Juno Student Loans Review 2021

What it’s essential know:

  • Juno negotiates pupil mortgage pricing with lenders via the facility of collective bargaining.
  • Signing up with Juno is free, and there’s no obligation to make use of their negotiated charges.
  • Reductions fluctuate by lenders and are based mostly in your creditworthiness.

Juno affords a singular tackle the non-public pupil mortgage expertise. As a substitute of merely showcasing lenders’ rates of interest, Juno takes benefit of group bargaining energy to make lenders compete for your corporation.

With Juno’s assist, you’ll be able to faucet into decrease charges for personal pupil loans. There’s no price to join an account and no obligation to signal on the dotted line for a non-public pupil mortgage if its negotiated provide isn’t for you. Maintain studying this Juno pupil loans evaluation to be taught extra about this selection.

Juno non-public pupil loans evaluation

Founders Nikhil Agarwal and Chris Abkarians created Juno based mostly on the ideas of negotiation. The pair used this technique whereas attending Harvard Enterprise College to acquire extra reasonably priced loans to cowl their excessive tuition prices.

Juno isn’t a non-public pupil mortgage supplier. As a substitute, the corporate offers a gaggle negotiation service between lenders, on behalf of debtors. The objective of the negotiation is to unlock decrease rates of interest for respected lenders that will help you get monetary savings in your pupil loans.

Since Juno negotiates the charges on a group-by-group foundation, the precise rates of interest you may obtain will fluctuate. The group you’re positioned into will depend on your explicit mortgage wants.

For instance, you is perhaps trying to refinance non-public loans or get hold of loans for graduate college. Primarily based in your distinctive wants, Juno will search a aggressive bid from totally different lenders in a bidding course of to safe the most effective charges to your group.

Right here’s a pattern of charges that Juno has accessed for members up to now.

For undergraduate college students, right here’s a price illustration as of September 15, 2021:

Time period

Fastened APR

Variable APR

5 years

2.99% – 11.93%

0.99% – 11.04%

7 years

3.34% – 10.87%

2.28% – 10.37%

10 years

3.34% – 11.68%

2.38% – 10.44%

12 years

3.34% – 11.73%

2.43% – 10.44%

15 years

3.34% – 11.78%

2.48% – 10.44%

Beneath are pattern charges that Juno has negotiated for graduate college students:

Time period

Fastened APR

Variable APR

5 years

2.99% – 5.74%

0.99% – 5.34%

7 years

3.64% – 5.77%

2.07% – 5.39%

10 years

3.74% – 5.798%

2.87% – 5.42%

12 years

3.94% – 5.94%

3.32% – 5.57%

15 years

4.24% – 6.14%

3.62% – 5.77%

*Charges are supposed to present previous charges that had been supplied by Juno and are for illustrative functions solely.

Professionals of Juno pupil loans

  • No membership charges. It’s free to affix a negotiation group and faucet into price reductions.
  • No obligation. You received’t have to maneuver ahead with the negotiated price until you wish to. If the compensation phrases don’t be just right for you, you’ll be able to stroll away with no questions requested.
  • Attainable to faucet into decrease charges. You could possibly get monetary savings in your pupil loans by working with Juno. The corporate reported {that a} median member faucets right into a 1.6% decrease rate of interest utilizing their service.
  • Fast enroll course of. It takes just some minutes to enroll with Juno.
  • No credit score test concerned. Though Juno will ask for an estimated credit score rating, Juno can negotiate a price with out entry to your credit score rating. Different data corresponding to your anticipated earnings and the mortgage quantity you want additionally play into the negotiation course of.
  • Juno affords a lowest price assure. Juno works onerous to safe the most effective deal for you. In the event you discover a price that beats Juno’s negotiations, you’ll be able to submit a declare to the corporate. Juno will dip into their very own pocket to offer a greater price by paying you the speed distinction to your hassle.

Cons of Juno pupil loans

  • Unknown charges. You’ll be able to’t see what charges you’ll get earlier than signing up for Juno.
  • Juno doesn’t work with each lender. Juno works with many lenders, together with Laurel Highway, Splash and Earnest. However Juno doesn’t work with each lender available on the market.

Eligibility necessities for Juno

Juno is out there for all undergraduate and graduate college students. You don’t must move a credit score test or meet a minimal earnings requirement to enroll.

Moreover, Juno affords group negotiated charges for worldwide medical health insurance.

Juno’s enroll course of

Need to work with Juno? Right here’s what the method appears like.

You’ll begin by getting into your e-mail handle. From there, you’ll present extra contact data and particulars about your schooling. Juno will then ask you for an estimated credit score rating, anticipated annual earnings, and the variety of loans you might be searching for. Plus, whether or not you’ll be able to safe a creditworthy cosigner.

As soon as Juno has your data, you’ll be part of a selected group. The teams are damaged up based mostly on the kind of financing you might be searching for.

From there, Juno will ask lenders to compete for your corporation. Juno will present the lenders with some normal details about the group of debtors. As soon as Juno receives bids from lenders, the bottom deal is obtainable to the group.

In the event you determine to maneuver ahead with a selected deal, Juno offers a selected hyperlink to use on the lender’s web site the place you’ll be able to full the appliance course of.

Importantly, Juno screens the lender’s dedication to make sure you are getting the agreed-upon charges. With this monitoring, Juno ensures that lenders maintain up their finish of the cut price.

Juno vs. the competitors

Juno affords pupil mortgage debtors a singular likelihood to take part in a gaggle negotiation technique. However Juno isn’t the one solution to discover a low pupil mortgage price. You should use comparability purchasing companies that will help you accomplish the identical objective of discovering the bottom doable charges to your pupil loans.

For instance, Credible is a web based platform that helps you simply examine lender charges for personal pupil loans. With Credible, you’ll be able to see price estimates from a number of lenders after filling out a single kind. Be taught extra in our full Credible evaluation.

Must you work with Juno?

Federal pupil loans that undergraduates have entry to could also be a greater deal than non-public pupil loans of any form. With that, it is best to discover your different monetary help choices corresponding to scholarships when paying for varsity and your public service mortgage forgiveness choices earlier than refinancing your federal loans.

However in order for you assist discovering the proper lender that may provide the mortgage phrases you might be searching for, then Juno is a good possibility.

Juno means that you can harness the facility of collective bargaining to faucet into decrease pupil mortgage charges. For the reason that service is free to make use of with none obligations, it doesn’t damage to present Juno a attempt to see the charges you is perhaps eligible for.

Need to discover your different non-public pupil mortgage choices? Try these different non-public lenders.

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