Student Loans

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  • 1. Pre-Qualify

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    Pre-qualify for a student loan through one single form that only takes minutes to complete.

  • 2. Compare

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    Compare the interest rates, total costs, and average monthly payments across multiple student lenders for your pre-qualified rates.

  • 3. Select

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    Select the repayment plan that matches your financial situation and we’ll bring you to the lender’s website to apply for your loan.

  • 4. Fund

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    Depending on the type of loan, your funds will either be disbursed to you, your school, or your previous lenders.

Private Student Loan and Student Loan Refinance

Find the Best Private Student Loan and Student Loan Refinance Options Using Our Free Marketplace.

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Saving You
time, money, and energy.

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No Cosigner

You may pre-qualify with or without a cosigner.

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No Income

You’re not required to have an income to submit a request.

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No Credit History

You’re not expected to have years’ worth of credit history.

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No Penalties

There’s no prepayment penality if you decide to pay off your loans faster than originally intended.

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No Fees

WeStreet Credit Union’s student loan marketplace is completely free.

With WeStreet Student Loan Marketplace, you can compare real repayment plans from multiple lenders side-by-side so you know exactly how each loan stacks up when it comes to APR, monthly repayment, total repayment amount, and repayment options.

Compare Rates

See rates from multiple student lenders in minutes through a single form.

Countless Lenders

Search for in-school and refinance loan options from private lenders such as banks, credit unions, and online lending institutions.

Pre-Qualified Rates

Explore real, pre-qualified fixed- and variable-rate student loans for ultimate personalization.

Flexible Terms

Compare flexible repayment terms and options that fit your budget.

Every Stage Of Your Educational Journey

Whether you’re a parent, a high school senior planning for college, an undergraduate student, a graduate or professional student (MBA, Law, MD, JD, etc.) advancing your education, or even a borrower seeking to refinance for better terms, we’ve got you covered.

Explore Student Loans

Student Loan Marketplace
Frequently Asked Questions

How Does The WeStreet Marketplace Work?

Marketplace allows you to compare real, pre-qualified student loan offers through a single form. Think of the marketplace as Expedia or Google Flights of student loans. With the marketplace, you can compare loan offers from multiple lenders side-by-side to know exactly how each offer stacks up regarding APR, monthly repayment, total repayment amount, and repayment options. Checking your rate on the marketplace is free and does not impact your credit score.

What are private student loans?

Private student loans are provided by private lenders — banks, credit unions, and online lenders. You can use private loans to pay for education costs and living expenses, which your federal education loans might not cover. Interest rates and terms on private student loans can vary, depending on your financial situation, credit history, and the lender you choose.

When should I apply for a private student loan?

You can apply for private student loans at any time since there’s no deadline tied to them (like filling out the FAFSA for federal loans). But it’s still a good idea to apply for private loans as soon as you know you’ll need them to cover education costs. Although it varies depending on the lender and your school, it can sometimes take 3 to 5 weeks for you to receive the funds. So, if you’re trying to decide when to apply for a private student loan, be sure to give yourself time and apply sooner rather than later.

How can you use private student loans?

You can use private student loans to pay for education-related costs and living expenses, which your federal school loans might not cover. Some uses include:

● Tuition and fees

● Room and board

● Housing Utilities

● Meals and groceries

● Books

● Supplies

● A personal computer you’ll use for school

● Dependant childcare expense

What types of student loans are there?

Federal student loans are offered by the U.S. Department of Education and have interest
rates set by Congress. These loans also provide benefits and protections that private
student loans don’t offer, such as access to federal deferment and forbearance options,
income-driven repayment programs, and student loan forgiveness programs.

Undergraduate student loans include both federal and private student loans that are
used to pay for your undergraduate studies.

Parent PLUS Loans are available to parents who want to help their child pay for school. Unlike other federal student loans, PLUS loans require a credit check, and you might not qualify if you have an adverse credit history, such as a default, delinquent account, or repossession. Keep in mind that some private lenders offer parent student loans, too — though these don’t come with the federal protections that PLUS Loans offer.

Graduate student loans can be used to help you pay for grad school. Direct Unsubsidized Loans and Grad PLUS Loans are two types of federal student loans that can be used for graduate programs. There are also several private lenders that offer graduate
student loans.

MBA student loans can help you finance a business degree. While you might be able to use a general graduate student loan to pay for these costs, some private lenders offer specialized MBA loans.

Law school student loans can be used to pay for a law degree. You can take out general graduate student loans for this, or borrow specialized law school loans from certain private lenders.

Medical school student loans can help you cover expenses while attending med school. Some medical school loans also sometimes let you defer payments until after residency.

What types of student loan refinance options are there?

Federal and Private student loan refinancing options are available.

Should I refinance my student loans?

Whether you should refinance student loans depends on your situation. You may want to refinance your student loans if:

1. You’re in a good financial situation. Do you have a higher income or credit score? If so,now would be a good time to refinance your student loans.

2. You have private student loans. Refinancing when you have private student loans has little to no downsides, as long as you can secure better terms. If you have private student loans, it might be a good move to refinance.

3. You don’t need federal student loan benefits. If you refinance federal loans, they won’t be eligible for benefits like loan forgiveness and student loan relief. If you don’t think you’ll ever use the federal student loan benefits and you can secure better terms by refinancing, it’s probably a safe bet.

4. You would save money. There is no reason to refinance your loans if you can’t lower your total repayment costs or lower your monthly payment. To find out how much you can save by refinancing your student loan(s), simply complete the two-minute Sparrow application.

Although there are many benefits to refinancing your loans, it may not be for everyone. There are specific benefits of a federal student loan that a private refinance loan may not offer:

1. Loan forgiveness: If you refinance a federal student loan to a private student loan, your refinanced loan will no longer be eligible for federal student loan forgiveness. Federal student loan forgiveness programs, such as Public Student Loan Forgiveness (PSLF), are only applicable to federal loans.

2. Deferment: Refinancing can restrict the options you have to postpone your payments in the event that you lose your job or fall into financial hardship. Private lenders’ deferment policies vary.

3. Income-Driven Repayment Plans (IDR): Federal loan holders can apply for an IDR plan that reduces their minimum monthly payment and makes it a percentage of their discretionary income. When you refinance, you will be ineligible for any IDR plan.

How does student loan interest work?

Student loan interest works by adding a percentage of the loan amount to your outstanding balance over time. This interest rate represents the cost of borrowing money. When you make monthly payments, a portion of the payment is allocated towards covering the accrued interest, while the remaining amount goes towards reducing the principal balance (the original loan amount). Choosing a lower interest rate can help you save money over the life of the loan and accelerate the process of paying off your debt.

How do I qualify for a student loan?

Each lender has different requirements when it comes to qualifying for a private student loan. But typically you must:

● Have a qualifying credit score (or a cosigner with one)

● Have a qualifying income and debt-to-income ratio (DTI) (or a cosigner with one)

● Be enrolled in an eligible education program

● Be a U.S. citizen or legal resident with a Social Security number

● Be at least 18 years old and hold a high school diploma or equivalent (or have a cosigner)

● Use the loan for education purposes only

What is a fixed- vs. variable-rate loan?

Before you borrow, you’ll need to decide whether you want a fixed- or variable-rate student loan. Here’s the difference between the two:

● A fixed-rate will stay the same over the course of your loan term. This also means your payments won’t ever change.

● A variable-rate can fluctuate and possibly even increase over time. Because of this, your payments might rise or fall.

How much money can I borrow with a private student loan?

With a private student loan, you’re eligible to borrow up to 100% of what your school says it costs to enroll and attend classes (the “cost of attendance”), minus other financial aid and loans you’ve already received. How much you can borrow will vary by lender and can include annual or cumulative borrowing limits. Other private lender criteria that can affect how much you can borrow might include your credit history, the credit quality of your cosigner, your school’s certified cost of attendance, the degree you’re earning, and more.

How does disbursement work for private student loans?

Receiving the funds for your private student loan depends on whether you’re borrowing an in-school loan or refinancing an existing loan.

For in-school private student loans, the funds are typically sent straight to your school to cover tuition. The school then gives the rest of your loan money directly to you, the student, for other expenses related to getting your degree, such as housing.

Your school sets the disbursement date (when you actually receive the money), which is usually around the beginning of the semester. Regardless of when you applied for the loan, your school’s disbursement date will be the same. However, it’s best to apply early so that you can avoid any unexpected confusion or delays.

We suggest giving yourself at least 30 days to be safe, but be sure to contact your financial aid office to learn more about accessing your funds.

For student loan refinancing, no new funds are disbursed. Instead, your new private lender pays off your existing loan(s) and gives you a new loan with new terms. This generally happens within a few days, but always check with your lender(s).

Can I get a private student loan with bad credit or no credit?

You can get a student loan with bad credit, but not necessarily on your own. While federal loans don’t require a credit check, private student loans do. Many students don’t qualify for private loans on their own because they don’t have a credit history or they have bad credit. If that’s your situation, you may need to add a cosigner to qualify for a private loan.

Private student loans require a credit application that examines income, employment, and a credit report. The lower your credit score, the higher the risk for the lender, which translates into higher interest rates. One way to get approved for a loan with a lower rate can be to add a creditworthy cosigner to your loan application.

Do I need a cosigner for a private student loan?

It depends, but in most cases, yes. You don’t have to add a cosigner unless you’re under the age of majority in your state (usually between 18 and 21). But if you have a limited or poor credit history, lenders may require you to add a creditworthy cosigner to reduce their risk on the loan. Plus, more than 90% of private student loans taken out by undergraduate students are cosigned. Even if you’re a graduate student and don’t need one, adding a cosigner with good credit can improve your chances of qualifying for a private student loan at a lower rate. Our marketplace even makes it easy to compare cosigners to see which cosigner can help get you the best rate.

How long does this process take?

The questions usually take a few minutes. Once you submit, lender rates are typically available within minutes. The rates provided will be based on those lenders with whom our marketplace has a relationship so they may be able to provide you with a loan based on the information you submit.

Which citizenship statuses are eligible for student loans?

Lenders are typically able to provide loans to U.S. citizens, visa holders, DACA recipients, and international citizens.

WeStreet Federal Credit Union does not verify your citizenship. Your lender will verify your citizenship once you go through their approval process.

Do I need to supply my SSN?

No. The WeStreet Marketplace does not require your SSN to see available lender rates, but the marketplace will use your SSN to verify your identity and perform a soft pull of your credit, which will not affect your credit score.

Do I need to include an income?

Including an income is optional – although highly encouraged. Don’t worry – you don’t have to be exact. Lenders will verify your income later through their approval process. 

What’s the difference between a soft credit pull and a hard credit pull?

Soft inquiries (also known as “soft pulls” or “soft credit checks”) typically occur when a person or company checks your credit as part of a background check. This may occur, for example, when a credit card issuer checks your credit without your permission to see if you qualify for certain credit card offers. Your employer might also run a soft inquiry before hiring you.

Hard inquiries (also known as “hard pulls” or “hard credit checks”) generally occur when a financial institution, such as a lender or credit card issuer, checks your credit when making a lending decision. They commonly take place when you apply for a mortgage, loan or credit card, and you typically have to authorize them.

Soft inquiries do not affect your credit score. Hard inquiries can lower your credit score, though it is one of the less influential credit score factors. The impact of hard inquiries on your credit score tends to lessen over time.

Is WeStreet my private student loan lender?

WeStreet Credit Union is not your student loan lender. We provide a marketplace to help you check rates from multiple lenders, but after choosing a rate, you need to upload documents and sign an agreement directly with your chosen lender.

Will using the marketplace affect my credit score?

Prequalifying through the WeStreet Student Loan Marketplace does not impact your credit score. WeStreet Marketplace conducts a soft credit check when you apply for pre-qualified rates. The soft credit check allows us to instantly show you the rates you qualify for at each of our lenders, and it does not impact your credit score. Once you submit your official loan application on the lenders’ site, the lender will conduct a hard credit check to verify the information included in your application (this includes any information about your cosigner, if applicable). Note: The soft credit check does not affect your credit score. The hard credit check will appear on your credit report and can influence your credit score.

Borrow up to 100% of enrollment and attendance cost, minus other financial aid and loans you’ve already received.

Pre-Qualify Now

Borrow responsibly. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan. This student loan marketplace is powered by Sparrow. These loans are made by Sparrow’s lending partners. WeStreet Federal Credit Union is not the creditor for these loans and is compensated by Sparrow for the referral of loan customers. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

SPARROW RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. © 2023 Sparrow Labs Inc. All rights reserved. Sparrow, the Sparrow logo, and other Sparrow names and logos are service marks or registered service marks of Sparrow Labs Inc. All other names and logos used are the trademarks or service marks of their respective owners. Sparrow is not sponsored by or an agency of the United States of America.