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Home » Student Loans » Private » Raise Private Student Loan Review

Raise Private Student Loan Review

Updated: November 2, 2021 By Robert Farrington

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At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Learn more here.Advertiser Disclosure

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Note: Raise is not currently accepting new borrowers.

With direct subsidized and unsubsidized loans offering interest rates below 4% (for undergraduate students), it’s tough to justify private student loans.

However, people who need money for college who missed their FAFSA deadline (or didn’t borrow as much as they actually needed) might be in the market for private loans.

If you’re in that situation, you may want to consider Raise^ Private Student Loans.

We also recommend that borrowers shop around for the best rate for a private loan. Check out Credible and see what you'd qualify for.

Raise Private Student Loan Review

These private student loans are designed specifically for students who earn an income, and who need private student loans. The rates on Raise^ loans aren’t spectacular, but they may be helpful for students in a pinch.

Note: Raise is not currently taking new applications.


Raise Student Loans

Quick Summary

  • Raise offers private student loans
  • Loan amounts available varies by state
  • Competitive interest rates available
GET A QUOTE

Raise Student Loans Details

Product Name

Raise Student Loan

Min Loan Amount

$5,000

Max Loan Amount

Varies by State

APR

As low as 5.33% APR

Rate Type

Variable and Fixed

Loan Terms

5 to 15 Years

Promotions

None

Table of Contents
Raise^ Student Loan Interest Rates
Raise^ Student Loan Grace Periods
Do I Need A Cosigner For Raise^ Student Loans?
Where Does Raise^ Lend?
Who Should Consider a Raise^ Private Student Loan?

Raise^ Student Loan Interest Rates

Raise^ Student Loan interest rates range from 5.33% for the most qualified applicants to 15.73%. The interest rate also varies based on the type of loan you choose and the loan term. Raise^ offers loans ranging from 5 to 10 years of repayment time.

If you’re still a student, you can also choose an “interest only” loan where you only make interest payments while you’re in school.

Many student loans don’t require you to make any payments while you’re in school, but this option can be an advantage. First, paying the interest will keep your debt from ballooning out of control while you’re in school.

Secondly, making payments while you’re in school will help you build credit.

Below, you’ll see a table with the interest rate ranges for each of Raise’s six loan products.

Loan Type

Interest Rate Change

5 year immediate repayment

5.33%-14.53%

5 year interest only

6.23%- 15.43%

7 year immediate repayment

5.88%-15.03%

7 year interest only

6.58%-15.58%

10 year immediate repayment

6.38%-15.43%

10 year interest only

6.88%-15.73%

Raise^ Student Loan Grace Periods

As a Raise^ borrower, you can opt for an immediate repayment schedule (where you start making payments while you’re in school) or an interest only repayment schedule.

With the interest only repayment schedule, you can pay only the interest on your loans as long as you are a full time student in an accredited higher education institution.

Once you drop below a half-time enrollment, you’ll have six months of a grace period before you have to start making your full payment. If you stay in school for more than five years (60 months), Raise^ may not give you the full six months for a grace period.

Do I Need A Cosigner For Raise^ Student Loans?

Raise^ doesn’t require a cosigner for you to take on a student loan, but they have minimum credit and income requirements. If they don’t think you’re qualified to make the interest only payments while you’re in school, they’ll probably require you to take on a cosigner.

Remember, a cosigner agrees to all the same obligations as a borrower, so cosigning a loan is a huge responsibility. We rarely recommend that anyone cosign a loan (except for a spouse).

Where Does Raise^ Lend?

Right now, Raise^ isn’t a nationwide lender. You must attend school in one of these state’s to take out a loan from Raise^: Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Indiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, South Carolina, Tennessee, Texas, Washington or West Virginia.

How Does Raise^ Compare?

Clearly, Raise^ isn't the only private student loan lender out there. In fact, they're not the only lender even offering these types of alternative private loans.

Check out how Raise^ compares in our list of best private loans, or this quick summary below:

Header
Raise Student Loans
Ascent Student Loans
Funding U logo

Rating

Minimum Loan

$5,000

$1,000

$3,000

APR Type

Variable and Fixed

Variable and Fixed

Variable and Fixed

Cosigner?

Not Required

Not Required

Not Required

Cell
GET A QUOTE
READ THE REVIEW
READ THE REVIEW

Who Should Consider a Raise^ Private Student Loan?

In general, we recommend avoiding student loan debt as much as possible. While a little bit of debt can help you graduate fast and invest in your career, too much debt mortgages your future.

Right now, the primary group who should consider a Raise^ loan are people who didn’t complete the FAFSA on time (and therefore don’t qualify for Federal Aid) or people who can get a great rate without a cosigner.

The rates and terms at Raise^ are decent, especially if you qualify at the low end, but they aren’t spectacular.

If you do need to take on private student loans, be sure to compare rates from multiple lenders. Student loans are not something you want to overpay. We recommend Credible to shop for a private student loan in minutes. Learn more here.

What do you look for in a student loan company?

Raise Student Loan Review
  • Rates & Fees
  • Loan Terms
  • Customer Service
Overall
3

Summary

Raise offers a variety of private student loan options. However, they have been closed to new applicants.

Pros

  • Private student loans with more lenient borrowing criteria
  • No cosigner required

Cons

  • No accepting current loan applications
  • Limited state availability
  • Limited repayment plan options (only 5-10 years)
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Raise Private Student Loan Review
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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