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iHelp is the private student loan branch of the Reunion Student Loan Finance Corporation (RSLFC), which offers a student loan program funded by community banks. It’s one of the few private lenders that offers graduated and income-based repayment plans. But it’s currently only available to students attending school in 14 states and not an option for international students.
6.5% to 10.5%
APR
$150,000
Max. Loan Amount
| Product Name | iHelp Private Student Loan |
|---|---|
| Minimum Loan Amount | $1,000 |
| Max. Loan Amount | $150,000 |
| APR | 6.5% to 10.5% |
| Interest Rate Type | Variable |
| Maximum Loan Term | 20 years |
| Requirements | $24,000+ annual income for past two years, DTI of 45% or lower, 3+ years of positive credit history, age of majority, US citizen or permanent resident |
iHelp’s eligibility requirements might be difficult for some students to meet on their own, especially undergraduates. If you can’t qualify on your own, you can bring on a cosigner — though you still need to meet some requirements yourself.
All students must:
All students or cosigners must:
Students or cosigners must also meet additional credit requirements that vary by state.
iHelp works with private student loan providers in the following states:
iHelp is a student loan program that’s funded by local banks and financial institutions in your area. It’s not exactly a connection service since you’ll borrow through iHelp and repay through RSLFC. But some factors — like how much you can borrow — vary depending on the lender that funds your loan.
Its private student loans are meant to help cover costs left over after you apply for federal funding. Undergraduates can borrow up to $100,000, while graduate students can qualify for up to $150,000. Loans start at $1,000 for students in all states but Georgia, where the minimum is $3,000.
iHelp student loans don’t come with any fees, so the main cost you need to consider is interest. iHelp’s loan program comes with two interest-rate options: variable and fixed hybrid.
Variable rates change every three months depending on the state of the economy. Currently, rates range from 6.5% to 10.5% APR.
iHelp calculates variable rates by giving borrowers a fixed interest rate from 2.5% to 7.5% and adding that to the three-month LIBOR rate . While there’s the potential to save compared to a fixed rate, you could end up with unpredictable repayments.
iHelp’s fixed-hybrid rates currently range from 5.52% to 9.09% APR.
With this option, your interest rate stays the same for the first five years and is subject to change every five years after, based on the Wall Street Journal prime rate. This makes repayments more predictable than a variable rate, though not as predictable as your standard fixed-rate option.
How fixed and variable rates work on student loans
It does. Like most private lenders, you can qualify for a 0.25% interest rate discount if you sign up for automatic repayments.
You have several choices for how to pay off your loans while in school and after full repayments kick in. All loans come with a 240 term, though you can pay it off faster with no penalty.
You can choose one of these three repayment choices while you’re enrolled at least half-time at your school:
Starting with full repayments right away means you’ll pay less in interest. With no repayments, the unpaid interest that adds up while you’re in school gets added to your loan principal — meaning you’ll end up paying interest on interest.
Once full repayments kick in, you can choose between one of these three options:
With graduated and income-sensitive repayments, you must pay the interest that added up for that month at a minimum.
Yes, iHelp offers both deferment and forbearance, depending on your situation. You can apply for both options by contacting your servicer.
From its flexible repayment options to its competitive rates, here are a few perks of taking out a private student loan with iHelp:
Its limited state availability and strict eligibility requirements are just two factors to consider before taking out a private student loan with iHelp:
You can apply for an iHelp student loan on its website. Before you get started, make sure you qualify and have your personal information on hand. If you’re applying with a cosigner, there will be an option to email them an invitation link to complete the application in their own time.
Follow these steps to sign up:
If you have, iHelp will contact you to request documentation like income verification and references. From there, you’ll be sent your final offer to read over. If you’re happy with the terms, you can sign your loan documents.
iHelp checks with your school to verify your loan amount and disburses the funds directly to the financial aid office.
Typically, the process takes between two and four weeks. iHelp recommends that students apply a few months before they’ll need the funding, but not too early — the credit check is no longer valid after 90 days.
RSLFC is iHelp’s student loan servicer. Since iHelp is a part of RSLFC, this means there won’t be as much of a disconnect between the application process and repayments.
However, you might want to be careful if you want to make extra payments to get out of debt early. One of the top complaints against RSLFC is that it mishandles student loan repayments.
iHelp’s student loan program is one of the closest options to a federal loan — though it still doesn’t offer all of the benefits that the Department of Education can. And some students might have difficulty qualifying if they don’t have a cosigner or are an international student.
Find out how iHelp stacks up to other lenders with our guide to student loans.
