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  iHELP Private Student Loan

iHELP Private Student Loan

in Private Student Loans from iHELP

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iHELP Private Student Loan

Unaffiliated

in Private Student Loans from iHELP

Net Recommendation Score 0

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of 0, equating to 3 on a 5 point rating scale.

0

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

Rating not yet determined  

Loan Amount $1,000 - $150,000
Fixed APR 6.21% - 9.75%
Variable APR 3.3% - 7.89%

iHELP Private Student Loan Review

iHELP Private Student Loan is offered by iHELP, a financial services company founded in 1978 and based in Aberdeen, SD. iHELP Private Student Loan is available in 50 states (and Washington, DC).

iHELP Private Student Loan FAQ

What rates does iHELP Private Student Loan offer for in-school private student loan?

iHELP Private Student Loan has a variable APR that ranges from 3.3% up to 7.89%.

It offers a fixed APR that ranges from 6.21% up to 9.75%.

Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.

How much can you borrow from iHELP Private Student Loan?

Available loan amounts may vary by applicant but iHELP Private Student Loan has a minimum loan amount of 1K and offers loans up to 150K.

Does iHELP Private Student Loan charge an origination fee?

No, iHELP Private Student Loan does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does iHELP Private Student Loan charge prepayment fees?

No, iHELP Private Student Loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

What terms does iHELP Private Student Loan offer?

iHELP Private Student Loan provides repayment terms ranging from 10 to 20 years.

What type of borrowers will iHELP Private Student Loan consider?

iHELP Private Student Loan considers loans applications from:

  • undergraduate students
  • graduate students

What do you need to qualify for iHELP Private Student Loan?

iHELP Private Student Loan does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for private student loans with iHELP Private Student Loan, applicants need a minimum annual income of $24,000 or higher. iHELP Private Student Loan only considers borrowers who are employed and meet the minimum income requirement.

U.S. citizens are, of course, eligible for the services offered by iHELP Private Student Loan. Permanent resident / green card holders are also eligible to apply.

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Message From Our Editor

What Do We Love About the iHelp Student Loans?

When it comes to student loan coverage, iHelp holds a unique position. It covers the gap between the total education and the amount a student gets in federal loans, scholarships, or grants. Technically, iHelp loans are certified and qualify as education expenses.

Just like other student loans, iHelp doesn’t charge prepayment or origination fees. However, it charges a variable interest rate that can increase or decrease over months.  Instead of a call center support, iHelp assigns a dedicated origination specialist to process the application.

These specialists offer assistance until you complete and submit your loan application. One of the best things about iHelp is that it doesn’t require payments while you’re in school. It also offers a separate forbearance program to meet the specific hardships of students.

As far as servicing and funding go, SLFC (Student loan Finance Corporation) administers iHelp loans. SLFC possesses more than 30 years of student lending experience. It is the source that borrowers will use to resolve any questions or concerns about their loans.

What Could the iHelp Student Loans do Better?

Unfortunately, like many other student loan companies, iHelp’s application process also comes across as confusing. Although you can get help from an origination specialist to process the application process, it still doesn’t change the fact that application requirements are extensive.

Furthermore, the platform offers solely variable rate loans. The presumption that “all” people prefer variable rate loans needs revision. Plus, it would also get rid of high-risk payments. Like other lenders, iHelp should offer a discount for automatic enrollment payments.

The Backstory of iHelp

ICBA (Independent Community Bankers of America), the major trade association hub for small banks in the United States sponsors iHelp. In fact, ICBA members serve as the originating lenders on all iHelp loans. Therefore, when a borrower applies for a loan with iHelp, it receives the ICBA’s rates. As of now, it represents around 5,000 banks across the country.

The Verdict

If you’re just out of school and don’t have a stable financial income, iHelp would serve as an attractive and flexible choice. The company takes into account the issues and concerns of the students. If you want an income-sensitive loan plan, iHelp deserves your consideration.

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Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Interest Grace Period for Late Payment 6 days
No Origination Fee
No Prepayment Fee
Cosigner Optional
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Minimum Age 18
Minimum Annual Income $24,000
Funding Time Range 7 - 14 days
Loan Term 10 - 20 years
Fixed APR 6.21% - 9.75%
Variable APR 3.3% - 7.89%
Loan Amount $1,000 - $150,000

iHELP Private Student Loan Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of 0, equating to 3 on a 5 point rating scale.

0

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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