The Steps For Obtaining Or Refinancing A Student Loan In Kansas

It’s very important for a student to plan accordingly before starting a course and obtaining a student loan. Students need to take into consideration the rates and terms before applying for a new loan. If you've already taken out a loan, then you may want to refinance it at a lower rate. Depending on the state that you live in, you may be eligible for state-funded loan forgiveness programs. 

Read on to learn about the different financing options available for education in Kansas.

How to Get Student Loans in Kansas?

Before applying for a particular loan, it’s important to check through the details and select the right option. Below are the two most important types through which a student can get a student loan in Kansas. 

• Federal student loans. There are two federal options that you can choose from, subsidized and unsubsidized. Subsidized federal loans are provided only on the basis of the financial need of a student. One benefit of getting this is that the interest on the loan repayment starts only after you have graduated from the school

Unsubsidized federal loans can be obtained by any student, but interest adds up even when you’re in school. Federal loans are great options because they have low interest rates, easy repayment terms, and loan forgiveness programs

• Private student loans. If you’re not eligible for federal loans or if the approved loan doesn’t cover the cost of college, then you can apply for a private loan. Comparatively, private loans have higher rates and stringent repayment terms. Even if you might get a low interest rate, you might not get as many benefits as in a federal loan. Therefore, choose carefully and do your research 

Ways to Refinance Student Loans In Kansas

If you have a federal loan but are unsure whether you’ll be able to repay it or not after graduation, then one of the best things that you can do is to refinance it. When you go for the refinancing option, you pay off the earlier loan amount with a new loan. This way, you’ll receive extra time to repay your new loan amount. 

There are several things that you should check before getting the refinancing. Check through the interest rates provided by different loan providers. Go for the one that’s offering the lowest rate. Apart from this, check for other possible repayment methods. After you have refinanced your federal loan, you’re no longer eligible for the federal benefits. 

Student Loan Forgiveness Programs in Kansas

There are federal forgiveness programs available to those who aren’t able to repay back the loan amount after graduation. If you’re not eligible for the federal forgiveness program, there are also several other student loan forgiveness programs in Kansas. 

The Rural Opportunity Zones Student Loan Repayment Program

With the Rural Opportunity Zones Student Loan Repayment Program, you’ll be eligible to get paid for your stay and studies in the state of Kansas. There are 77 counties zoned for this program. Moreover, students can get a repayment facility of up to $15,000 over five years. There are also other benefits of the program, such as a waiver of income tax for residents of Kansas with outstanding student loan debt.

Kansas Bridging Plan

This program is for those students who are practicing through residency programs in Kansas. The program offers about $26,000 for student forgiveness. When you’re applying for this particular program, there’s one condition that you’ll need to fulfill. You have to practice full-time medicine in a proper rural community for at least a time period of three years. This practice has to be done after you have completed your residency program. If you fulfill this condition, then you’ll be eligible for this forgiveness program provided in the state of Kansas. 

Kansas State Loan Repayment Program

Students with US citizenship can also take advantage of the Kansas State Loan Repayment program if they haven’t defaulted on their student loan payments. The program offers loan repayment options for different providers of healthcare in the state. If you’re eligible for this program, you can get up to $25,000 each year for two years. If approved, you may also be able to carry forward this benefit for the next three years. However, the amount will decrease every year.

Bottom Line

If you’re a student in the state of Kansas, you can enjoy several loan repayment and forgiveness options. Choose the right options at the right time so that you don't end up in unnecessary debt.