Sixup offers only undergraduate student loans for low-income students attending four-year non-profit colleges. Students who have virtually used up all forms of aid available to them and those transferring from a two to four-year non-profit college are those who can benefit from sixup student loans.
Currently, Sixup student loans for undergraduates is restricted to the following locations.
- District of Columbia
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- West Virginia
Eligibility and Minimum Requirements:
To be eligible for Sixup loan, you must a resident in a state we lend in and you have to be a student or will be one at the time of pursuing the loan. It is important you have admission to, or are enrolled full-time, in a four-year, non-profit, Title IV institution. You must be a US citizen or permanent resident, and have to 18 years of age (or the age of majority in your state). Academically, your GPA will have to be 3.0 or higher and must meet up with your school’s SAP (Satisfactory Academic Progress) policy.
Also, you have to complete FAFSA and accepted all financial aid/awards and have a minimum need of $2,500 (must exceed $3,000 for Georgia residents and $5,000 for residents of California). Sixup insist of not exceeding the maximum loan amount of $15,000 from Sixup per academic year.
Advantage of Sixup over other lenders
The first noted advantage of Sixup over other college student lenders is that No cosigner with good grades. In as much as you keep your gradea up, you have bycotted the need for a consigner to qualify. In addition, the borrower has rewards for grades. Hence, you can also adjust your interest rate if your GPA increases. Also, Sixup offers option to build your credit. You may have enough credit to qualify for other types of loans or a credit card when you graduate, If you make $20 repayments while you’re in school. Finally, your interest rate won’t ever go into the double digits, no matter how bad the economy gets.
Disadvantages of Sixup
One major problem with Sixup is that it offers Low amounts. From the beginning of the application process Sixup informs the borrowers that the loan is not designed to cover all of your school costs.
The loan also, is not for underachieving students thereby encouraging seriousness among the students. And you can only qualify for a Sixup loan if you’re a resident of one of the 18 eligible states. Finally, the loan is not meant for Graduate students, medical students and other professional students can’t qualify for this student loan.