Lender Profile: Connext Student Loans
Connext is backed by a network of regional banks and credit unions to provide students with private loans for school.
They offer both undergraduate and graduate loans. Many borrowers need a cosigner, but there is cosigner release available.
Find out more about Connext student 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% interest rate 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 will discuss forbearance and other options.
Death and disability discharge depends on the lender you are paired with.
About Student Loans from Connext
Connext uses a community of lenders to fund their private student loans, but the organization manages the loans and repayment directly. They offer both undergraduate and graduate student loans. They do not offer private parent loans.
Connext private student loans can be repaid over 10 years or 15 years. A student can borrow between $2,000 and the approved cost of school (minus other aid) each year, but there is an aggregate limit. For undergraduates, the aggregate borrowing limit is $100,000.
Applying is done online through the Connext website. You enter some preliminary information to gain pre-approval. Once you’ve received that, you make a full application, including uploading verifying documents.
Qualifying for Connext Private Student Loans
To qualify for a student loan through Connext, you need to meet specific requirements. You will also need specific identifying and financial information in order to complete your application.
Connext borrowers must be:
- A U.S. citizen or permanent resident
- At least the age of majority in their state at the time of application
- Creditworthy, or have a creditworthy co-signer
- Enrolled at least half-time in a qualifying institution
The borrower will always be the student, and funds are disbursed directly to the school.
Interest Rates and Fees for Connext Student Loans
Connext does not have application or origination fees. There is also no charge to pay off the loan early.
Variable interest rates with Connext range from 3.91% to 11.45%. Fixed rates can be between 5.40% to 10.76%. Borrowers who use automatic payment will qualify for a 0.25% interest rate deduction.
Repaying a Private Student Loan from Connext
When you sign up for a private Connext student loan you choose either a 10 or 15-year term, and you make a decision between two repayment plans.
You can choose to start making full payments right away, or you can choose to defer repayment until the student is done with school. If you defer, repayment begins six months after graduation or the student falls below half-time enrollment. Accrued interest will be added to the principal.
You are allowed to make repayments of any size during deferment if you choose to. Doing so will help reduce 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 must 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 options are available. To access this help, it’s important to contact the lender as soon as possible if problems arise.
Some lenders that Connext works with may be able to offer a death or disability discharge. However, the specific details vary based on the lender you are paired with.
Review other profiles of private loan lenders.
Keep School Affordable!
Knowing your loan options is only part of the puzzle. It’s also vital to choose a generous school and take other steps to keep college costs low. If you’re still reviewing schools, find out which ones are best for your family with our toolkit today!
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