Hello students, Nowadays, applying for a student loan has become a hectic process, but we have a solution for you. This blog is dedicated to “Meritize loan reviews,” and we are going to help you learn about
How can you apply? As a student, are you eligible? What is the rate of interest? and other queries related to it?
Note: We explained everything about the Meritize loan, which, as a student, you should read carefully and take advantage of. Also, note that everything written in this blog is based on research and suggestions from our side. It is better to seek consultation from your financial advisor before making any financial decisions.
Table of Contents
What is a meritize loan?
Meritize is a loan provider to students as per their academic as well as military achievements. They consider students’ credit scores before lending them funds. The core intent behind funding a student is to pay for programs that help them make a better career.
The best thing about them is that they also provide deferred payment options, which means that you don’t have
to worry about payment until you complete your program. This reduces the burden of loan repayment for students so that they can focus more on their studies instead of worrying about loan repayment.
What are interest rates and repayment terms?
Meritize interest rates have fixed and variable rates ranging from 8.124% APR to 26.73% APR. Later on, we compared Meritize student loans with other loan provider companies so that you could compare and choose the best one.
Also Read: Modo Loan Reviews.
How can I apply for a Meritize student loan?
1. First, you have to visit their official website.
2. On the Hoage page, you will find an “Apply Today” button; just click on it.
3. After clicking on “Apply Today,” you will be redirected to their application process.
4. There are a total of 4 slots (Basic Info, Merit, Review, and Submit).
Basic information consists of
- First, middle, and last name
- Phone No.
- A complete address
- Date of Birth and 9-digit SSN
- School name, campus, program, and loan amount
Merit information consists of:
- Select the highest partial or completed degree.
- Enter the year of the degree in progress.
- Enable the toggle bar if you have current or previous military experience.
- Answer yes or no to whether you’re applying with a co-applicant.
- Enter your cumulative GPA.
- Select your lowest grade (between A, B, C, D, and F), regardless of retake.
- Enter the total credits earned till now. Also, include transfer credits.
- Enter years of education after high school.
- Upload your transcript.
Review information consists of
- Now you will get the loan amount with origination fees, and below that, you’ll get a list of various offers with different interest rates.
- Choose any one of them and apply for the loan.
- You can also contact them if you want to change any information in the application. Contact Info: 833-637-4848 or firstname.lastname@example.org
- Now select the date on which your class will start.
- Now, after reading all the terms and conditions, click agree and submit your application.
- You will receive an email, and they’ll review your application and contact you if any issues arise.
Does a credit score matter a lot?
Yes, credit scores matter when applying for a Meritize student loan, but credit score is not the only factor that helps you get a loan. Apart from FICO scores, merit also considers military as well as academic achievements.
According to NerdWallet, if you have no credit history, then it is completely fine. All you need is a consigner with a steady income and a good credit score.
The loan limit a student can take
As of now, there is no specific information on their website, but while applying for a loan for myself, it was showing that the loan amount should be between US$1000 and US$5000.
What are the expenses a loan amount covers, like tuition fees, books, etc.?
We also applied for the loan, and we haven’t gotten any bifurcations like tuition fees, books, or canteen expenses. As per our observation, Meritize provides a small loan amount; that’s why you won’t find any bifurcation related to it.
Is there a grace period?
Yes, Meritize student loans have a grace period of 3 months, and on certain products, they also offer free career services.
Is there any career or any other service provided by the Meritize student loan?
Meritize is passionate about the future of students; that’s why they provide free career services for Meritize borrowers. There are cases where you can make an appointment from there and avail one-on-one guidance from them.
There are many basic and useful career services provided by them.
1. Job Search Bootcamp: Based on your education qualifications, you can search for the best job with coordination with their staff. They’ll guide you on resume building and negotiating a salary.
2. How to do job coaching: This is also one of the best skill-building guidance programs from them. This helps you build a career in trending industries.
Loan forgiveness by Meritize Loan
As of now, we haven’t gotten any clue that indicates loan forgiveness from Meritize Loan. It is better that you can mail them if you want more information on this.
How to improve your credit, explained by Meritize.
FAQ on Meritize Loan Reviews
Will my credit score be affected if I apply for a loan?
Meritize will notify you when your credit score gets impacted, but checking loan options won’t impact your credit score.
Will I get a loan as an international student?
Meritize provides loans to students who are US citizens or permanent residents.
Is it possible to apply for a loan again if it is declined?
Yes, first you will get a denial notification via email, and after understanding the reason, you can reapply.
Is the set-up autopay option available in Meritize?
Yes, if you enroll, you will get a rate reduction of 0.25%.
Conclusion on Meritize Loan Reviews
Meritize Student Loan is a loan provider that helps students fund their academics. Above, we explained the complete process for how you can apply for this loan.
Meritize also offers some free career services for students, like career guidance and skilling based on current market trends.
However, they also provide a 3-month grace period for students. If you want to apply for the loan, credit scores matter, but they also consider your military as well as your academic performance.
Overall, it is important to seek consultation from your financial advisor before making any financial decisions.
Thanks for reading.