If you are an individual looking to enhance and manage your student loan terms and conditions, then iHelp Student Loan Refinance is a beneficial option for you.
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While pursuing higher education there are a few things students need to look up. This includes financial and debt management. Effectively handling student loan debt often means looking into refinancing, and the company, iHelp is a key player that might come in front of you if you are looking for a refinance company.
There are several private lenders but iHelp Student Loan Refinance explores the important aspects that make this company stand out. We look closely at its refinancing options, check out interest rates, go through repayment terms, and look at eligibility criteria to provide a full understanding of what iHelp offers.
By going through iHelp’s student loan refinance choices, you’ll see how the company meets the specific financial needs of students who need financial assistance to pursue their higher studies.
Whether you are pursuing your graduation, just graduated, and want to make your loan responsibilities easier or you’re a seasoned professional improving your financial strategy.
This article gives you a detailed look at iHelp Student Loan Refinance, helping you make smarter choices about managing your student loans. It’s a review that provides key insights for your student loan journey with iHelp.
To gain a more comprehensive view and understand another reputable choice, explore our detailed examination of Discover Student Loan Refinance.
What is iHelp student loan refinance?
The educational loan provider company was established in 1978 and offers student loans that allow students to cover their educational needs. The company initially operated as the Reunion Student Loan Finance Corporation but later in August 2022, it was renamed as ZuntaFi. For the student who belongs to a family with a lower financial background, the company offers student loan refinance.
Prospective borrowers who are eligible for iHelp student loans have the option to apply online on their official website. Also, those who apply online are guided to these loans through local community banks. In this setup, the community banks act as the direct lenders, while iHelp takes charge of the student loan servicing to aid their financial needs. This operational approach of the company is similar to the model that is employed by LendKey.
For the students who are choosing to refinance their student loans with iHelp, the available loan terms span from 5 to 20 years. Notably, their private loans come with 20-year terms, however, there are some needs and requirements that need to be satisfied by the students to get the loan. Let’s excavate more about the private lending company in our review.
How to apply for an education loan from iHelp?
As mentioned earlier, students keen on applying for the loan have two pathways to apply, one of which includes opting for iHelp Student Loan Refinance. Applying for an iHelp student loan is available either at a local branch of one of its partner banks or through its online platform.
Utilizing the online application allows students and parents to evaluate their eligibility for a loan with one of iHelp’s lender partners without the need to apply separately at various institutions.
The iHelp platform spans the entire United States, offering convenient access for individuals to determine the interest rates they may qualify for as per their credit scores and other eligibility criteria. Before proceeding with an iHelp student loan, specific prerequisites and details should be taken into account, below are some of these requirements and eligibility you need to consider while applying.
To qualify for the pre-qualification process, you or a co-signer must possess a credit history of at least three years and a minimum annual income of $24,000 or more.
Alongside the three-year credit history, the potential borrower should maintain a debt-to-income ratio of less than 45%, which means there should not be a debt ratio of more than the income. For example, if you want $100 then your debts must be less than $45.
Moreover, the applicants must also meet the legal age requirements in their respective locations, every state has its legal age requirements to make sure to meet the same before applying.
If you meet iHelp’s initial criteria, you will be connected with one of their affiliated lenders, who help you and proceed with the application. The Borrowers who get the loan along with co-signers have the option to request the release of the co-signer from the loan after making a minimum of 24 on-time repayments, after the release of co-signer he/she will be free from all kinds of loan-related aspects.
Advantages and Disadvantages of iHelp Student loan Refinance
Considering the pros and cons of the student loan refinancing company is crucial for every applicant before initiating the application process. Here’s a breakdown of both sides to weigh when contemplating iHelp Student Loan Refinance:
Advantages of iHelp Student Loans Refinance
1. Dedicated Account Manager
After taking the loan, every borrower is provided with a dedicated manager, who provides direct email and phone access in emergencies.
The feature is available with almost all private student loan products, including consolidation loans, which are tailored to individual needs. Expert Guidance is also offered by the iHelp which furnishes expertise throughout the student loan process, assisting borrowers in selecting the best possible loan and navigating repayment options for their financial management.
2. Customer Service Accessibility
Multiple channels are offered which ensure quick and easy access to customer service agents. Moreover, the Flexible Repayment Options allow the borrowers to repay their loans along with interest without any burden. The flexible repayment plans are offered as per the status of the borrower, these include the graduated and income-sensitive options.
The Personalized Rate Estimates and Varied Repayment Plans are some other extensive features of the company. The Full monthly payments along with the alternatives like graduated or income-sensitive plans options. These allow the borrowers to get unique options to choose from at their convenience.
3. High Maximum Amount
Most lenders offer minimal funds to borrowers who may not meet their financial needs. Whereas iHelp’s refinancing loan allows borrowing to get higher amounts, especially for high professional degrees like medical or law courses.
4. Co-signer Release
The Applicants have the full authority and can request cosigner removal after the completion of two years of on-time repayments, the active is subjected to credit requirements, as mentioned in the agreement. Moreover, the Cancellation Period is also granted to the applicants. Under this the loan cancellation without penalty before funds disbursal can be performed with a minimum notice of 30 days.
5. Parent student Refinancing
In the case of minor students, the option for refinancing Parent Student loans is also offered into the student’s name or included in student loan consolidation. The parents can release themselves once the students attain majority age or start making money.
6. No Degree Requirement
In some of the loan products there is no need for degrees. This allows refinancing of debt from incomplete degrees or even while still in school, alternatives like interest-only or graduated repayment plans. The private lending company collaborates with the Community Banks that support local financial institutions, contributing to community development and providing affordable products.
Disadvantages of iHelp Student Loan Refinance
1. Loss of Federal Loan Benefits
When refinancing loans from federal to private lenders there are some disadvantages. The transfer of Federal government loans with private loans may result in the loss of certain federal loan benefits that the student is enjoying. Also, the path is one way and one can not again refinance to the federal program.
2. Competitiveness of Rates
There are a lot of private lenders that offer similar or lower rates as the iHelp lender. While iHelp has recently adjusted rates, some may find them less competitive compared to other lenders in the market. So, make sure to compare the rates with others as well before borrowing.
Borrowers should carefully choose a lender and financing option based on their specific needs and circumstances. iHelp, a collaboration between the Reunion Student Loan Finance Corporation (RSLFC) and the Independent Community Bankers of America (ICBA), streamlines processes while supporting local financial institutions.
Undergraduate and Graduate Student Loan
The company offers both graduation and undergraduate loans to the needy. To put it plainly, students eligible for enrollment in accredited schools have the opportunity to seek an iHELP student loan. The financial aid office at their chosen institution can provide valuable insights into available student loans and eligibility for the same.
There are scenarios where various financial aid such as scholarships, grants, and federal loans fall short, RSLFC’s loan programs are offered in an affordable manner and options.
Students can borrow up to the cost of their education, bridging the financial gap and pursuing their higher studies. Even after graduation, the company allows the students to take loans and perform financial management at their convenience.
The undergraduate loans are geared towards covering education expenses for students enrolled in associate or bachelor’s degree programs in any US-based renowned university or educational institution. On the other hand, the Graduate Loan is Customized for students pursuing master’s, doctoral, or professional degree programs, addressing the unique financial needs of graduate education.
iHelp’s private student loans present students with flexible repayment and postponement options, making them a sturdy choice for those anticipating future payment flexibility. Noteworthy features include a single, 20-year repayment term and the absence of fixed interest rates throughout the repayment period. However, this particular feature may be less flexible compared to other lenders that offer a fixed-rate option and provide varying terms of 5, 10, and 15 years.
Applying via iHelp’s website connects students with funding from a community bank in their college’s state or region. On the other hand, if the application is made through a particular community bank partnered with iHelp’s platform, that specific bank oversees the loan funding, regardless of the student’s college location. This approach characterizes the flexibility of iHelp Student Loan Refinance in securing funding based on varied circumstances.
Repayment options
There are two types of repayment options available for the borrowers. The first one is the IN-SCHOOL Repayment Options. Under these a total of three repayment options are offered while the student is attending school at least half-time, these are:
- Make no payments at all
- Make interest-only payments
- Make principal and interest payments
The other option is during repayment. Once the loan enters the phase of repayment the students can start paying their repayment as per the tenure provided in their schedule. There is a schedule known as Make Principal and Interest Payments, This default payment schedule will automatically be set up unless specified otherwise
Another schedule is Make Graduated Payments Payments which is greater than or equal to the monthly interest followed by a gradual increase in the payment amount. The last repayment schedule is the Make Income Sensitive Payments under which the payments are based on the gross monthly income, but no less than the monthly interest accrual. There is no Origination Fee for this loan and no Repayment Fee for this type of loan.
For new grads figuring out their next steps after school, checking out iHelp Student Loan Refinance could be a smart move. While they might not have the cheapest rates or tons of loan choices, iHelp lets you pay back your loan in ways that suit you and can give you a break if you need it. But don’t forget to shop around and look into other places before you decide.
FAQs
1. How much can you borrow through iHELP Student Loan Consolidation?
iHELP Student Loan Consolidation allows borrowing amounts from $1,000 to $150,000. Every borrower has a different credit score and annual income. All of these factors are considered while releasing the loan amount and providing the funds. Also, the credit requirements of the co-signer are considered while applying.
2. Does iHELP Student Loan Consolidation impose an origination fee?
No, iHELP Student Loan Consolidation does not have a loan origination fee. A loan origination fee is a charge by some lenders for processing, underwriting, and funding a loan. Usually, these fees range from 0.5% to 5% of the loan amount. Opting for lenders without origination fees is recommended whenever possible.
3. Are there prepayment fees with iHELP Student Loan Consolidation?
Yes, iHELP Student Loan Consolidation charges additional fees for borrowers who repay their loans sooner than expected. When selecting a lender, consider this, as prepayment fees can diminish or even nullify the interest savings associated with repaying a loan ahead of schedule.
4. What terms are offered by iHELP Student Loan Consolidation?
The repayment terms from the iHelp student loan refinance are flexible and provide a convenient way to repay the loan in multiple options. iHELP Student Loan Consolidation provides refinancing terms spanning from 10 to 20 years.
Conclusion
Being a private lending company, iHelp student loan refinance may provide fewer benefits and perks compared to federal programs. However, it stands out as the best option for individuals seeking to refinance their loans and aiming for a convenient approach to debt management.
Take into account all the details about the company mentioned in the article to determine whether choosing it is the better option for you or not.
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