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Sixup Private Student Loans Review

Sixup doesn’t require student borrowers to have credit history or a co-signer; it bases rates on academic performance instead.
Aug. 22, 2019
Loans, Student Loans
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NerdWallet rating: Not rated

Bottom line: An option for independent borrowers since co-signers and credit scores are not required.

Sixup-logo.png
Reviewed loanPrivate undergraduate student loan
Loan terms10 years
Loan amounts$2,500 to $15,000 per year. $60,000 for multiple years. The minimum is $3,000 in Georgia and $5,000 in California.
Grace period6 months

Full review

Sixup offers private student loans for undergraduates, with rates based on academic records rather than credit scores.

Sixup’s loan is the only private student loan that markets itself to support low-income, Pell Grant-eligible students, although that eligibility is not required to borrow. It’s a loan aimed at students who have bad or no credit and who do not have co-signer.

Here we review Sixup’s private student loan. NerdWallet does not have enough information from Sixup to rate the lender or compare it with other lenders.

Sixup at a glance

  • One of the few lenders to provide loans to students without considering credit or requiring a co-signer.
  • Only one repayment term offered (10 years).
  • Requires borrowers to first submit the Free Application for Federal Student Aid, known as the FAFSA, and accept all federal student aid.

How Sixup could improve

NerdWallet does not have enough information from Sixup to fully evaluate its private student loan product.

Sixup private student loan details

  • Soft credit check to qualify and see what rate you’ll get: You do not need a credit score to qualify for a Sixup loan. A hard credit pull is made late in the application process.
  • Loan terms: 10 years.
  • Loan amounts: $2,500 to $15,000 per year. $60,000 for multiple years. The minimum is $3,000 in Georgia and $5,000 in California.
  • Application or origination fee: None.
  • Prepayment penalty: No.
  • Late fees: Yes; 4% of the past due amount, not to exceed $30. Fees may vary by state residency.
  • Other fees: There is a fee of $25 for nonsufficient funds or returned payments.

Compare Sixup’s range of interest rates with other private student loan lenders. Your actual rate with Sixup may depend on factors including your academic record, credit history and financial situation. To see what rate Sixup will offer you, apply on its website.

Financial

Sixup does not require a credit history for borrowers with a grade-point average greater than 2.5. If you have a credit history, it will be considered. If your GPA is lower than 2.5, a credit score greater than 600 may be required.

Other

To be eligible for a student loan from Sixup, you must first complete a FAFSA and accept all financial aid and work-study offered to you. You’ll have to submit your financial aid award letter with your loan application.

  • Citizenship: U.S. citizen or permanent resident.
  • Location: Available only to residents of Arkansas, California, Colorado, Connecticut, the District of Columbia, Florida, Georgia, Massachusetts, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, Oregon, Texas, Virginia, West Virginia and Wisconsin.
  • Must be enrolled half-time or more: Yes (must be enrolled full-time).
  • Types of schools served: Schools authorized to receive federal aid. For-profit schools are not eligible.

To be eligible, you also must submit a copy of your high school or college transcript. It should show you have a GPA of 2.5 or higher.

In-school repayment options

  • Immediate repayment: Make full payments as soon as the loan is disbursed, while you’re still in school.
  • Deferred payments: Don’t make any payments while you’re in school and during the six months after leaving school or dropping below half-time enrollment.
  • Fixed repayment: Pay $20 monthly while enrolled and during the six months after leaving school or dropping below half-time enrollment.

Post-school repayment options

  • Grace period: 6 months.
  • In-school deferment: Up to 48 months of deferment for enrolling at least half-time in an accredited graduate school or medical school.
  • Military deferment: None specified.
  • Forbearance: A maximum of 18 months over the life of the loan during periods of hardship.
  • Co-signer release available: Information unavailable. Contact lender for details.
  • Death or disability discharge available: Information unavailable. Contact lender for details.

Repayment preferences

  • Allows greater-than-minimum payments via autopay: Information unavailable. Contact lender for details.
  • Allows biweekly payments via autopay: Information unavailable. Contact lender for details.

  • Loan servicer: ReliaMax Lending Services.
  • Loan servicer contact information: Call (877) 354-2629 or email [email protected]
  • In-house customer service team: Information unavailable. Contact lender for details.
  • Process for escalating concerns: Information unavailable. Contact lender for details.
  • Borrowers get assigned a dedicated banker, advisor or representative: Information unavailable. Contact lender for details.
  • Average time for approval: Information unavailable. Contact lender for details.

  • Free online tutoring: Borrowers can access free online tutoring in most subjects.
  • Academic support: Sixup staff keeps tabs on a borrower’s GPA and will reach out if it sees a change in performance.
  • Career support: Sixup staff provides support for career path and resume consultation.

How to apply for a Sixup student loan

Before you take out a Sixup student loan or any other private student loan, exhaust your federal student loan options first. Submit the FAFSA to apply.

» MORE: NerdWallet’s FAFSA Guide

Compare private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments. You may also consider other lenders that don’t require co-signers.

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