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Student Loans

Raise Student Loans Review

Updated Feb 28, 2022   |   5 mins read

on Raise’s secure website
Editorial Rating

Editorial Rating

What we like:

Simplified underwriting process

Variable RatesN/A
Loan Terms5, 7, 10 years
Loan AmountsNot disclosed
See how Raise’s private student loan product stacks up with other options

If you have to borrow money to pay for college, federal loans are often your best bet – they typically have lower interest rates than private student loans and they offer borrower protections and repayment options that private student loans do not.

But there are occasions when borrowers find their federal student loans are not enough to cover the full cost of their tuition and living expenses.

As a result, it becomes necessary for some borrowers to consider private student loans. If you find yourself in this situation, Raise loans might be a good option for you. Raise offers private student loans to creditworthy borrowers who need additional help covering their college tuition costs.

Raise Student Loans Overview

Raise is a student loan company based in Medford, Mass., that aims to simplify the lending process by giving borrowers fast online lending decisions. Its loans are funded by Cognition Lending.

Raise sticks to the status quo and uses traditional lending criteria to make loan decisions. This means borrowers must have a good credit score or use a cosigner to apply for the loan. Also note that, unlike most other lenders, Raise will not allow you to release your cosigner from your loan after a certain number of on-time payments.

Many people appreciate Raise’s simplified underwriting process. You can apply for a loan online and the application process typically takes about 10 minutes.

Once you’ve given your basic information, you can choose between the various loan and repayment options you qualify for. You might be required to send additional documentation to confirm the information on your application.

Interest Rates

The interest rates on Raise’s private student loans range between 6.317% and 11.225% APR, at the time of this writing. Keep in mind that the rate you qualify for depends on your credit history and the repayment term you choose. And because the rate is variable, you should be prepared for your monthly payment amount to vary at times, depending on the 1-Month London Interbank Offered Rate (LIBOR) index.

Repayment Terms

Raise offers the option of either 5, 7, or 10-year for repayment. You also have the option to begin making payments immediately after taking out the loan (while in school) or you can choose to make interest-only payments while in school.

Eligibility Requirements

Raise offers private student loans in a number of states throughout the U.S. including Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Indiana, Maryland, Massachusetts, Minnesota, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, South Carolina, Tennessee, Texas, Washington, and West Virginia.

To be eligible, you must be a U.S. citizen or permanent resident who resides in one of the above states. You must be enrolled at least half-time in a school that Raise will lend to. You must also be earning income or have a cosigner who does.


One of the biggest benefits of taking out a student loan through Raise is the simplified underwriting process. The entire process can be done online and you’ll know fairly quickly whether you are approved for a loan.

They don’t charge any origination fees, which reduces the overall cost of your loan. And some borrowers appreciate that Raise sticks to traditional lending criteria rather than using alternative underwriting criteria.


Raise student loans are traditional private loans in many ways. One of the biggest drawbacks is that it might be difficult for some students to get approved because they might not have a strong enough credit history to be approved on their own. Plus, individuals take on an incredible amount of financial risk by cosigning a loan. So a student’s parents might be unable or unwilling to cosign.

Another drawback is the fact that Raise does not let students defer their loansuntil after graduation. Some borrowers may find it challenging to immediately begin repaying their loans, even if it’s only interest payments.

And though they continue to expand to new states, Raise is not available everywhere. Also, you won’t be able to refinance your student loans through Raise. Some restructuring options might be available to you, but you’ll want to do your homework to be sure you’re getting a good deal.

Alternatives to Raise Loans

Borrowers thinking about taking out a student loan through Raise should evaluate all their options first. Make sure you compare their rates to other private student loans to get the lowest rate.

It’s likely you can find a lower interest rate with another lender, especially for borrowers with good credit. Always get multiple quotes from a variety of lenders before committing to anything.

And borrowers should always try to exhaust any possible scholarship or grant options before taking on private loans. You may find you have access to scholarships and grants you weren’t previously aware of.

>> Read More: List of student loan companies

Bottom Line

Raise can be a worthwhile option for private student loans, but there are many things you should consider first. Its maximum rates are higher than some other lenders, and it requires you to either have a cosigner or have a good credit history.

Also, it doesn’t give borrowers the option to defer payments until after graduation. This could be difficult for many students since they likely won’t have a lot of extra spending money while they’re still in school.

It’s important for borrowers to consider all their options before making any final decisions on a lender. With student loan debt becoming an ever-increasing problem, you’ll want to make sure to find the best student loan possible for your situation.