Navigating student loan options in Missouri requires understanding both federal and state-specific programs. WiseIQ helps you compare private lenders and discover local grants to fund your education.
Federal student loans should always be exhausted before turning to private loans. Federal loans offer income-driven repayment, forgiveness programs, and deferment options that private lenders do not.
Missouri, known as the Show-Me State, has a population of 6.2M with a median household income of approximately $59,000. The current unemployment rate stands at 2.9%, which lenders consider when evaluating applications from Missouri residents.
Major financial hub: Kansas City is the primary financial center for Missouri residents, with access to both national and regional lenders.
Missouri's student loan landscape reflects national trends with significant debt burdens, but also offers various state-specific programs to assist students. Understanding these figures is crucial for making informed borrowing decisions.
College Ave Student LoansIssuer/Lender: College Ave
APR Range: 2.84-17.99% Fixed, 3.89-17.99% Variable
Key Benefit: Highly flexible repayment options and extended grace period.
Sallie Mae Student LoansIssuer/Lender: Sallie Mae
APR Range: 2.89-17.49% Fixed, 3.75-16.37% Variable
Key Benefit: Excellent for part-time students seeking financial aid.
SoFi Private Student LoansIssuer/Lender: SoFi
APR Range: 3.23-15.99% Fixed, 5.14-16.49% Variable
Key Benefit: No fees and robust unemployment protection.
Ascent Student LoansIssuer/Lender: Ascent
APR Range: 4.29-16.08% Fixed, 5.30-16.12% Variable
Key Benefit: Offers options for students without a cosigner.
Earnest Private Student LoansIssuer/Lender: Earnest
APR Range: 3.24-16.49% Fixed, 4.39-16.49% Variable
Key Benefit: Flexible payment options, including skipping a payment once a year.
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| Lender | Fixed APR Range | Variable APR Range | Min. Credit Score | Key Features |
|---|---|---|---|---|
| College Ave | 2.84-17.99% | 3.89-17.99% | Mid-600s | Flexible repayment, grace period extension |
| Sallie Mae | 2.89-17.49% | 3.75-16.37% | Mid-600s | Loans for part-time students, competitive rates |
| SoFi | 3.23-15.99% | 5.14-16.49% | Mid-600s | No fees, unemployment protection |
| Ascent | 4.29-16.08% | 5.30-16.12% | None (no-cosigner options) | No cosigner required, future income-based options |
| Earnest | 3.24-16.49% | 4.39-16.49% | 650 | Customizable payments, skip one payment/year |
| Citizens Bank | 3.99-16.99% | 4.50-17.50% | 670 | Multi-year approval, cosigner release |
| Discover | 4.49-16.99% | 5.29-17.99% | 660 | Cash rewards for good grades, no fees |
Selecting the right student loan is a critical decision. Consider these four tips to ensure you make the best choice for your educational journey in Missouri: