In 2019, two-thirds of college students took out student loans. In most cases, these are federal loans provided by the government.
But sometimes those don't cut it. So if you're wondering how to pay for college, private student loans can be a great option.
This article will review Funding University student loans and what they offer. Like the best student loans, they offer transparency with their application process and can get you pre-approved for substantial funds in under 10 minutes.
On top of preliminary information, you'll need to share your GPA, an SAT or ACT score, your monthly income, and your major entering school.
The good news: you don't need to share your credit score or other financial information to know if you're pre-qualified. As a result, you can be prequalified in as little as 10 minutes.
When filling out the application, make sure to include your:
Once you're pre-approved, you'll need to complete a phone consultation with Funding University's loan advisors. This can take as little as 10 minutes, and they'll get any extra info before closing on the loan.
Funding University only provides loans for 30 states. The complete list is below:
Funding University takes a look at your GPA and the graduation rate of the college you'll be attending for earning one of these loans.
Min GPA: 3.5
School Graduation Rate: 90%, over six-years
Min GPA: 3.0
School Graduation Rate: 70%, over six-years
Min GPA: 2.75
School Graduation Rate: 50%, over six-years
Min GPA: 2.5
School Graduation Rate: 50%, over six-years
If you're entering a successful school with a great GPA, this is a terrific option for first-year students.
Funding University is great because it allows those with great GPAs to get loans. Unfortunately, some limitations make these less ideal than competitors.
Applicants: These loans are open to undergraduate, graduate, and professional students that are 18 years of age and are U.S. citizens or permanent residents.
Minimum Loan Amount: $3,000
Maximum Loan Amount: $10,000
Minimum Credit Score: None. They go off GPA and graduation rate.
Fees: Only for late payments. No origination or prepayment fees.
Loan Term: 10 years.
Application Fees: None.
Cosigner Required: No.
Grace Period: Six months.
Restrictions: Students attending for-profit schools are not eligible.
Funding University offers private student loans that you must repay immediately. You can either pay interest-only payments or the minimum of $20 per month while you're still in school.
This means you'll likely need to work part-time to pay off the loan and not incur late fees successfully.
Unlike many other lenders, Funding U does not offer variable rates, only fixed APR loans.
Fixed APR Range: 7.49%-13.49%
As a bonus, if you enable automatic payments, you'll receive a reduced 0.50% APR decrease, which is double that of the majority of lenders.
In short, Funding University student loans are outstanding if you need under $10,000 and have a great GPA.
If not, check out other competitors. Many require cosigners and solid credit scores. However, they offer lower rates and access to more funds for school.
Don't be discouraged if this loan doesn't seem fit for you. You can find one to help you get into your dream school, and it can be affordable!
LOAN ELIGIBILITY: Must be a US citizen or permanent resident, age 18 or over. Must be enrolled as a full-time undergraduate student in a bachelor’s degree program at a Title IV-eligible four year college (for-profit schools not eligible).
LOAN AVAILABILITY - Residents of the following states are eligible for 2021-2022 loans: Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Maryland, Massachusetts, Michigan, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Virginia, West Virginia, and Wisconsin. Terms and conditions vary by state.
DISCLAIMER: Offered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University's website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.
NMLS #1819881 | www.nmlsconsumeraccess.org | Funding University, Inc.