iHELP Private Student Loan

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.