Sparrow Student Loans

Sparrow Student Loans

Compare Rates in Real Time
Sparrow offers the ability for you to receive rates in real-time through a single loan application
Sparrow Student Loans

International Student Loans
Sparrow offers coverage to international students from over 150+ different countries
Sparrow Student Loans

Risk Free Shopping
Sparrow offers a risk-free experience where you can shop for loans without affecting your credit

Getting to know Sparrow Student Loans

With Sparrow Student Loans, you can shop private student loans in one easy-to-use portal. With Sparrow, you can stop wasting time applying one lender at a time to compare loans – submit a single application and Sparrow will find you the best offers, automatically. With just a few simple clicks you can be on your way to getting the funding you need for your upcoming school year. There is a 3 step process that you will need to begin with in order for you to begin getting lending options;

  1. The first step consists of providing information about yourself to the Sparrow team.
  2. The second step consists of coming loan offers from their multiple lenders
  3. Conquer your student loans with a loan that fits your unique financial situation

Sparrow is there for you throughout the student loan process offering you guidance and feedback every step of the way.

Sparrow Student Loans
Sparrow Student Loans

Sparrow Student Loans offers some unique perks that you may not find with other lenders. Here are some key highlights of the student loan offerings;

  • Sparrow is entirely free for borrowers
  • Sparrow offers coverage for international students from over 150+ countries
  • You can finance nearly any degree from over 2100+ universities
  • Shopping for loans with Sparrow does not hurt your credit score
  • Receive rates in real-time (not estimates) from multiple lenders with a single loan application
  • Sparrow offers your loan cost breakdown before you sign with a lender

Sparrow is what a true leader in the student loan space should look like and redefining how a lender should work alongside their clients.

With a single loan application, Sparrow makes the decision-making process easy when selecting your loan. In order to be eligible for the outcomes-based loan, the borrowers must be:

  • Be at least 18 years of age or at the age of majority in the respective state of residence.
  • Have satisfactory academic performance of 2.9 GPA or greater.
  • Be a U.S. citizen or have a U.S. permanent resident or Deferred Action for Childhood Arrival (DACA) status.
  • Be a college junior or senior enrolled full-time (or with an expected graduation date within 9-months of the date the loan application is submitted) in a degree program at an eligible institution.

**NOTE: No score means insufficient credit history to produce a score. If you have a score it must meet a minimum score required.

As a guideline, you should apply for a private student loan roughly two months before the tuition due date. Most schools’ payment deadlines for the fall semester are in July or August of that academic year. That means applying in either May or June. Each school has its own tuition due date, so contact your financial aid office to find out your exact payment deadline.

Note: Don’t confuse your school’s tuition deadline with the date your deposit is due. Deposits for incoming freshmen are due on May 1 of that academic year.

Sparrow Student Loans

The Sparrow Student Loan Advantage

0.94% – 11.98%
Variable Loan Rate
2.94% – 13.09%
Fixed Loan Rate
5 to 20 Years
Laon Terms
$5,000
Minimum Loan Amount

Variable Rate Loans
A variable interest rate loan is a loan in which the interest rate charged on the outstanding balance varies as market interest rates change. The interest charged on a variable interest rate loan is linked to an underlying benchmark or index, such as the federal funds rate.

As a result, your payments will vary as well (as long as your payments are blended with principal and interest). You can find variable interest rates in mortgages, credit cards, personal loans, derivatives, and corporate bonds.

Fixed Rate Loans
Fixed interest rate loans are loans in which the interest rate charged on the loan will remain fixed for that loan’s entire term, no matter what market interest rates do. This will result in your payments being the same over the entire term. Whether a fixed-rate loan is better for you will depend on the interest rate environment when the loan is taken out and on the duration of the loan.

When a loan is fixed for its entire term, it remains at the then-prevailing market interest rate, plus or minus a spread that is unique to the borrower. Generally speaking, if interest rates are relatively low, but are about to increase, then it will be better to lock in your loan at that fixed rate.

Depending on the terms of your agreement, your interest rate on the new loan will stay the same, even if interest rates climb to higher levels. On the other hand, if interest rates are on the decline, then it would be better to have a variable rate loan. As interest rates fall, so will the interest rate on your loan.

Sparrow Student Loan Requirements

Minimum Credit Score

  • Be at least 18 years of age or at the age of majority in the respective state of residence.
  • Have satisfactory academic performance of 2.9 GPA or greater.
  • Be a U.S. citizen or have a U.S. permanent resident or Deferred Action for Childhood Arrival (DACA) status.
  • Be a college junior or senior enrolled full-time (or with an expected graduation date within 9-months of the date the loan application is submitted) in a degree program at an eligible institution.

Minimum Income

  • No minimum. Several lenders on Sparrow’s platform do not require borrowers to have any income, while other lenders have a minimum.

Citizenship

  • Borrowers can be U.S. citizens, permanent residents, international or DACA students. International students do not need a U.S. citizen or permanent resident cosigner, but including an eligible cosigner will make borrowers eligible with more lenders and at better rates.

Location

  • Available to borrowers in all 50 states, as well as to international borrowers attending eligible colleges in all 50 states, Washington, D.C., and Puerto Rico.

Must be enrolled half-time or more

  • Yes

Types of schools served

  • Any school authorized to receive federal aid.

Sparrow Student Loan Terms

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