Oregon Student Loans: Refinancing and Private Student Loan Options

Over 560,000 individuals with outstanding student loan debt call Oregon home. More than half of four-year graduates leave campus with a debt bill made up mostly of federal student loans.

Although having student loan debt seems inevitable, like death and taxes, carrying around a huge debt can weigh on your life choices and be a continual burden. Below is a snapshot of student loan debt in Oregon and refinancing and private student loan options available for residents of the state.

State of student loan debt in Oregon

Roughly 54% of four-year college graduates in Oregon leave school with student loan debt, with federal student loans making up 80% of the total debt. The average student loan debt for Oregon borrowers is $27,542, far lower than the $39,351 national average.

Average student loan debt of graduates	$27,542
Percent of students with debt	54%
Percent of debt of private loans	20%

Residents’ student debt total is lower than the national average, but Oregon’s cost of living isn’t. A cost-of-living index compares the typical expenses of a person from different states. Expenses factored into a cost-of-living index include:

• Food
• Housing
• Transportation
• Utilities
• Clothing
• Education
• Healthcare
• Children
• Entertainment

According to the Missouri Economic Research and Information Center, Oregon has a cost-of-living index of 133.7. That’s the fifth-highest in the U.S., behind Hawaii, Washington D.C., New York and California. The national cost-of-living average is 100.

Living in a state with a high cost of living hurts your ability to pay off debt quickly. It causes more strain on your income, leaving fewer funds available to pay down debt early. The opposite is true of living in other states known for a lower cost of living. Living somewhere notorious for a low cost of living can free up the extra funds necessary to pay off loan debt earlier.

What Oregon student loan borrowers need to know

Oregon is known for its quality of healthcare workers. Unfortunately, that also means there’s an abundance of workers looking for a job at any given time. The competitive job landscape usually also means lower starting salaries for those who land a job.

If you move to Oregon with hopes of securing a high-paying healthcare job, you might be disappointed. Unfortunately, healthcare’s considered a high-debt profession because of the extra years of schooling required. If you end up with a lower income than you had hoped for, you face a dilemma.

Oregon has much to offer, but it also might not be the best state to pay off your loan debt. That doesn’t mean you need to up and move somewhere else, but it’ll take careful planning to maximize your income to pay off your debt.

Student loan refinance in Oregon

If you’re dealing with six-figure loan debt, one way to cut the cost dramatically by refinancing your student loans. Depending on your credit, you might qualify for lower interest rates than you’re currently paying on your federal loans. If so, you can save thousands of dollars by refinancing to a lower interest rate.

Oregon’s home to several lenders that offer student loan financing. However, it’s rare to find a local lender or credit union that offers rates comparable to what you would see from popular national lenders. The goal’s to find the best rate and terms, not shop locally.

Here are some of the best refinancing lenders Oregon residents should consider:

• Earnest
• Laurel Road
• SoFi®
• ELFI

Credible is another excellent place to find good student loan interest rates. You can check rates with multiple lenders at one time through the popular online lending marketplace. Most online lenders let you check rates before applying without affecting your credit score, including Credible.

Keep in mind that lenders determine eligibility by looking at factors like credit score and history, debt-to-income ratio, income, and other financial aspects. If your credit isn’t established enough, you might need a cosigner to qualify for student loan refinancing.

Another point to consider is that you can actually refinance your student loans more than once. Most people don’t know this, but there’s no limit to how many times you can refinance. As your income increases and your credit improves, check to see if you qualify for a lower rate. If you do, refinance again to save even more money.

Use our student loan refinance calculator to determine how much money you could save by refinancing your student loans.

Private student loan options in Oregon for current students

If you’re a current student in Oregon or thinking about attending school soon, you have options too. Your best bet is to always start with federal student aid. There are federal scholarships, grants, and loans available if you qualify. Plus, federal student loans come with extra protections you won’t find elsewhere, like income-driven repayment plans, loan forgiveness programs, and generous forbearance timelines.

Federal loans aren’t your only option, though. Private student loans can also be a good idea, especially if your federal aid doesn’t cover your entire cost of college. Private lenders offer a variety of private loans for undergraduates, graduate students and other specialty professions.

Oregon private student loan credit requirements

As you might expect, private loans are more challenging to land than federal loans because they aren’t need-based. You must meet the credit requirements set by the lender to get approved.

For most college students, that’s not feasible because you’re likely not old enough to have established a credit history yet. All hope isn’t lost, though. Similar to student loan refinancing, you can often qualify for a private student loan through the help of a cosigner.

The bottom line for Oregon student loan borrowers

Student loan refinancing may or may not be right for you. Analyze your career goals and finances to determine if you’re a good candidate to refinance.

If you’re not sure what the correct path is for paying off your student loan debt, we can help. Book time with a student loan consultant today. We work alongside you to create a customized debt payoff plan to fit your specific situation.