Connext Student Loans

The Good

• Wide network of smaller lenders means more options
• Backed by experienced student loan provider
• Offers refinancing options as low as 4.25% for a 10-year fixed loan.

The main advantage that this online student loan company offers is that it provides synergistic access between students and smaller institutions which haven’t been able to offer student loans in the past. This means you as the customer are more likely to find funding with smaller lenders.  This can mean a more competitive rate – and often a more flexible and personable bank with real people with whom to speak.

Although the Connext platform is young, it is run by ReliaMax, which has been providing and servicing student loans for over a decade. Introduced in 2016, Connext  offers undergraduate, graduate, consolidation, and refinance loans, at both fixed and variable rates. You can choose 5-, 10- or 15-year terms, depending upon the type of student loan you take out.  While you are in school, your payments will be deferred.  After graduation, payments can be deferred for another six months which is a buffer for students to find employment.

Finally, Connext is also an option for students looking to refinance their existing student loans.  Given their network of lenders, they have competitive rates on refinancing and operate in all 50 states for borrowers.  Refinancing rates start at 4.25%, and like any direct lender, there is a fully-staffed customer service center open from 8am-5pm Central Time.

The Bad

• New platform means limited customer service reviews
• Only for US citizens or permanent residents

Connext student loans reviews reflect a positive response so far, however the online face of ReliaMax is still fairly new, which means there hasn’t been very much time for clients to assess how they handle service over the long haul.

The reason this company can offer such competitive rates to college students is that they are very conscientious as far as making sure their customers pay, and pay on time. So just be sure you’re equally fiscally conscientious, especially if you have a co-signer.

At this time, Connext is only  for U.S. citizens and permanent residents, however, you may qualify for a loan if your cosignor is a US citizen.

The Summary

All things considered, Connext by ReliaMax is a solid option to consider if you’re looking into private student loans. In addition to the benefits listed above, there are no origination fees, no prepayment penalties, and you can choose in-school deferment, interest-only payments while in school, or partial interest-only payments.

While Connext credit requirements are not set in stone, you will need at least a decent credit rating and/or a co-signer. Fortunately the online interface makes it easy to look at your options and find out if you qualify. And remember: private student loan companies have stringent reporting to credit bureaus for late/missed payments.  Don’t pay for more tuition than you can afford.