Since Sixup is an online lender, you may be wondering if it is legit or scam. All the answers you seek are in this article. That is why we have chosen to do a sixup student loan review. Kindly read through to find out how sixup student loans work for college students. Carefully read through the table of contents for an insight on what sixup student loans does.
What Is Sixup Student Loans?
Founded in 2015, Sixup provides students with difficult financial history assistance in the form of student loans so, they don’t have to drop out of school and go back into the streets becoming worse than they were. Having the student borrowers in mind, the founders of the sixup came up with so great an idea to see that the dreams of these fellows come true. This they do by helping the students transfer to better schools and also, get better jobs upon graduation. It wasn’t easy for the initiators either. This is because they also were from average homes and worked before they could pay up their debts. You May Also Want To Read 15 Best Student Loans For Community College In USA
How Does Sixup Student Loans Work?
The difference between Sixup and other private student loans is the fact that your grades add credence to your qualifying for a loan against the measure of credit scores. In other words, get good grades and strike off a cosigner from the list. Get poor grades and you probably will be needing a cosigner. Then again, fail woefully and don’t imagine applying for the student loan at all. Currently, Sixup only offers student loans of up to $15,000 per annum and a total of $60,000 to undergraduate students. Most borrowers can take out as little as $2,500, though you’ll need to borrow at least $3,000 if you’re from Georgia and $5,000 if you’re from California.
Eligibility For Sixup Student Loans
Funny enough, Sixup does not work with your account history or the fact that you must bring along a cosigner before you can be given a student loan. Although your credit history may be part of the decision-making process, a low file won’t do your stance no harm. Your academic records and overall indebtedness pave a better way for you to be considered for the student loan. A FICO score of 600 is also recommended. Remember that co-signers are not needed in the whole process. Additionally to these requirements, Sixup also considers:
Loan Terms
Sixup offers both fixed and variable-rate loans. Their fixed-rate loans range from 6.890% to 9.890% (6.455% to 9.029% APR). Variable-rate loans range from 6.650% to 9.933% (6.243% to 9.065% APR). With a fixed-rate loan, you pay the same amount every month. But with variable-rate loans, your payment will typically change from year to year as the Prime rate moves up or down. A variable-rate loan can be appealing if the starting rate is lower than a fixed. Just know that as rates rise, so will your monthly payment.
Repayment Options
There are two options available to you: Early nominal fixed payments: Once you take a Sixup loan, payments begin. With this option, you’ll pay only $20/mo while you are enrolled in school. This payment plan will remain in place for your first six months after graduation or if you’re enrolled less than half-time (up to 60 months). Full deferment: This option is the same as above, except there are no payments required. Once the time frames mentioned above are exhausted, regular payments will begin. For both repayment options, loans are for 10 years, including the 6-month period after graduation.
Are There Any Fees?
Yes, in addition to the loan rates mentioned above, there is a late fee that is 4% of the past due amount and is capped at $30. There are no application fees or early payment fees. Read Student Loan Forgiveness Scams in 2022
Sixup Student Loan Options
Sixup offers only undergraduate student loans for low-income students attending four-year non-profit colleges. Students who have virtually used up all forms of aid available to them and those transferring from a two to four-year non-profit college are those who can benefit from sixup student loans. Currently, Sixup student loans for undergraduates is restricted to the following locations.
Sixup Student Loan Service
The student loan services offered by Sixup are as follows.
Application Steps For Sixup Student Loans
Follow the steps below to apply for student loan from Sixup It is important to note that this application and verification processes take about a week or more. Also, Read International Student Loans In The UK
Is Sixup Legit or Scam?
Just like every other online student loan lender, Sixup has its strengths and criticisms one of which is, not having a good rating in the area of customer service relationship with its customers. This is because of its small web presence which I think is ideal for a baby company. It may not have a better business bureau page and this should of course, ring a bell if it were a more established company. Nonetheless, Sixup remains an authentic student loan platform.
Is It Worth It?
If you’re in need of funds for school and have gone through all available sources, Sixup can be a good option. It is focused on academics rather than credit history, which can be another plus for students who perform well in school. But you’ll want to make sure that you’ve exhausted your federal student loan options before moving to private loans.
Is My Money Safe?
Since this is a loan, you don’t need to worry about FDIC or SIPC insurance like you would if you were considering a bank or broker that would be holding onto your money. You only need to consider the loan interest rate and terms.
Can I Contact Sixup?
You can contact Sixup customer service by calling the toll line 1-866-669-9750 between 9 a.m and 5 p.m ET. Email – hello@sixup.com Address – 77 VAN Ness Avenue Suite 101, ms – 1223 San Francisco, CA, 94102 Website – www.sixup.com
Conclusion
Make sure to traverse all options left before considering a private student loan. In as much as Sixup is an authentic company with an outstanding process, there is a limit to what you can take as a student loan.
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