.74% APR
|
|
|
$1,000 Bonus
For 100k or more. $300 for 50k to $99,999
|
Fixed 4.99 - 10.24% APPR
Variable 5.28 - 10.24% APR
|
|
|
$1,050 Bonus
For 100k+, $300 for 50k to 99k.
|
Fixed 4.99 - 8.90% APR
Variable 5.29 - 9.20% APR
|
|
|
$1,275 Bonus
For 150k+, $300 to $575 for 50k to 149k.
|
Fixed 4.88 - 8.44% APR
Variable 4.86 - 8.49% APR
|
|
|
$1,250 Bonus
For 100k+, $350 for 50k to 100k. $100 for 5k to 50k
|
Fixed 3.85 - 12.10% APR
Variable 4.70 - 13.44% APR
|
Not sure what to do with your student loans?
Take our 11 question quiz to get a personalized recommendation for 2024 on whether you should pursue PSLF, Biden’s New IDR plan, or refinancing (including the one lender we think could give you the best rate).
