Florida Student Loans

A college degree opens several doors for students, including a strong career path, higher earning power, and the potential to create a life of financial stability well into the future. Unfortunately, that degree is likely to cost thousands of dollars.

To help cover the costs of a higher education, there are a number of student aid options available. The first form of aid to consider is free aid. This type of aid includes scholarships and grants and does not need to be repaid.

If you’ve considered all free aid available to you and still need additional funding, Florida student loans can help.

On this page:

• Getting Student Loans for College in Florida
• Federal Student Loans in Florida
• Private Student Loans in Florida
• Recap of Florida Student Loans

Getting Student Loans for College in Florida

The first step in receiving student loans is completing the Free Application for Federal Student Aid, or FAFSA. This application, managed by the Department of Education, provides financial aid to students throughout the country.

Once the FAFSA is submitted, the Department of Education can determine a student’s ability to pay for college and offer funding that can help bridge the gap.

Federal Student Loans

When looking for Florida student loans, the first place to start is with the federal government. These loans come with benefits not available through private lenders. Some of these benefits include:

• Low rates. With fixed interest rates, borrowers won’t have to worry about the interest on their loans fluctuating over time.
• Several repayment options. Borrowers can pause payments during hardship through deferment or forbearance. In addition to these protections, there are a number of income-driven repayment plans that can make repayment easier to manage.
• Loan forgiveness. If you work for an eligible employer and participate in an income-driven repayment plan for long enough, you may qualify for student loan forgiveness.

Types of Federal Loans

Here are some federal loans available in Florida:

• Direct Subsidized Loans: These loans are available to undergraduate students with financial need. The government pays the interest on the loan while you’re in school at least half-time, for the first six months after you leave school, and during a period of deferment.
• Direct Unsubsidized Loans: These loans are available to undergraduate and graduate students with or without financial need. Borrowers are responsible for paying the interest on this loan at all times.
• PLUS loans: There are two types of PLUS loans. The Parent PLUS loan, which is for parents of dependent undergraduate students, and the Grad PLUS loan, which is for graduate or professional students.

Private Student Loans in Florida

Unfortunately, federal student loans have borrowing limits that can stop them from covering the full cost of your education. That’s where private student loans come in.

Private lenders rely on your credit to determine eligibility. Since most students don’t have an established credit history, a cosigner can be added to the loan to improve your application.

Here are some private lenders offering student loans in Florida.

College Ave

College Ave is our top-rated student loan lender. Student loans are available to undergraduates, graduates, and parents. If approved, College Ave allows you to select the loan term that best fits your repayment needs.

• Variables rates: 1.49% – 11.98%
• Fixed rates: 4.39% – 12.99%
• Rate reduction: 0.25% automatic payment discount
• Fees: Late payment fee of 5% of the unpaid amount or $25, whichever is less
• Cosigner release: After 24 on-time payments
• In-school repayment: Full principal & interest, interest-only, flat $25, or deferred payment
• Grace period: 6 months, but can apply for up to 6 more months

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Earnest

Earnest is an online lender offering student loans to undergraduate and graduate students. If interested, you can check your eligibility in two minutes, with no commitment or effect on your credit. One perk with this lender is that once repayment starts, you can skip one payment per year if you run into trouble managing that monthly payment.

• Variables rates: 2.74% – 11.44%
• Fixed rates: 4.39% – 12.78%
• Rate reduction: 0.25% automatic payment discount
• Fees: None
• Cosigner release: Not available unless you refinance with the company
• In-school repayment: Principal & interest, interest-only, fixed $25, or deferred payment
• Grace period: 9 months

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Ascent

The information above is for the Ascent Non-Cosigned Credit-Based and Future Income-Based Loans.

Ascent offers cosigned and non-cosigned student loans for undergraduates and graduates. If you are unable to add a cosigner to your loan and don’t have an established credit history, an Ascent loan can be a good option. You can check your prequalified rates without affecting your credit score. An added benefit is that once you graduate, you can earn a 1% cash back reward.

• Variable rates: 3.17% – 13.92%
• Fixed rates: 3.98% – 14.92%
• Rate reduction: 0.25% automatic payment discount
• Fees: None
• Cosigner release: After 12 on-time payments
• In-school repayment: Interest-only, $25 flat, or deferred payment
• Grace period: 9 months

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Recap of Florida Student Loans

Lender/Loan	Loan Type	Rates (APR)
Direct Subsidized	Federal	2.75%
Direct Unsubsidized	Federal	2.75% or 4.30%
Parent PLUS	Federal	5.30%
Grad PLUS	Federal	5.30%
College Ave	Private	1.24% – 12.99%
Earnest	Private	1.24% – 12.78%
Ascent	Private	2.72% – 14.50%

If you’d like to compare other options, you can see our picks for the best private student loans or learn more about state student loans.