Do you have a good grade but can’t get a cosigner to help you get student loans to pay up your bills in school? Worry less; Sixup, one of the private loan lenders for college, is your go-to loan company. It will also interest you to know that its acceptance process is nothing below unique.
Since Sixup is an online lender, you may wonder if it is legit or a 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 how sixup student loans work for college students.
Carefully read through the table of contents for an insight into what sixup student loans does.
Table of contents
What Is Sixup Student Loans?
Founded in 2015, Sixup is an avenue that 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 such a great idea to see the dreams of these fellows come true.
They do this by helping the students transfer to better schools and 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.
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How Do Sixup Student Loans Work?
The difference between Sixup and other private student loans is that your grades add credence to your qualifying for a loan against the measure of credit scores.
In other words, get good grades and remove a cosigner from the list. Get poor grades, and you probably will need a cosigner. Then again, fail woefully and don’t imagine applying for a student loan.
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 being given a student loan. Although your credit history may be part of the decision-making process, a low file won’t harm your stance.
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.
In additionally to these requirements, Sixup also considers:
- You being a resident in one of the eligible states
- Full-time students at a four-year college
- A college GPA of 3.0 or higher, as the case, may be
- Application and acceptance of federal aid beforehand
- You, as a US citizen or permanent resident
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 yearly as the Prime rate moves up or down. A variable-rate loan can be appealing if the starting rate is lower than a fixed one. 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 enrolled in school. This payment plan will remain in place for your first six months after graduation or if you’re registered less than half-time (up to 60 months).
Full deferment: This option is the same as above, except no payments are required. Once the time frames mentioned above are exhausted, regular payments will begin.
For both repayment options, loans are for ten years, including six months after graduation.
Are There Any Fees?
Yes, in addition to the loan rates mentioned above, a late fee 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 2023
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 can benefit from sixup student loans.
Currently, Sixup student loans for undergraduates are restricted to the following locations.
- Arkansas
- California
- Colorado
- Connecticut
- District of Columbia
- Florida
- Georgia
- Massachusetts
- Nebraska
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- Oregon
- Texas
- Virginia
- West Virginia
- Wisconsin
Sixup Student Loan Service
The student loan services offered by Sixup are as follows.
- Forbearance and Discharge Options
- Deferment and Repayment Options
- Loan Terms, Fees, and Discounts
- Aside from loans, they offer scholarships too to undergraduate students.
Application Steps For Sixup Student Loans
Follow the steps below to apply for a student loan from Sixup
- Go to Sixup’s site and click Apply at the top of the page.
- Make sure that Sixup accepts applications for the semester you need funding for. If it’s too early, reach out to Sixup and ask when the application you need will be available. Otherwise, please create a profile, read the service terms, and click Sign me up.
- Follow the directions to fill out the application. This step shouldn’t take more than 15 minutes.
- Wait to receive an email with instructions to fill out a more comprehensive application if you have a chance of qualifying.
- Sixup notifies you if you qualify or need to apply with a cosigner as soon as you submit the detailed application.
- Wait for Sixup to contact your school to check if you’re enrolled and verify your expenses. This step can take a couple of days.
- Review and sign your loan documents.
It is important to note that this application and verification processes take about a week or more.
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Is Sixup Legit or Scam?
Like every other online student loan lender, Sixup has its strengths and criticisms, one of which is not having a good rating in customer service relationships with its customers. This is because of its small web presence, which we think is ideal for a baby company.
It may not have a better business bureau page, and this should ring a bell if it were a more established company. Nonetheless, Sixup remains an authentic student loan platform.
Is It Worth It?
If you require funds for school and have gone through all available sources, Sixup can be a good option. It focuses on academics rather than credit history, which can be another plus for students who perform well.
But you’ll want to ensure 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 – [email protected]
Address – https://sixup.com/
77 VAN Ness Avenue
Suite 101, ms – 1223
San Francisco, CA, 94102
Website – www.sixup.com
Frequently Asked Questions On Sixup Student Loans
No, it would be best if you were a US citizen to qualify for a student loan from Sixup.
There are no discounts at all.
There isn’t. What matters is where you’re a permanent resident, not your school.
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.
References
- Lendedu.com– Student loan reviews
- Thecollegemonk.com– Sixup loan review
- Loans.usnews.com– Student sixup loan review
- Finder.com– Private student loans
- Thecollegeinvestor.com– Student loans review
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Notice: Sixup is not available at the moment.
