Here in this blog post, you will find every detail about the Juno student loan, including the processes, and requirements.
You can find a private student loan lender through one of the several platforms for student loans that are available.
Pre-qualification is usually the first step in the process, after which the borrower looks over a list of lenders and, hopefully, selects the one with the best rate.
What happens if you and your pals could band together to request a loan from a single lender?
Do you think that lenders would be more inclined to reduce the rate?
Because that is precisely the premise of its strategy, Juno believes the answer to be yes.
When Juno introduces a group of debtors to its network of partner lenders, they are accepted.
After then, it bargains for a reduced rate based on a group of borrowers as opposed to a single borrower.
Therefore, the Juno Student Loan operation will be examined in this piece.
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Who is Juno?
For groupings of debtors of student loans, Juno, previously LeverEdge, bargains at cheaper interest rates.
Christopher Abkarians and Nikhil Agarwal, who founded it, were among the first to use the “collective student loan” technique when they were Harvard undergraduates.
Notably, a seed round has brought in $2.5 million for the business.
Abkarians told KTEN TV that Juno was the first union to negotiate student loan terms.
The goal of Juno is to assist students in lowering the expense of education from the time they take out their first loan until they have fully repaid it.
The more people who participate, the more power Juno has to bargain for lower prices.
Juno is the epitome of a team effort.
Furthermore, the goal at Juno is to reduce the cost of student loans as much as possible.
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What does Juno Provide?
Private student loans and refinancing for student loans are both available from Juno.
The lower interest rates on student loans are something that Juno is able to provide through working with its lending partners.
The more borrowers who participate, the more bargaining power they will have with lenders, as indicated by Abkarians in the cited passage.
Platforms that traditionally match lenders and borrowers do this.
On an individual basis, each loan is discussed. It could be an excruciatingly tedious, monotonous process that takes a long time.
However, the pre-qualifying borrower is a service provided by some platforms, which can significantly speed up the procedure.
The information about a group of borrowers is provided by Juno to its affiliated lenders.
Both parties could benefit from this if it works out well.
The process of engaging with multiple borrowers at once is significantly more efficient for lenders when they receive a block of borrowers.
Also, the group of borrowers benefits from cheaper rates in exchange.
This procedure has the drawback that it may take weeks or even months for lenders to approve any contract.
The delay is caused by the fact that lenders still require time to assess the group’s total credit risk.
When comparing prices with Juno, students should take into account when their tuition is due and the potential length of the negotiation process.
Of course, this doesn’t stop students from comparison shopping anyway.
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What are the Available Loan Types at Juno?
Juno offers private student loans as well as student loan refinancing.
The sorts of private student loans it now provides are as follows:
- Graduate Student Loans
- Student Loans
- Ph.D. Loans
- Family loans
- DCAA Loans
- Degree Overseas Loans
Earnest, Splash, and Laurel Road, our partner lenders, offer refinancing with terms ranging from 5 to 15 years.
You will be directed to Laurel Road if you are refinancing medical loans. Earnest or Splash are used for all other loan types.
A negotiation team for the refinancing of overseas student loans is currently being built by Juno.
When 2,000 people have signed up, it will start contacting lenders to work out a group rate.
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What Sets Juno Apart from other Loan Platforms?
The majority of student loan comparison websites build a list of potential lenders using your basic information, such as the desired loan amount and predicted credit score.
Comparatively, Juno negotiates special rates with loan servicers on behalf of its customers, such as the opportunity for a $1,000 cashback bonus when refinancing through Splash.
According to Juno, the average member receives a rate that is 1.6% lower than if they applied directly with the lender.
In addition, Juno has introduced a rate match promise.
In essence, Juno could be able to match a better private student loan rate that a member finds elsewhere.
They’ll even throw in a cash-back bonus of 1% of the loan amount if you qualify.
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Juno Discounts On Rates And Cash Back
Borrowers who refinance with Splash at this time can receive up to $1,000 cashback from Juno.
It guarantees a 0.25% rate cut for Laurel Road and Earnest customers.
While enrolled in a medical residency or fellowship, you can also use Laurel Road to make $100 payments.
Is Juno A Better Option Than Federal Student Loans?
No, Juno is not a better option than federal student loans.
Compared to private student loans, federal student loans have a number of benefits.
Federal student loans provide several advantages, such as:
- Reduced prices
- Adaptable terms of repayment
- Income-Driven Repayment (IDR)
- Being qualified for loan forgiveness from the public sector (PSLF)
Private student loans are not acceptable in relation to the last two bullet points.
Federal student loans have also been forbearing interest at 0% during the outbreak.
This choice hasn’t been offered for a lot of private loans.
However, Juno’s private student loans provide excellent advantages and low rates if you have already reached your yearly or lifetime federal borrowing limits.
Additionally, refinancing your federal loans with Juno at a lower rate may make sense if you are not utilizing IDR and are not pursuing PSLF forgiveness.
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Does Juno Charge any Fees?
Application or origination costs are not charged by Juno.
If you pay off your debts ahead of schedule throughout your repayment period, there are no additional fees.
How Does Juno Measure Up?
The “secret sauce” of Juno, which isn’t truly a lender, is its rate reduction and cash-back offers.
It’s crucial to realize, however, that applying directly with a lender or utilizing a different comparison website like Credible may allow you to obtain a lower rate or even more cash back.
What Options Exist for Borrower Protections?
Before repayment starts, there is a nine-month grace period following graduation or withdrawal from school.
The length of any other perks, such as forbearance or deferment periods, will differ depending on the lender.
For additional information on the advantages that Splash, Earnest, and Laurel Road offer, check out our assessments of each.
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How do I set up a new Account?
To get started, you can go to Juno’s website.
When completing an application, you should expect to supply the following information:
- Email Address
- School / University Information
- Educational Program Information
- Graduation Year
- Immigration Status
- Social Security Number
- Loan Balance
- Employment information (if applicable)
- Annual Income (if application)
- Cosigner Information (if applicable)
- Cosigner’s Immigration Status (if applicable)
Will Juno be Worth it?
Juno might be worthwhile if you need to obtain private loans or want to refinance your current student debt.
They don’t impose any costs, give you flexible terms, and might be able to give you a better interest rate than conventional lenders.
You should apply well ahead of your tuition deadlines because Juno’s application procedure can take longer.
Make sure you’ve completed a FAFSA for federal loans before applying with Juno because they provide more protections than private loans.
Additionally, it’s crucial to search around for the greatest deal, just as with any loan.
Compare Juno to our best private student loan providers and lenders for student debt refinancing.
Also, consider applying for federal student loans because they often have flexible payback terms and low-interest rates.
Private student loans do not qualify for certain special benefits associated with federal student loans, such as income-driven repayment and Public Service Loan Forgiveness.
As a result of these benefits, it’s typically better to use all of your federally available financial aid, including grants and loans, before looking into private student loans offered by Juno or other lenders.
However, if you require more money and are confident in your capacity to pay back the loan, a low-interest private student loan might be the best option.
Lastly, Juno can assist you in finding a competitive offer.
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How do you Begin Using Juno?
Juno is now accessible to all undergraduate and graduate students, as opposed to just graduate students enrolled in MBA, law, medical, dental, or pharmacy programs at the time it was founded.
For overseas students, they also provide a few services.
Note that creating a Juno account is cost-free.
You must include both your primary contact information and information about your academic institution’s program.
Added financial details are also requested by Juno.
It’s up to you whether or not to provide this information, but doing so will ensure that you get the most accurate offers:
- Estimated credit score: Juno does not perform credit checks; instead, they are merely interested in getting a sense of how you will rank in terms of the broad criteria of their lenders. As an illustration, Earnest (a Juno partner) demands that undergraduate borrowers or their cosigners have a minimum FICO score of 650.
- Annual income: Even if it is currently nil, annual revenue is acceptable. (And here are some college careers to consider if you are searching for extra money if you are not earning any.)
- Status of a Cosigner: Adding a cosigner may be necessary to get loans with cheaper interest rates if you don’t meet the lender’s requirements.
- Estimates of a loan: Calculating how much money you will need to borrow for college might be challenging. To calculate the long-term effects of your student loans, utilize our instructions on how much you should borrow and our student loan payback calculator.
You’ll then be placed in a “loan pool” with other Juno users who have requirements similar to yours.
Using this information, Juno urges lenders to submit bids for this offer.
The loan provider who provides the best value for this particular group of members is subsequently given the contract.
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It would be worthwhile to join Juno’s free student loan bargaining group to see what options are available because there are no obligations for students who sign up with Juno.
To ensure you’re getting the best price possible before agreeing to your Juno loan, it’s crucial to weigh your options.
Since Juno presently only works with a small number of lenders, you don’t want to pass up a better offer elsewhere.
To discover what rates you prequalify for without making a commitment, several private lenders provide immediate rate quotations online.
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