Connext is backed with a network of regional banks and credit unions to supply students with private loans for college.
They offer both undergraduate and graduate loans. Many borrowers require a cosigner, but there is cosigner release available.
Find out more about Connext student education loans below!
Connext Student Loan Summary
| Types of Loans Available | Private StudentLoans |
| Private Parent Loan | Not Available |
| Cosigner Release | Yes, with 36 consecutive on-time full payments, along with borrower creditworthiness |
| Prequal Without Credit | Yes |
| Borrowing Amount | Minimum: $2,000 Maximum: Cost of Attendance Aggregate Undergrad Max: $100,000 |
| Repayment Length | 10-15 Years |
| Interest Rates | Variable: 3.91% to 11.45% Fixed: 5.40% to 10.76% |
| Fees | No fees for application, origination or early payoff |
| Benefits | 0.25% rate of interest reduction with autopay |
| Repayment Terms | *Immediate full repayment starting 50 days after disbursement *Deferred repayment until six months after graduation/dropping below half time |
| Hardship Options Available | Contact Connext right away if you encounter problems and they'll discuss forbearance and other options.
Death and disability discharge depends on the lender you're paired with. |
About Student Loans from Connext
Connext uses a community of lenders to finance their private student loans, but the organization manages the loans and repayment directly. They offer both undergraduate and graduate student education loans. They do not offer private parent loans.
Connext private student education loans could be repaid over 10 years or Fifteen years. Students can borrow between $2,000 and the approved cost of school (minus other aid) every year, but there is an aggregate limit. For undergraduates, the aggregate borrowing limit is $100,000.
Applying is performed online through the Connext website. You enter some preliminary information to achieve pre-approval. Once you've received that, you make a full application, including uploading verifying documents.
Qualifying for Connext Private Student Loans
To be eligible for a a student loan through Connext, you need to meet specific requirements. You will also need specific identifying and financial information to do the application.
Connext borrowers should be:
- A U.S. citizen or permanent resident
- At least age majority within their state during the time of application
- Creditworthy, and have a creditworthy co-signer
- Enrolled a minimum of half-time inside a qualifying institution
The borrower will be a student, and money are disbursed straight to the school.
Interest Rates and costs for Connext Student Loans
Connext doesn't have application or origination fees. There is also no charge to pay off the loan early.
Variable rates of interest with Connext range from 3.91% to 11.45%. Fixed rates could be between 5.40% to 10.76%. Borrowers who use automatic payment will be eligible for a a 0.25% rate of interest deduction.
Repaying a personal Education loan from Connext
When you sign up for a personal Connext student loan you select either a 10 or 15-year term, and also you make a decision between two repayment plans.
You can pick to start making full payments immediately, or you can decide to defer repayment until the student is done with school. If you defer, repayment begins 6 months after graduation or even the student falls below half-time enrollment. Accrued interest is going to be added to the main.
You are allowed to make repayments of any size during deferment if you choose to. Doing so will help lessen the amount due when repayment begins.
Cosigners can be removed from a Connext private student loan. Cosigner removal requires 36 consecutive, on-time full payments. The borrower should also meet the lender's creditworthiness requirements to remove the cosigner.
If the borrower encounters financial difficulty in repayment, Connext has options to help make payment more flexible. Deferment and other choices are available. To access this help, it's important to contact the lending company as soon as possible if problems arise.
Some lenders that Connext works with might be able to provide a death or disability discharge. However, the specific details vary in line with the lender you are combined with.
Review other profiles of non-public loan lenders.
Keep School Affordable!
Knowing your loan options is only part of the puzzle. It is also vital to select a generous school and take other steps to help keep college costs low. If you are still reviewing schools, find out which ones are best for your family with our toolkit today!
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