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2.4

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iHelp is a subsidiary of Student Loan Finance Corporation, which has been around since 1978. Since 2009, iHelp has been pairing borrowers with community banks that can lend the money to students for their loans. In the last couple of years the company has expended to all 50 states to help the borrowers to refinance their existing students loans with local community banks.

The Good

  • Flexible Repayment Options 
  • Customer Service 

Flexible Repayment Options

iHelp offers multiple refinancing options for the existing loans that are flexible and user-friendly. The following refinancing options are unique and mostly not offered by the other lenders. With iHelp you have the option to refinance your loan by making full monthly payments, interest-only payments for 24 months, or payments on a graduate or income-sensitive plan. Also, emergency option is available to pause your payments up to 24 months, your interest will continue to accrue when you are not making payments.

Customer Service

iHelp offers outstanding costumer service. Unlike other loan services, iHelp connects you directly with a customer service representative instead of making you jump through multiple automated recordings. A phone number and mailing address is provided on iHelp's website under the "Contact Us" tab. Also, you have the option to submit any questions and concerns about your loan directly on their website, or you could use the Live Chat feature to receive answers to your questions right away.

Check Rates

The Bad

  • High Interest Rates
  • Variable Loan Rates Only 
  • Longer Term Student Loans 

High Interest Rates

iHelp doesn't offer the most competitive interest rates for refinancing your loan, you might be better off with a different lender especially if you have excellent credit score:

  • Fixed rates: 4.65% to 8.84% APR, 10- and 15-year repayment terms
  • Variable rates: 3.58% to 9.47% APR; 20-year terms

Variable Rates Only

iHelp only offers variable rates if you want to acquire a loan through them, which means your interest rates make fluctuate over the years, all variable rates are subject to change every 90 days. If you are looking for fixed interest rates you need to find a different lender than iHelp, and most others lenders offer fixed interest rates.

Longer Terms Student Loans

Twenty years is the only term available for iHelp private student loans, which is longer than most private loan terms of 5 to 15 years. That means if you make only monthly minimum payments you will end up paying much more for your loan than if you had a loan term of 15 years; however, if you have the option to pay more than your minimum monthly payments you will be out of your debt much faster without facing repayment penalties.

The Bottom Line

iHelp is available in all 50 states to the borrowers who are eligible to refinance their student loans. iHelp offers multiple refinancing options that are flexible and user-friendly. Also, if you have any questions regarding your loan you will be connected to very helpful representatives that will answer all of your questions; however, iHelp doesn't offer the most competitive interest rates for refinancing your student loan, and if you want to square a loan through iHelp you only have the option of variable interests rates, which are subject to change every 90 days.

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