With so many options available in the marketplace for student loans it can quickly become overwhelming. Fortunately, services like iHelp take much of the guesswork out of the equation. Owned and operated by the Student Loan Finance Corporation, this company has been serving students and their families since 1978 and continues to maintain its pristine A+ rating from the Better Business Bureau.
It’s also one of the companies that used Credible. We love Credible as a comparison tool because you can compare all different student loan refinancing in seconds. Plus, College Investor readers get a $200 bonus for refinancing with Credible!
The major advantage of searching on iHelp is that you gain access to over 5,000 banks and lending institutions such as Citizen’s Bank.
Citizen’s Bank has a nationwide reach of over 1,200 branches in eleven states. It is based in Providence, Rhode Island and has been serving the nation’s financial needs since 1828.
iHelp offers two different avenues for their student loans. One type serves the currently enrolled or soon to be enrolled student, while the other type is for graduates who are looking to consolidate as much of their unwieldy student debt as they can. The application process to begin your search for a loan can be performed at any local branch of any of their participating institutions or online.
iHelp Student Loan Application Process
By using the iHelp application process, it allows students and parents to complete the paperwork and see if they can actually qualify for a loan at a particular institution, without the hassle of doing it several times for several different lending institutions. The iHelp site operates throughout the entire United States of America and is easily accessed when trying to determine what interest rate you may qualify for.
There are certain prerequisites and information you need to know before purchasing a student loan. Here are few things to consider when you investigate iHelp:
- To be eligible for the pre-qualification process, you, or a co-signer, must have at least three years’ worth of a viable credit history and must have a monthly income of at least $1,500.
- iHelp doesn’t have fixed loans and their rates, as of the end of 2015, were between 2.82% APR-7.49% APR depending on your financial and credit situation. These rates are for their regular student loans. Their consolidation rates will vary between 6.22% APR-7.99% APR on those loans that have a cosigner. Those loans without a cosigner will range from 7.21% APR-9.04% APR.
- Undergraduates can get anywhere from $1,000-$100,000 and graduates can get up to as much as $150,000. In Georgia, however, there is a minimum loan requirement of at least $3,000. Consolidation loans begin at $25,000 and can range to $100,000 for undergrads with graduates being able to tap in to as much as $150,000.
- If you meet iHelp’s initial requirements, you will be turned over to one of their affiliated institutions like Citizen’s Bank. Applicants must also be of legal age where they live and have had a yearly income of at least $18,000 for three consecutive years.
- In addition to the three years of a credit history, the potential borrower must also have a debt to income ratio of less than 45%. Borrowers with cosigners can have the cosigner removed from the loan after making payments on time for 24 straight months.
iHelp is an easy way to connect with such lending institutions as Citizen’s Bank or other non-profit lenders and the loans can be taken out for as long as twenty years.
The Verdict
iHelp is a great potential search tool for finding student loans that work for you. However, we think that Credible is a better way to compare, as they make the process smooth from end to end.
Remember, always compare your lenders at Credible before getting a student loan. And don’t forget that College Investor readers get a $200 bonus when they refinance with Credible.
iHelp Student Loan Review
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Rates And Fees - 90
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Application Process - 80
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Customer Service - 80
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Products and Services - 90
Maria Rocco says
Hello, we are ins bit of a situation our credit is bad . My son has just one more semester of college . We just need 8 thousand dollers . For tution . And we have been denied . He does not have a cosigner . So he was also truned down his there any loan that we can apply for . Thank you
Robert Farrington says
You will probably need a cosigner. 90%+ of private loans require a cosigner. $8,000 is also manageable via work, scholarships, and more.
Anonymous says
IHELP WORST PRIVATE LOAN COMPANY!
Background History: I had just graduated from college with my Bachelor’s in Biology and was ready to take the next step in my career by applying to a private health institute. The next step into any career whether its going to a graduate school or obtaining a Doctorates degree has to be funded through loans. What many school fail to educate students is how financial aid is no longer available once your reach a certain degree and the only way to fund your education is through loans.
Unfortunately, the school I wanted to attend was not accredited until the following year and the only way to fund my education was through private loans.
Fun Fact: Private loans can give you a lower interest rate than federal loans.
I came upon the organization called iHelp. I was approved for a loan at the beginning of the month of June, 2018 where I had signed everything and was ready to take the next step in my career. But on June 11, 2018 I was informed through my future classmates that iHelp is no longer associated with the school??? In fact, I never received a call about their current situation and In a matter of a month iHelp issue with their type of insurance in the state of Florida has ceased all loans.. . DO NOT ATTEMPT TO APPLY FOR A LOAN!!! I REPEAT DO NOT ATTEMPT TO APPLY FOR A LOAN!!!
Update on June 13, 2018
My current status on iHelp says (Pending 1st disbursement), but my status online says on hold. When I call customer service they simply state “that it is not up to them anymore to make the decision on whether or not I will receive the funds, but up to the bank”. I then ask if they have a deadline because I start school on July 30th and over several employees reported to me saying ” we don’t know when they will have an answer, they have no deadline”. I then presumed to ask the question if I could speak to the bank personally? Of course, they stated ” We cannot give you any information”.
IHelp lack of responsibility with their new “insurance” has put hundreds of students at risk towards their education. If you plan on investing your future with them, do not. Try any other loan company and do your research if they expect on any changes in the upcoming future. Learn from my mistake, and never invest in IHelp Private loan company.
Until then I wait and pray for a miracle.