Plenty of student loan companies want to help you borrow large sums of money to cover all of the bills federal loans can’t touch. Sixup is different.
Company founders say their loans are made for students who want to attend selective four-year colleges, but a tiny funding gap keeps them from doing so. These students don’t have additional funding to lean on. Without a gap loan, they can’t go to the schools they choose.
We dug into loans from Sixup so you can decide if the company is right for you. Here’s what we found.
Sixup administrators say their loans are for ambitious students who want to graduate from good colleges. The company’s loans are made to close the gap between what a student gets via financial aid and what it costs to go to the right school.
The Sixup student loan model is unique due to:
You’ll need a completed FAFSA to apply for a Sixup loan, and you’ll need to prove that you’ve accepted all of the financial aid you were offered. That means you’ll need to accept all of your federal student loan options.
The tiny gap that remains between your financial aid and tuition costs is the target of a Sixup loan. Apply for that loan independently, as you don’t need a co-signer, but expect to pay a bit more for your freedom. Sixup interest rates are a bit higher than those given out by the competition.
Sixup loans are perfect for striving students hoping to attend prestigious four-year schools. The loan application process is quick, and the terms are clear and easy to understand. But this isn’t the right product for every student.
Sixup administrators do more than simply assess your credit when they’re deciding whether or not to loan you money. They also examine your academic history and personal information. That means you need to gather a lot of data before you start the application process.
To apply for a Sixup loan, you’ll need:
Gather all of these documents, and head to the Sixup website to begin your loan application.
You must complete the Sixup application online, as the company doesn’t accept applications by mail or over the phone. The company doesn’t estimate how long it will take to finish the paperwork or receive funding, but there is a robust customer service department that can step in and help if you get confused or have questions.
Sixup loans are small, and they’re not meant to cover your entire tuition bill. In fact, there’s no way they can do so. Instead, you’ll need to ensure that you take advantage of all of the options open to you.
That means you must get familiar with federal loans from the U.S. Department of Education.
Your federal student loans are based on need, and you’ll need your family to help you fill out the paperwork. Even if your parents don’t plan to help you pay for school, they must provide information about income and assets to help you apply for federal loans.
A loan from the U.S. Department of Education can come with plenty of benefits, including exceptional repayment plans and protections if you run into financial difficulties. You should investigate this option thoroughly, and accept the help the department offers, before applying for a loan from Sixup.