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.