Abe Student Loans Review: Pros And Cons

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Source: The College Investor


Abe Student Loans offers private student loans through a partnership between DR Bank, the lender, and Monogram LLC.

Abe does not charge application, processing, or late payment fees, and offers more flexible repayment options than other private student loan providers.

In this review, we cover the key features, strengths, and weaknesses, to help you decide if Abe Student Loans is worth considering.

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Quick Summary

• Prequalify in minutes
• Four repayment plans, five loan terms
• No application, processing, or late fees
• Early cosigner release

Abe Student Loan Details​
Product Name​	Student Loans​
Application Fee​	$0​
Repayment Terms​	5, 7, 10, 15, & 20 years​
Loan Amount​	$1,000 to $99,999 per loan​
Promotions​	None​

What Is Abe Student Loans?​

Abe offers private student loans to a undergraduate, graduate, and post-bachelor graduate certificate students, with flexible repayment options and no origination, late payment, or forbearance fees. Students can use the funds from an Abe student loan to cover the cost of expenses such as tuition, room and board, books and supplies, transportation, and other personal expenses during their time at school.

What Does It Offer?​

Undergraduate​

You can use Abe loans to help fund the cost of a Bachelor of Arts or Science degree at an approved school. This includes private and public colleges. You can check the approved school list at the time of your application.

Graduate​

Most graduate degree programs are eligible for Abe loans funding, including the following:

• Doctoral (Ph.D)
• Law Degree (J.D.)
• Doctor of Medicine (M.D.)
• Doctor of Dental Surgery (D.D.S)
• Doctor of Veterinary Medicine (DVM)
• Master of Science in Nursing (MSN)
• Master of Public Health (MPH)
• Master of Accounting (MAcc)
• Master of Architecture (M.Arch)

Abe recognizes that graduate degree programs have much higher costs associated with them, which is why they provide an aggregate loan limit for certain degree programs. This includes all of your student loans from various sources, including federal student loans.

Certificate Programs​

Unlike many student loan lenders, Abe provides student loans for graduate certificate programs from its list of approved schools. If you've enrolled in a graduate certificate program in order to gain a specific skill, you may be able to rely on Abe for funding.

Less Than Half-Time Enrollment​

Not every student needs or is able to attend college full-time. Whether you can only manage part-time studies, or you only need a few more credits, you can still receive funding through an Abe student loan.

Are There Any Fees?​

As mentioned, Abe Student Loans does not charge any origination, late payment, or forbearance fees. Also, you won't be charged a fee if you make payments via debit card.

How Does Abe Compare?​

Flexibility is the name of the game with Abe, which offers student loans for those who are in school less than half-time, extended grace periods, and payment relief. However, it's always a good idea to compare providers before you proceed with any student loan company.

Ascent has long been a leader in the student loan loan space. You might find competitive rates with Ascent (always compare before you sign); however, it's grace period is a standard six months - Abe's is 12 months.

Earnest is a student loan refinance and private loan lender. Like Abe, it offers an extended grace period, though for nine months versus Abe's 12. It provides loans for undergrad, grad, MBAs, medical and law schools, but doesn't lend for graduate certificate programs.

Header
Rating​
Minimum Loan​	$1,000​	$2,001​	$1,000​
Fixed Rates​	3.49% - 15.00%​	3.69% - 15.04%​	3.69% - 16.49%​
Variable Rates​	4.63% - 15.86%​	5.66% - 15.16%​	5.62% - 16.85%​
Cosigner​	Not required​	Not required​	Not required​
Enter your text here...	OPEN AN ACCOUNT	READ THE REVIEW	READ THE REVIEW

*Rates published are current as of 11/5/2024.

How Do I Open An Account?​

You can be prequalified for an Abe student loan within minutes online. Simply head to the Abe student loans website, and select "Apply" in the top right-hand corner on the homepage. Before you apply, you'll want be prepared with the following information:

• Your date of birth and SSN (and cosigner's, if you're using one)
• Phone number
• Email address
• Mailing address
• You school name, grade level, and your expected graduation date
• Desired loan amount
• Your income (or cosigner's income if you're using one

You are not required to apply with a cosigner, however, your chances of approval may be higher and your loan interest rate lower if you have a strong cosigner.

Is It Safe And Secure?​

Yes, you should consider the information you provide to Abe Student Loans safe and secure. When you deal with Abe, you are really dealing with DR Bank, which is the actual lender and an FDIC-member institution, and its partner, Monogram LLC. Both companies provide have robust privacy policies, which you can access at the bottom of the Abe Student Loans homepage.

Contact​

You can contact Abe via telephone, email, and regular mail. You can speak with an Abe Student Loan Specialist by phone at 1(833) 499-2254, email them at [email protected], or sent mail to the following address:

Abe Student Loans
c/o Priority Services at Monogram
200 Clarendon St., 20th Floor
Boston, MA 02116

Is It Worth It?​

Before you apply for any private student loan, you should always exhaust other, more favourable financing options. This includes federal student loans, which usually come with lower interest rates and more flexible repayment options. That said, Abe seems to compare well against similar private student loan lenders. While it's too new to have made it onto our list of top private student loan lenders, Its starting fixed and variable interest rates are lower than more well-established names, including SoFi and Earnest.

It doesn't charge any origination, late payment, or forbearance fees, and it offers flexible repayment options, including terms up to 20 years, extended grace periods, and interest rate discounts that reward on-time payments. You can even qualify for a loan if you are attending school less than half-time.

Abe won't be suitable if you're in need of student loan refinancing, as it doesn't currently offer it. SoFi or another refinancing provider might be a better option.

Check out Abe here >>

Features​

Product ​	Private Student Loans
Minimum Loan Amount ​	$1,000​
Maximum Loan Amount ​	$99,000​
Repayment Terms ​	5,7,10,15, and 20 years​
Fixed Interest Rates ​	3.49% to 15.00% APR (subject to change)
Variable Interest Rates	4.63% to 15.86% APR (subject to change)
Student Loan Refinancing ​	No
Cosigner​	Not required
Programs Supported ​	Undergraduate, graduate, post-bachelor graduate certificate, Less than half-time students
Grace Period	Up to 12 months
Rate Discounts	Yes
Customer Service Number	(833) 499-2254
Customer Service Email	[email protected]
Customer Service Address	Abe Student Loans c/o Priority Services at Monogram 200 Clarendon St., 20th Floor Boston, MA 02116
Promotions	None

Editor: Robert Farrington


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