iHelp Private Student Loan Consolidation Review

iHelp provides low cost student loans from trusted local lenders. Learn the details regarding iHelp student loans, refinancing and its advantages and disadvantages

Updated by Chinmoy Dutta on 28th February 2020

college-ave

iHelp offers private student loans and refinancing private student loans. It partners up with community banks to offer college loans. They provide quite flexible repayment options for their customers. The parent company for iHelp is Reunion Student Loan Finance Corporation, which manages all iHope loans and serves as the main point of contact for their borrowers.

iHelp student loans are funded by member banks of the Independent Community Bankers of America and serviced by the Student Loan Finance Corporation. Since the iHelp student loans are funded by community banks, there are many pros and cons of dealing with smaller banks. The minimum loan consolidation amount is $10,000 and the maximum loan for undergraduates is $150,000 and for graduates is $250,000.

Table of contents

iHelp Private Student Loan

iHelp’s private student loans provide multiple repayment and postponement options, which makes this loan an optimistic choice for students who may need future payment flexibility. Private student loan lenders provide student loans to their borrowers and are different from federal student loans. It is always advised to go for federal student loans as they provide better benefits such as student loan forgiveness and better repayment terms. iHelp private student loan is funded by a community bank in the state or region where you are attending college. When you apply through a specific bank that uses the iHelp’s platform, your loan is funded regardless of where you attend college.

To qualify, the borrower or co-signer must have three years of positive credit history to qualify and the cosigner release is available after 24 on-time payments. The requirements are listed as follows.

  • Minimum income: $24,000

  • Maximum debt-to-income ratio: 45%

  • Must be a U.S. citizen or permanent resident

The loan details are summarized in the following table:

Type of Loan

Private Student Loan

Loan terms

20 years

Loan amounts

$1000 to $100,000 for undergraduates;$150,000 for graduates. Borrowers in Georgia have a loan minimum of $3000

Grace Period

6 months for undergraduates

Co-signer release

Available


Worried about your College Tuition? Find the best student loans suited for you.


iHelp student loan refinancing

iHelp student loan refinancing, you do not need to have graduated. All it requires is that you have good credit history for two years and no student loan in default. Graduated and income-sensitive repayment plans are available with iHelp student loan refinance.

The minimal requirements for student loan refinancing are as follows:

  • Minimum Income: $24,000 per year

  • Maximum Debt-to-income ratio: 45%

  • Can qualify after bankruptcy: Yes (after 5 years)

  • Must be a U.S. citizen or permanent resident

  • Graduation: Not required

Interest Rates

Fixed: 4% - 8%

Variable: 5.13% - 10.13%

(including autopay discount)

Loan terms

10, 15, or 20 years

Loan amounts

$10,000 to $250,000

Cosigner release

Available

How to refinance with iHelp?

There are various student loan refinancing lenders in the market. Before moving forward with any refinancing service provider, one should learn about student loan refinancing in detail and compare it with other lenders for best offers.


Advantages of consolidating with iHelp 

iHelp student loan refinance is one which is most straightforward in its loan terms and qualification requirements. Instant approval and rejection are becoming a standard for most credit applications, lenders make most decisions based upon the formula.

According to the iHelp website, the terms required for approval are fairly specific. Prospective borrowers must make over $24,000 per year; they must have 2 years of positive credit history, no bankruptcies, foreclosures or repossessions in the past 5 years; they must also stay under the debt-to-income ratio of 45%

iHelp student loan refinancing takes care of its borrowers who run into financial trouble. It allows up to two years of interest-only payments and also offers a graduated repayment plan. They also offer forbearance options for circumstances ranging from military service to dealing with a natural disaster.

Even if iHelp student loans offer a limited selection of types of loans, their 10 and 15-year loans have excellent interest rates. They have the best student loan refinance rates. The iHelp fixed-hybrid loan is an interesting alternative. In this plan, the first 5-years of repayment are fixed, but after that the interest rate becomes variable. This seems to be a persuasive option for borrowers who want the lowest possible interest rate for aggressive repayments but also want low monthly payment for maintaining the debt-to-income ratio.


Disadvantages of consolidating with iHelp

iHelp is a private student loan lender. Keeping this in mind, we can automatically understand the disadvantages as consolidation of federal student loans into private loans can lead to loss of federal benefits.

iHelp has been lagging behind other lenders in their interest rate offerings. However, in the middle of 2018, they expanded their loan selection and reduced the interest rates dramatically. It is still to be determined how this affects the borrowers and their perspective.


Who is iHelp best suited for?

iHelp student loans are available only to a limited number of graduates. The eligible schools are limited to the following states: Connecticut, Delaware, Georgia, Illinois, Maryland, Missouri, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Virginia, West Virginia, Wisconsin.

iHelp does not have a criterion that specifies the borrower must be graduated. This makes iHelp a strong option for student loan borrowers without a degree. However, you need to have two years of good credit history, including no open accounts in collections and no student loan in default.


Contact Information

You can contact iHelp via email or phone.

Website: https://www.slfc.com/ihelploan

Phone: 800.592.1270 (toll-free), 605.622.4400 (office)

Email: loans@slfc.com

How to apply

It is advised to exhaust all your Federal options for student loans before you take a loan from any private lender. Federal loans provide many benefits that private lenders do not. To apply for iHelp, submit the Free Application for Federal Student Aid, or FAFSA.