Juno Student Loan Review 2023

Description of strengths

• Negotiate loan interest rates on your behalf: Juno leverages the power of group borrowing to negotiate competitive interest rates and terms with financing partners.
• Loan Options for U.S.-Based and International Students and DACA Recipients: Loans are available for international students, US residents, and DACA students. This availability is very attractive as a significant number of companies only lend to US residents.
• Fixed and variable rate loans available: Partner lenders offer fixed and variable rate loans to suit a variety of borrowers. Interest rates start at just 0.94% for variable rate loans and 3.24% for fixed rate loans.
• Deferment of payments up to 9 months after graduation: While many platforms offer a payment grace period of 6 months after graduation, Juno offers a payment grace period of up to 9 months.

Disadvantage description

• There are no professional loans for medical, legal, veterinary, or technical schools. Those looking for a loan for a professional degree program should look elsewhere.
• Negotiating the best price can take time. While some platforms let you see rates and terms instantly, Juno negotiates with prospective lenders.
• Depending on the lender’s bid received, we may offer limited terms: Lenders submit bids to Juno at specific rates and terms. Depending on the bids received, the options Juno may offer may be limited.
• You need to sign up to view interest rates and loan options. You must be a Juno member to view interest rates and loan options.

Lenders available through Juno

While there are other student loan marketplaces, Juno’s model is unique among these platforms because it negotiates group discounts with partner lenders. Juno’s partner lenders include:

Borrowers can access undergraduate and graduate loans through Ernest and refinance loans through Ernest, Laurel Road, and Splash Financial.

Loan Eligibility and Approval

Loan eligibility and approval requirements may vary for Juno partner lenders. Generally, however, its partners require that borrowers and their co-signatories have a credit score of 650 or higher to qualify. , indicating that you (or your cosignatories) need income to be approved for an undergraduate loan.

To qualify for an undergraduate loan through Earnest, a freshman, sophomore, or junior borrower must be enrolled full-time in a Title IV school. Those seeking graduate loans through the Juno platform must be at least half-enrolled and actively pursuing an advanced degree at a Title IV school.

Eligible borrowers can also refinance up to $500,000 worth of student loans through the Juno platform. To be eligible to refinance with one of Juno’s partners, you must have:

• Student loan debt over $5,000
• No recent delinquency or bankruptcy
• Attend a Title IV college
• be employed and earn a US dollar salary
• 650+ credit score
• U.S. citizenship or permanent residency

Juno will work with lending partners on your behalf, but the list of partners is fairly limited. offers.

Do I need a co-signer?

Not all loans available through Juno require a co-signer, but most undergraduates do need a co-signer to qualify for a loan. Certain offers of graduate student loans for international students also require a joint guarantor. However, there is a separate deal for international students, which is a rather uncommon option among lenders and lending platforms. Whether or not a postgraduate loan requires a co-guarantor may depend on the individual borrower’s circumstances.

If you have a trusted friend or family member who can co-sign the loan, you may want to consider this option. Having a good credit or good co-signer increases your chances of getting a loan approved with favorable interest rates and terms. Note that certain refinancing options through Juno do not allow co-signing.

Are pre-approved loans available?

Juno says it gives borrowers the option to check interest rates on a soft credit check before applying for a loan. However, lending partner requirements may vary and certain partners may not offer prequalification.

Time taken for loan approval and payment

Because Juno negotiates group discounts for lenders and borrowers, loan approval and disbursement timelines may be longer than those found in other lenders and loan markets.

For example, for undergraduate loans, Juno solicits bids from lenders in April and May and shares negotiated deals with borrowers in June. Loans are usually paid in August. However, if you want a loan quickly, you may have access to negotiated deals from the previous year. Please note that payment times may also vary depending on the lending partner you work with.

Loan Fees and Repayment Options

Juno has minimal fees, several grace and defer options, and other benefits worth considering. Let’s see what they offer.

loan fee

Undergraduate and graduate loans available for Juno are provided by our financing partner, Earnest. Earnest does not charge the following fees for loans:

• Accrual/management fee
• late fee
• refund fee
• penalty
• deferment fee

loan discount

In addition to group discounts that Juno negotiates on behalf of members, Juno’s lending partners offer auto-pay discounts. The platform also has its own rate match program with Earnest loans. Through this program, Earnest matches the interest rates of its competitors and Juno returns his 1% of the total loan amount in cash. However, the rate match program is only available on Earnest, so it’s an important consideration when working with another lending partner.

Repayment method

Those looking for flexibility in repayment options will find what they’re looking for at Juno. The platform currently offers four different repayment options for undergraduate and graduate students.

• deferred payment: Unpaid until 9 months after graduation. At that point, full payment of interest and principal begins.
• recurring payment: Pay $25 per month for up to 9 months after graduation.
• interest only payment: Please pay only the interest on the loan up to 9 months after graduation.
• full payment: Full interest and principal payments begin nine months after the loan is disbursed.

Loan Forbearance and Deductible Options

Juno’s customer support indicated that borrowers can apply for hardship grace, but did not provide specific information on how the loan grace will work. Options may also vary by partner lender, so if in doubt about forgiveness talk to different partners about what they offer. Also applies to

Is it possible to refinance a student loan?

Student loan refinancing is available through Juno’s lending partners Earnest, Splash Financial and Laurel Road. Refinancing rates start at a fixed 4.64% or a floating 4.24%, but terms and rates vary based on income, credit, and other factors.

customer service

Juno offers phone and email support for its members. You can also schedule her Zoom call with a representative if you’d like to learn more. Customer support is available Monday through Friday from 8:00 am to 5:00 pm, excluding holidays. Juno also provides contact information for our financing partners in case you need to contact them directly.

• seriouslyat: (855) 463-1481 or juno@earnest.com
• Laurel Road: (855) 245-0989 or studentloans@laurelroad.com
• splash financialat: (855) 560-0435 or Leveredge@credible.com

Apply for Juno Student Loan

We encourage you to complete the Free Application for Federal Student Aid (FAFSA) to find out how much federal aid you are eligible for before seeking a private student loan. However, if you have already applied for financial aid and still need a loan to pay for school, Juno is worth considering.

You can apply for student loans with Juno Partners by signing up for a membership and viewing available offers. Juno typically shares negotiated deals with potential borrowers for the upcoming year in her July, although deals from previous years may still be available. Signing up for a membership does not obligate you to apply for a loan through Juno.

However, when applying, you must provide Juno with the following information:

• Basic personal information
• contact address
• educational information
• credit score
• income
• Signer information
• loan amount

You may also need to provide additional information to one of its lending partners if you decide to proceed with the loan.

another choice

	Juno	reliable	Citizens Bank
Types of Loans Offered	Undergraduate; Graduation; Parent	Undergraduate; Graduation; Parent; Professional	Undergraduate; Graduation; Parent; Professional; Medical;
Undergraduate Fixed APR	from 3.24%	3.65%–16.75%	5.99%–12.18%
Faculty Fluctuation APR	from 0.94%	3.99%–14.98%	5.99%–12.02%
Origination/Management Fee	none	none	none
Repayment method	Deferred; Repaired; Interest Only.full payment	Varies by lender	deferment; interest only.full payment
Refinanceable	yes	yes	yes

final verdict

If you’ve exhausted your federal student loan options and are looking for a private student loan to offset college costs, Juno may be worth considering. We offer options for It also offers exclusive discounts to borrowers.

That said, Juno’s choice of financing partners is fairly limited. Consider signing up for a free membership to see what they have to offer (no obligation to borrow) and comparing other private lender options to find the best deals.

Juno is a great way to buy student loans, but it’s not the only way. For more options, including some direct lenders, see our picks for the best student loans.

methodology

Investopedia is dedicated to providing consumers with unbiased and comprehensive reviews of student loan lenders. We collected thousands of data points (loan types, interest rates, fees, loan amounts, repayment terms, etc.) from 30 lenders to help our readers make the right borrowing decisions for their educational needs.

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