Sixup Student Loan Review

Sixup Student Loan Review

Sixup was based in 2015 and is at present based mostly in San Francisco. Sixup student loans present monetary help primarily to the students with tough monetary background. They don’t think about the credit historical past of the student nor do they require a cosigner.

The Sixup founders have been first-generation faculty students who have been from low revenue or tough monetary environments. In the course of struggling to repay their federal loans, they needed to take up a number of jobs to repay their money owed.

To assist student debtors, they got here up with Sixup to assist them financially to attain their targets. They additionally assist students switch to raised colleges and discover higher jobs after they full commencement.
They have a novel acceptance course of. They present personal student loans for undergraduates with low revenue and are first-generation faculty students. Their foremost intention is to supply monetary help to encourage succesful students with unfavorable monetary background. The charges for these loans are based mostly in your tutorial information slightly than your credit scores. 
Table of contents

Sixup personal student loans assessment 

Sixup is the one lender that markets itself by encouraging students with low revenue and low or no credit historical past. The lender gives personal student loans on their tutorial efficiency, therefore they are not looking for you to supply a cosigner however carry out higher in your research.

Reviewed loan

Private undergraduate student loan

Loan quantity

They present as much as $2,500 to $15,000 per 12 months. $60,000 for a number of years. The minimal is $3,000 in Georgia and $5,000 in California.

Loan phrases 10 years
Grace interval 6 months
Min and Max quantity may be borrowed 2,500 – 60,000 {dollars}
Fixed, variable rates of interest 6.46% – 9.03% , 6.24% – 9.07%

Pros and Cons of Sixup

They have sure options that assist them stand out from the opposite lenders. The execs of Sixup personal student loans are-

  • They are very appropriate for low-income students

  • They are simple and easy to use

  • A credit verify just isn’t obligatory, it’s carried out solely when the GPA just isn’t favorable
  • A cosigner just isn’t required
  • They offered scholarship alternatives 
  • They additionally present free tutorials, tutorial help, and profession help to the eligible students

Here are a number of the drawbacks that you could have to take care of the Sixup bank. They are-

  • When in comparison with the opposite student loan lenders their rates of interest are excessive
  • It is obtainable to solely the residents of chosen states
  • Refinancing loans underneath Sixup ain’t simple, in contrast to different loans.

Sixup student loan options

The distinctive function about this lender is that they don’t think about your credit historical past nor ask you to get a cosigner to be eligible for the personal student loan. They give attention to selling unbiased borrowing. 

  • Your rate of interest could also be your tutorial efficiency, alongside along with your tutorial efficiency a comfortable credit verify could also be carried out to find out the lending charge for you. Hence Sixup determines your charge relying on components corresponding to your tutorial file, credit historical past, and monetary scenario.
  • Loan amounts-  $2,500 to $15,000 per 12 months. $60,000 for a number of years. The minimal is $3,000 in Georgia and $5,000 in California.
  • Loan terms- the loan is offered as much as 10 years
  • Application or origination fee- None, as they promote unbiased borrowing they don’t cost any utility or origination charges.
  • Prepayment penalty- None
  • Late fees- they cost as much as 4% of the due quantity which should not exceed $30. However, the charges could differ from state to state
  • Other fees- $25 for nonsufficient funds or returned funds.

Interest Rates
A borrower can get a hard and fast or variable rate of interest 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)
Borrowers Responsibility
It is all the time advisable to undergo and examine the rates of interest and associated info of different personal student loan lenders earlier than you come to a last determination.


Eligibility standards for Sixup student loans 

Sixup has a whole lot of enticing options to supply student loan debtors, to be eligible for getting a student loan with Sixup listed here are the eligibility necessities – 
GPA Score
As talked about earlier your credit historical past doesn’t play a serious position in rate of interest however your tutorial efficiency does.
If you might have a Grade Point Average above 3.0 then you do not want a credit historical past verify. But in case your GPA rating is under 3.0 a credit historical past verify is required the place your credit rating should be higher than 600. 
Other necessities for eligibility 
As they intention at helping students with monetary backwardness they encourage them to first full the FAFSA and settle for the obtainable monetary help offered by the Federal at a low charge. You need to submit your monetary help award letter alongside along with your loan utility. The different obligatory necessities are-

  1. You should be U.S Citizen or everlasting U.S resident
  2. You should be 18 years or the age of majority in your state
  3. Qualifying Schools- Schools entitled to obtain federal help. The for-profit colleges aren’t eligible
  4. School enrollment- you should be a full-time undergraduate ( for-profit colleges not eligible)
  5. Minimum GPA required- 3.0 if not it’s essential to have a minimal credit rating of 600.
  6. You should submit full transcripts of all semesters you might have attended faculty.
  7. The states eligible- eligible to the students of solely 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.

Application Process

The utility course of for Sixup is straightforward and simple. You can get began on-line in a couple of minutes. The preliminary utility can take as much as 10 minutes whereas the complete utility will take about 20 minutes.


Repayment choices

Repayment of debt is all the time the arduous half. With in-school compensation choices and post-school compensation choices. Sixup goals to help student loan debtors in each approach doable. 

In-school compensation choices 

Here are the in-school compensation choices obtainable for student loan debtors – 


  • For rapid compensation– if you are nonetheless at school make full funds as quickly because the loan is disbursed
  • For deferred funds– when in deferment you don’t need to make any funds if you are at school or after 6 months of finishing the varsity or dropping under half-time enrollment
  • For fastened funds– it’s essential to pay $20 month-to-month if you are at school and all through the six months after leaving faculty or dropping under half-time enrollment.

Post-school compensation choices

Here are the post-school compensation choices obtainable for the student loan debtors – 

  • Grace period- 6 months
  • In-school deferment – Up to 48 months of deferment for enrolling not less than half-time in an accredited graduate faculty or medical faculty.
  • Forbearance – through the durations of hardship a most of 18 months over the time period of the loan.

Student Loan Options for Borrowers

Sixup presents fastened in addition to variable rates of interest for student loans. 

  • Loan time period– 10 years
  • Loan amount- $2,500 to $15,000 per tutorial 12 months. For the  Georgia residents, not less than $3,000 and the minimal loan quantity for California residents is $5,000
  • Under Sixup repetitive debtors making use of for brand new loans are benefited with a low charge offered they’ve credit historical past.
  • Until the completion of your undergraduate course, you may borrow as much as the overall quantity of $60,000.
  • Sixup doesn’t provide any reductions.

Deferment choices with Sixup

Deferment choice is obtainable to the students who’re nonetheless at school, through the six months after the completion of commencement and at any time if you end up enrolled lower than half-time as much as 60 months. Throughout the deferment interval, the borrower has the selection of constructing nominal, interest-only funds towards their loans at a charge of $20 per 30 days. The compensation time period is fastened i.e 10 for all of the student loans.

Forbearance choices with Sixup

Only underneath sure circumstances or conditions, a forbearance choice is offered. A forbearance choice is offered when you might have a documented and verifiable hardship corresponding to a job loss or discount in hours. Forbearance durations are allowed on a case-by-case foundation and might attain as much as 18 months over the lifetime of the loan.


Additional Benefits

Sixup doesn’t solely present loans but in addition presents scholarships for undergraduate students. Scholarships value $5,000 per tutorial 12 months are offered. To avail the scholarship alternative it’s essential to submit an essay and meet the scholarship program’s GPA and different tutorial necessities. The different advantages offered are-

  • Free on-line tuitions- the bank gives the debtors with free entry to a web based tutorial in most topics
  • Academic assistance- the bank retains observe of the student’s GPA and can attain them out in the event that they see a change in efficiency
  • Career assistance- the bank additionally gives profession help and resume session

When to Consider Sixup Student Loans for Undergraduate?

If you’re an undergraduate student and in search of student loans that will help you fund your training here’s a checklist of conditions the place it’s good to think about going for Sixup – 

  • When you might have exhausted all of the sources of federal student help
  • When you can’t qualify for different personal student loans
  • When you do not have credit historical past 
  • When you might have monetary want and a strong tutorial file.

Sixup Customer service

Loan servicer: ReliaMax Lending Services.
Loan servicer contact info: Call (877) 354-2629 or e mail [email protected]
You can refer the official web site on the hyperlink sixup.com


Alternatives to Sixup Student Loans

Before you come to a last determination it’s all the time good to think about all different choices and consider them. Compare them and choose the most effective appropriate choice for you. There are different personal banks as effectively that present no cosigner student loans, one in every of them is Funding University. Funding University is a personal student loan firm.
There are different choices additionally like scholarship and grant alternatives that one should concentrate on and use it to the fullest to manage the borrowing quantity as a lot as doable. With Sixup you’re additionally supplied income-oriented scholarships.


                                                    Worried about your faculty tuition? Learn extra about student loans


Sixup gives an exquisite alternative to students with monetary backwardness by offering loans with out checking your credit rating and with no cosigner dependence. Their present geographic attain is proscribed they usually do have plans of increasing their loan packages throughout the nation. 
Though their rates of interest are low in comparison with different personal student loans they’re nonetheless larger than that of federal loans. You should additionally just remember to look out for different loan suppliers in addition to alternatives and use federal monetary help wherever obtainable.
You can contact Sixup at
Phone # : 1-866-669-9750
Email[email protected]
Address
77 VAN Ness Avenue
Suite 101, ms – 1223
San Francisco, CA, 94102
Website – www.sixup.com 

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