Sixup offers private student loans based on student achievements rather than traditional credit score requirements. The company focuses on providing loans to students who may not have an established credit history, as well as students who are first generation college students or come from a low-income background.
Sixup’s rates are higher than you might see with other student loan lenders, but this allows the company to lend to a wider range of student borrowers:
To be eligible for a Sixup student loan you provide transcripts for all semesters you've been in school, have a minimum GPA of 3.0, and have completed FAFSA and accepted all financial aid and awards offered to you.
Continue reading for a full review of this student loan company, as well as Sixup reviews from real customers.
Sixup looks at more than your credit score to qualify for a student loan. With a focus on providing financing to low-income and/or first generation students, Sixup will look at a student’s GPA and other educational achievements to determine eligibility for a Sixup student loan.
Thus, if you don’t have an established credit history or your credit score is low, Sixup could be a viable solution for you. If you do have a credit score, Sixup will also take it into consideration, which could help you get the lowest interest rate.
Sixup offers two repayment options, which you have the option to move between during your academic deferment period:
Applying for a Sixup loan is free, and if you would like to pay off your loan early you can do so without penalty.
Sixup does not require you to apply with a cosigner. Most student loan lenders require student borrowers to apply with a creditworthy cosigner, providing the lender with reassurance that the loan will be repaid.
A cosigner can increase your chances of approval for a loan, especially if you have bad credit, but since Sixup looks at more than your credit score to determine eligibility a cosigner isn't necessary to qualify.
To assist students in their loan repayments and to encourage them in their educational pursuits, Sixup offers a Good Grade Rewards program. Through this program, students whose grades continually improve while in school can move into a new pricing tier with a lower interest rate for their next Sixup student loan.
Sixup offers the following interest rates:
These rates are higher than you might see with other lenders. For example, Sallie Mae offers variable rates ranging from 1.13 percent to 11.23 percent, and fixed rates ranging from 4.25 percent to 12.59 percent. While Sallie Mae and many other student loan lenders offer much lower starting rates than Sixup, it is important to remember that most lenders rely on a borrower’s credit score to make a lending decision, and if you have a low credit score you may not qualify, or you will get a high interest rate.
Thus, Sixup’s rate ranges could be in your favor, especially if you have bad credit or no credit. However, if you have a good credit score, you could likely get a lower interest rate with another lender.
Sixup loans are capped at $15,000 per year and $60,000 in total. Many other student loan lenders will cover the cost of all education costs, which may exceed $60,000.
Please note, if you have funding from other sources, such as federal student aid, in addition to Sixup, your total funding can’t exceed $100,000.
Unfortunately, Sixup loans aren’t available in all states. Currently, Sixup’s products and services are only available in the following states:
If you aren’t a resident of any of the states listed above, you won’t be able to borrow from Sixup for your student loan needs.