If you’ve borrowed from the government or a big bank to finance your education and are looking to bring your dollars back to your local community, iHelp student loans refinancing may be the answer. Read on for more information on iHelp eligibility and an iHelp student loan review.
iHelp partners with thousands of community banks nationwide. So, when you refinance your loans, the community banks are providing the funds, but iHelp is the organization who will service your loan — and the party you’ll interface with should any questions or concerns arise.
With this unique model, borrowers can take out loans from local banks, but benefit from loan servicing by a national organization known for personalized service.
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Pros of iHelp refinancing
iHelp offers cosigner release after two years
In addition to keeping your dollars local, iHelp offers a number of other benefits to borrowers.
As with some other lenders, iHelp offers the option of cosigner release at any time after two years of consistent payments. The borrower will need to meet certain credit requirements before cosigner release will be granted, including a minimum income and credit score, and a maximum debt-to-income ratio.
iHelp offers borrowers multiple repayment options
When it comes to repayment, iHelp borrowers can request interest-only payments for up to 24 months. Alternately, borrowers may select ‘graduated’ repayment, which starts with interest-only payments for a set time period, then slowly increases until the borrower is making his or her full payment amount.
Unlike many lenders, iHelp services the student loans they extend, meaning that borrowers receive personalized service when needed. Many lenders use a third-party servicer, which can be frustrating for borrowers wanting answers straight from the source.
Cons of iHelp refinancing
iHelp may not be the best option for borrowers with excellent credit, as their rates are not the most competitive in the market. While rates from other lenders start at close to two percent, iHelp’s rates start at closer to four percent.
iHelp may not be the best option for borrowers looking for a range of student loan terms
Similarly, iHelp offers only three different terms for student loan refinancing; 10-year fixed, 15-year fixed, and 20-year variable. As longer loan terms typically come with higher interest rates, borrowers planning to pay off their loans over a shorter period of time may be better off looking elsewhere (most lenders offer five-year loan terms).
In addition, borrowers willing to take the gamble of a variable interest rate, but who aren’t willing to commit to a full 20-years of uncertainty, may be able to find shorter-term variable rate loans with other lenders. Be sure to evaluate all your options and find the lowest rate with Credible, where you can get prequalified for rates in just two minutes.
If refinancing your student loans with iHelp sounds like the right fit for you, make sure you fulfill the eligibility requirements before applying. iHelp’s refinancing requirements include the following:
- You or your cosigner must be a citizen of permanent resident of the U.S.
- You must have graduated from an eligible school.
- Both you and your cosigner (if applicable) must be of legal age in your state of residence.
- You or your cosigner must meet iHelp’s “creditworthy” requirements, including having an annual income of at least $24,000 for the past two years and a debt-to-income ratio of less than 45 percent.
- You may refinance a minimum of $10,000 and a maximum of $150,000 for undergraduate and $250,000 for graduate education.
The average user saves $18,668 with Credible
iHelp’s community model may appeal to borrowers, especially those whose credit scores need a little help. but regardless of your credit profile, it’s a good idea to shop around and compare the rates different lenders will offer you.
To learn more, read Credible’s reviews of other top student loan refinancing lenders:
Get the best student loan refinancing rates
With Credible, it’s easy to compare the best available rates from iHelp and other top student loan refinancing lenders with just one application. You can even check your prequalified rates without a hard credit pull, so it won’t affect your credit.