iHelp Student Loans Application Guide in 2019.
iHelp Student Loans – There are different options available for student when it comes to taking loan and it can be very overwhelming. Luckily, services like iHelp take much of the guesswork off the equation.
Owned and operated by the Student Loan Finance Corporation, this company has been serving students and their families since 1978 and continues to maintain its pristine A+ rating from the Better Business Bureau.
It’s also one of the firms that use Credible. We love Credible as a comparison tool because you can compare all different student loan refinancing in seconds. Plus, College Investor readers get up to a $1,000 bonus for refinancing with Credible!
iHelp offer two different avenues for their student loans. One type serves the presently enrolled or soon to be enrolled student, while the other type is for graduates who are looking to consolidate as much of their unwieldy student debt as they can.
The application process to begin your search for a loan can be performed at any local branch of any of their participating institutions or online.
iHelp Student Loan Application Process
By using the iHelp application process, it allows students and parents to complete the paperwork and see if they can actually qualify for a loan at a particular institution, without the hassle of doing it several times for several different lending institutions.
The iHelp site operates throughout the entire United States of America and is easily accessed when trying to determine what interest rate you may qualify for.
There are certain prerequisites and information you need to know before purchasing a student loan. Here are few things to consider when you investigate iHelp:
- To be eligible for the pre-qualification process, you, or a co-signer, must have at least three years’ worth of a viable credit history and must have a monthly income of at least $1,500.
- Undergraduates can get anywhere from $1,000-$100,000 and graduates can get up to as much as $150,000. In Georgia, however, there is a minimum loan requirement of at least $3,000. Consolidation loans begin at $25,000 and can range to $100,000 for undergrads with graduates being able to tap in to as much as $150,000.
- If you meet iHelp’s initial requirements, you will be turned over to one of their affiliated institutions like Citizen’s Bank. Applicants must also be of legal age where they live and have had a yearly income of at least $18,000 for three consecutive years.
- In addition to the three years of a credit history, the potential borrower must also have a debt to income ratio of less than 45%. Borrowers with cosigners can have the cosigner removed from the loan after making payments on time for 24 straight months.
iHelp Student Loan Rates And Terms
iHelp has a variety of competitive rates and terms. As of November 26, 2018, they currently offer the following:
If you refinance with them, you can get loans ranging from 10 to 20 year terms. They offer the following rates:
- Fixed Rate: from 4.75% APR
- Variable Rate: from 4.63% APR
iHelp also offers private in-school loans. These loans are variable rate only, and are for a 20 year term. Currently, those rates start at 3.89% APR.
iHelp is a great potential search tool for finding student loans that work for you. However, we think that Credible is a better way to compare, as they make the process smooth from end to end.
Remember; always compare your lenders at Credible before getting a student loan. And don’t forget that College Investor readers get up to a $1,000 bonus when they refinance with Credible.
iHelp student loan refinancing
To refinance student loans with iHelp, you don’t need to have graduated, making it a strong option for those without a degree. You must have two years of good credit history, though, including no open accounts in collections and no student loans in default.
iHelp lets borrowers make full monthly payments, interest-only payments for 24 months, or payments on a graduated or income-sensitive plan. These are unique options for a refinance loan; many other lenders don’t provide as much flexibility.
How to refinance with iHelp
Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
iHelp private student loan
iHelp’s private student loans come with a single, 20-year repayment term. You must also choose between a variable interest rate and a fixed hybrid rate, which stays the same for five years, then adjusts every five years thereafter. Most other lenders offer 5-, 10- and 15-year terms, and a fixed interest rate for the entire repayment term.
When you apply through iHelp’s website, your loan will be funded by a community bank in the state or region where you’re attending college. If you apply through a specific community bank that uses iHelp’s platform, that bank will fund your loan regardless of where you attend college.
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