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LAST UPDATED: March 12th, 2021

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:

  • Fixed rates — 6.890%–9.890% (6.455%–9.029% APR)
  • Variable rates — 6.650%–9.933% (6.243%–9.065% APR)

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.

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The Good

  • Achievement-Based Qualification
  • Flexible Repayment Options
  • No Application or Prepayment Fees
  • No Cosigner Required to Apply
  • Good Grade Rewards

Achievement-Based Qualification

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.

Flexible Repayment Options

Sixup offers two repayment options, which you have the option to move between during your academic deferment period:

  • Early nominal fixed payments — During academic enrollment and the first six months after graduation or being enrolled less than half-time, pay a fixed $20 per month.
  • Full deferment — Defer payments during academic enrollment and the first six months after graduation or being enrolled less than half-time.

No Application or Prepayment Fees

Applying for a Sixup loan is free, and if you would like to pay off your loan early you can do so without penalty.

No Cosigner Required to Apply

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.

Good Grade Rewards

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.

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The Bad

  • High Interest Rates
  • Low Loan Term Limits
  • Not Available in All States

High Interest Rates

Sixup offers the following interest rates:

  • Fixed rates — 6.890–9.890% (6.455–9.029% APR)
  • Variable rates — 6.650–9.933% (6.243–9.065% APR)

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.

Low Loan Term Limits

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.

Not Available in All States

Unfortunately, Sixup loans aren’t available in all states. Currently, Sixup’s products and services are only available in the following states:

  • Arkansas
  • California
  • Colorado
  • Connecticut
  • District of Columbia
  • Florida
  • Georgia
  • Massachusetts
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • Oregon
  • Texas
  • Virginia
  • West Virginia
  • Wisconsin

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.

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The Bottom Line

If you are a first generation college student, a low-income borrower, or you don’t have an established credit history, Sixup offers products and services that are designed to help students who may not qualify for student loans elsewhere. The company looks at your educational achievements to determine eligibility, instead of relying wholly upon your credit score and credit history.

Although Sixup’s offered rate ranges are higher than you might see with many other private student loan lenders, for low-credit or no-credit borrowers, you could receive lower rates with Sixup than you could with another lender that has a higher maximum interest rate.

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