Abe Review: Private Student Loans
Why trust NerdWallet
- 17 student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and consumer lending.
- Objective, comprehensive star-rating system assessing 41 categories and more than 50 data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Our Take
Pros
- Best for borrowers looking for a loan with flexible repayment plans and a long grace period.
- Students enrolled less than half-time are eligible, a feature not offered by many other lenders.
- Offers a .05% rate reduction for every six months of consecutive payments, up to 0.25%.
- Provides In-School Default Protection for borrowers making interest or partial interest payments while enrolled.
Cons
- Doesn’t have a dedicated advisor or representative to assist borrowers.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Check Rate on Earnest's website | 4.09-9.99% | 650 | 5.88-9.99% | Check Rate on Earnest's website |
 Check Rate on SoFi®'s website | 4.24-9.99% | 650 | 5.99-9.99% | Check Rate on SoFi®'s website |
 Check Rate on LendKey's website | 4.89-9.04% | 680 | 5.54-9.12% | Check Rate on LendKey's website |
Best for faster repayment options  Check Rate on ELFI's website | 4.29-8.44% | 680 | 4.74-8.24% | Check Rate on ELFI's website |
 Check Rate on Splash Financial's website | 4.20-10.24% | 650 | 4.74-10.24% | Check Rate on Splash Financial's website |
Full Review
Abe student loans are the latest private student loan offerings through a partnership between Monogram and DR Bank. Abe offers student loan terms in five increments ranging from 5 to 20 years.
Abe student loans serve undergraduate and graduate students, including those seeking a graduate certificate. Upon request, borrowers receive a 2% principal reduction with proof of graduation.
Abe student loans may be a good fit for borrowers with strong credit and low income.
Abe student loans at a glance
No late payment fees.
Flexible post-graduation repayment options like interest-only repayments and deferment.
Borrowers can see their interest rate offer without a hard credit pull.
Interest rate reduction for making six consecutive monthly payments of principal and interest on time.
How Abe could improve
Provide a dedicated banker, advisor or representative to assist you.
Abe private student loan details
Interest rates, fees and terms
Soft credit check to qualify and see what rate you’ll get: Yes.
Loan terms: 5, 7, 10, 15 or 20 years.
Loan amounts: $1,000 up to the cost of attendance less aid. (aggregate limit of $225,000 for undergrad and grad loans: $350,000 limit for certain discipline specific graduate loans).
Application or origination fee: None.
Prepayment penalty: No.
Late fees: None.
Compare Abe’s range of interest rates with other private student lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate Abe will offer you, apply on its website.
Requirements
Financial
Minimum credit score: mid-600s without a co-signer; if the co-signer's credit score is high-600s, borrowers must have a credit score of greater than or equal to 600, or have no score; if the co-signer's credit score is greater than or equal to 700, there is no credit score minimum for the borrower.
Minimum income: monthly income requirement of $1 or more depending on credit risk.
Typical credit score of approved borrowers or co-signers: Not disclosed.
Typical income of approved borrowers: Did not disclose.
Maximum debt-to-income ratio: There is no DTI requirement on the program.
Can qualify if you’ve filed for bankruptcy: After two years.
Other
Citizenship: Must be a U.S. citizen, permanent resident or an international student with a U.S. co-signer.
DACA borrowers: Eligible with a co-signer who is a U.S. citizen or permanent resident alien.
Location: Available in all 50 states.
Must be enrolled half-time or more: No.
Loans can be used for past due tuition: Yes, for balances up to 18 months past graduation date or academic period end date.
Types of schools served: Borrowers must attend Title IV-eligible school that offers bachelor’s degrees or higher. Graduate certificate programs are applicable. Students attending community colleges that are on the eligible school list may apply.
Percentage of borrowers who have a co-signer: 80%
Repayment options
In-school repayment options
Immediate repayment: Make full payments starting 30 to 60 days after the loan is fully disbursed, while you’re still in school.
Deferred repayment: Don’t make any payments while you’re in school and during the grace period, but interest accrues.
Fixed repayment: Pay $25 every month while enrolled in school and during the grace period, but interest accrues.
Interest-only repayment: Pay accrued monthly interest every month you’re in school and during the grace period.
Post-school repayment options
Grace period: 6 months, plus an additional 6-month grace extension upon request.
Income-based repayment option: No.
In-school deferment: Yes, borrowers are eligible to defer payments for up to 66 months from the first disbursement date. Borrowers can request additional deferment for up to 48 months if re-enrolled in school. Additional deferment extends the repayment term.
Military deferment: Yes, up to a maximum of 48 months while Borrower or Cosigner is on an active-duty status.
Alternative repayment option: For a period of up to 12 months, during which the interest rate is reduced to 2% and the current monthly payment is reduced to 50% for the first six months and by 25% for the second six months, and/or a 60-month term extension. Both of these options extend the repayment term.
Forbearance: Borrowers are eligible for 12 months of forbearance, in three-month increments. Once you use all 12-months of forbearance, you can earn 3-month increments of forbearance, for up to a total of another 12 months, after making 12 consecutive on-time payments between each additional 3-month increment.
Co-signer release available: Yes, after 12 months of consecutive on-time principal and interest payments, or a lump sum(s) payment equal to 12 months of principal and interest payments.
Death or disability discharge available: Yes.
Loan discharge if co-signer dies or becomes disabled: No.
Repayment preferences
Allows greater-than-minimum payments via autopay: Yes.
Allows biweekly payments via autopay: Yes.
Customer service
Loan servicer: Pennsylvania Higher Education Assistance Agency/American Education Services.
In-house customer service team: Yes.
Process for escalating concerns: Yes, provides a team with legal, compliance, loan operations and client services personnel that review and respond to complaints daily, as needed.
Borrowers get assigned a dedicated banker, advisor or representative: No.
Average time from application to approval: a pre-qualification decision is rendered in minutes.
Extras
2% principal reduction with proof of graduation.
0.05% interest rate reduction for every six consecutive months of consecutive on-time principal and interest payments, with a max interest rate reduction of 0.25%.
Before applying for an Abe student loan
Before taking out an Abe student loan or any other private student loan, exhaust your federal loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
Compare your 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.
If you aren’t eligible for an Abe student loan
If Abe denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer or still aren’t eligible with one, consider lenders that don’t require co-signers or specialize in bad or no credit student loans.
Student loan ratings methodology
Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. Read more about our ratings methodologies for student loans and our editorial guidelines.