Sixup was founded in 2015 and is currently based in San Francisco. Sixup provides financial assistance mainly to the students with difficult financial background. They do not consider the credit history of the student nor do they require a cosigner.
The Sixup founders were first-generation college students who were from low income or difficult financial environments. In the course of struggling to pay off their federal loans, they had to take up a number of jobs to pay off their debts.
In order to help student borrowers, they came up with Sixup to help them financially to achieve their goals. They also help students transfer to better schools and find better jobs after they complete graduation.
They have a unique acceptance process. They provide private student loans for undergraduates with low income and are first-generation college students. Their main aim is to provide financial assistance to encourage the capable students with unfavorable financial background. The rates for these loans are based on your academic records rather than your credit scores.
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Sixup Private Student Loans Review
Sixup is the only lender that markets itself by encouraging students with low income and low or no credit history. The lender provides private student loans on their academic performance, hence they do not want you to provide a cosigner but perform better in your studies.
Private undergraduate student loan
They provide up to $2,500 to $15,000 per year. $60,000 for multiple years. The minimum is $3,000 in Georgia and $5,000 in California.
|Loan terms||10 years|
|Grace period||6 months|
Pros and Cons of Sixup
They have certain features that help them stand out from the other lenders. The pros of Sixup private student loans are-
They are very suitable for low-income students
They are easy and simple to apply
A credit check is not mandatory, it is carried out only when the GPA is not favorable
A cosigner is not required
They provided scholarship opportunities
They also provide free tutorials, academic assistance, and career assistance to the eligible students
Here are some of the drawbacks that you may have to deal with the Sixup bank. They are-
When compared to the other student loan lenders their interest rates are high
It is available to only the residents of selected states
Refinancing loans under Sixup ain’t easy, unlike other loans.
Sixup Student Loan Features
The unique feature about this lender is that they do not consider your credit history nor ask you to get a cosigner to be eligible for the private student loan. They focus on promoting independent borrowing.
Your interest rate may be your academic performance, along with your academic performance a soft credit check may be carried out in order to determine the lending rate for you. Hence Sixup determines your rate depending on factors such as your academic record, credit history, and financial situation.
Loan amounts- $2,500 to $15,000 per year. $60,000 for multiple years. The minimum is $3,000 in Georgia and $5,000 in California.
Loan terms- the loan is provided up to 10 years
Application or origination fee- None, as they promote independent borrowing they do not charge any application or origination fees.
Prepayment penalty- None
Late fees- they charge up to 4% of the due amount which must not exceed $30. However, the fees may vary from state to state
Other fees- $25 for nonsufficient funds or returned payments.
A borrower can get a fixed or variable interest rate which ranges from -
Fixed-rate- 6.890% to 9.890% (6.455% to 9.029% APR)
Variable-rate- 7.000% to 9.933% (6.553% to 9.065% APR)
It is always advisable to go through and compare the interest rates and related information of other private student loan lenders before you come to a final decision.
Eligibility Criteria for Sixup Student Loans
Sixup has a lot of attractive features to offer student loan borrowers, in order to be eligible for getting a student loan with Sixup here are the eligibility requirements -
As mentioned earlier your credit history does not play a major role in interest rate but your academic performance does.
If you have a Grade Point Average above 3.0 then you do not need a credit history check. But if your GPA score is below 3.0 a credit history check is required where your credit score must be greater than 600.
Other requirements for eligibility
As they aim at assisting students with financial backwardness they encourage them to first complete the FAFSA and accept the available financial aid provided by the Federal at a low rate. You have to submit your financial aid award letter along with your loan application. The other mandatory requirements are-
You must be U.S Citizen or permanent U.S resident
You must be 18 years or the age of majority in your state
Qualifying Schools- Schools entitled to receive federal aid. The for-profit schools are not eligible
School enrollment- you must be a full-time undergraduate ( for-profit schools not eligible)
Minimum GPA required- 3.0 if not you must have a minimum credit score of 600.
You must submit complete transcripts of all semesters you have attended school.
The states eligible- eligible to the students of only following states- Arkansas, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Massachusetts, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, Oregon, Texas, Virginia, West Virginia, or Wisconsin.
The application process for Sixup is simple and easy. You can get started online in few minutes. The initial application can take up to 10 minutes whereas the full application will take about 20 minutes.
Worried about your college tuition? Learn more about student loans
Repayment of debt is always the hard part. With in-school repayment options and post-school repayment options. Sixup aims to assist student loan borrowers in every way possible.
In-school repayment options
Here are the in-school repayment options available for student loan borrowers -
For immediate repayment- while you are still in school make full payments as soon as the loan is disbursed
For deferred payments- when in deferment you don’t have to make any payments while you are in school or after 6 months of completing the school or dropping below half-time enrollment
For fixed payments- you must pay $20 monthly while you are in school and throughout the six months after leaving school or dropping below half-time enrollment.
Post-school repayment options
Here are the post-school repayment options available for the student loan borrowers -
Grace period- 6 months
In-school deferment - Up to 48 months of deferment for enrolling at least half-time in an accredited graduate school or medical school.
Forbearance - during the periods of hardship a maximum of 18 months over the term of the loan.
Student Loan Options for Borrowers
Sixup offers fixed as well as variable interest rates for student loans.
Loan term- 10 years
Loan amount- $2,500 to $15,000 per academic year. For the Georgia residents, at least $3,000 and the minimum loan amount for California residents is $5,000
Under Sixup repetitive borrowers applying for new loans are benefited with a low rate provided they have a good credit history.
Until the completion of your undergraduate course, you can borrow up to the total amount of $60,000.
Sixup do not offer any discounts.
Sixup Customer service
Loan servicer: ReliaMax Lending Services.
Loan servicer contact information: Call (877) 354-2629 or email firstname.lastname@example.org
You can refer the official website on the link sixup.com
Deferment options with Sixup
Deferment option is offered to the students who are still in school, during the six-month period after the completion of graduation and at any time when you are enrolled less than half-time up to 60 months. Throughout the deferment period, the borrower has the choice of making nominal, interest-only payments toward their loans at a rate of $20 per month. The repayment term is fixed i.e 10 for all the student loans.
Forbearance options with Sixup
Only under certain circumstances or situations, a forbearance option is provided. A forbearance option is provided when you have a documented and verifiable hardship such as a job loss or reduction in hours. Forbearance periods are allowed on a case-by-case basis and can reach up to 18 months over the life of the loan.
Sixup does not only provide loans but also offers scholarships for undergraduate students. Scholarships worth $5,000 per academic year are provided. To avail the scholarship opportunity you must submit an essay and meet the scholarship program’s GPA and other academic requirements. The other benefits provided are-
Free online tuitions- the bank provides the borrowers with free access to an online tutorial in most subjects
Academic assistance- the bank keeps track of the student’s GPA and will reach them out if they see a change in performance
Career assistance- the bank also provides career support and resume consultation
When to Consider Sixup Student Loans for Undergraduate?
If you are an undergraduate student and looking for student loans to help you fund your education here are a list of situations where you need to consider going for Sixup -
When you have exhausted all the sources of federal student aid
When you cannot qualify for other private student loans
When you do not have a good credit history
When you have financial need and a solid academic record.
Alternatives to Sixup Student Loans
Before you come to a final decision it is always smart to consider all other options and evaluate them. Compare them and select the best suitable option for you. There are other private banks as well that provide no cosigner student loans, one of them is Funding University. Funding University is a private student loan company.
There are other options also like scholarship and grant opportunities that one must be aware of and use it to the fullest to control the borrowing amount as much as possible. With Sixup you are also offered income-oriented scholarships.
Sixup provides a wonderful opportunity to students with financial backwardness by providing loans without checking your credit score and with no cosigner dependence. Their current geographic reach is limited and they do have plans of expanding their loan programs within the country.
Though their interest rates are low compared to other private student loans they are still higher than that of federal loans. You must also make sure that you look out for other loan providers as well as opportunities and use federal financial assistance wherever available.
You can contact Sixup at 1-866-669-9750
Email - email@example.com
77 VAN Ness Avenue
Suite 101, ms - 1223
San Francisco, CA, 94102
Website - www.sixup.com