Connext Student Loan Review and Alternatives
Though undergraduate and graduate students were once able to seek financial assistance through the Connext Private Loan, this product is no longer available. Student borrowers with a Connext private loan should be aware that all Connext Loans are now serviced by Launch Servicing.
At one time, Connext offered private student loans for eligible undergraduate and graduate students; they also offered student loan refinancing.
However, Connext student loan products were discontinued and ReliaMax Lending Services, which originally serviced Connext Loans, has been rebranded as Launch Servicing.
In this review:
- What is Launch Servicing LLC.
- What To Do If You Had a Connext Loan
- Making Payments with Launch Servicing
- Connext Private Loan Alternatives
What is Launch Servicing LLC.
The past year has been difficult for ReliaMax. The company, which was comprised of both ReliaMax Surety and ReliaMax Lending Services has gone through significant changes, and in the summer of 2018, ReliaMax Surety Company was liquidated.
Borrowers who had loans serviced by ReliaMax may have been a bit concerned about how the liquidation would impact their student loans, but fortunately, ReliaMax Lending Services was not part of the liquidation. However, the company did decide to rebrand and today they are known as Launch Servicing LLC.
What To Do If You Had a Connext Loan
If you have a Connext student loan, then you’re likely wondering where it is and how you can make payments or access information about your loan. All Connext loans are now serviced by Launch Servicing, and customers can obtain information about their loan by logging into the Launch website while still using their ReliaMax username and password. Additionally, borrowers can contact Launch directly at 877-354-2629.
Making Payments with Launch Servicing
Launch, like other loan servicers, offers customers a variety of ways to make payments, including via mail, over the phone, and online. Customers choosing to make payments online must log in to their account to do so.
If you did not have a ReliaMax account, then you must register for a Launch account to access the online payment feature. Registration will require you to enter your name, middle initial, and last name as it appears on your loan documents. Additionally, you will need to enter your Social Security number or alternative.
What If I Can’t Make My Payments?
Launch, like other loan servicers, does provide some repayment assistance options, including student loan deferment, though eligibility varies on a case-by-case basis.
Whether your loans are just entering repayment status or you’re experiencing a financial challenge after several months or years of repayment, it’s important that you contact your loan servicer immediately to determine what options are available.
Connext Private Loan Alternatives
If you are looking for a private student loan, there are plenty of other lenders available, many of which have competitive interest rates and satisfied customers. Not sure where to turn? Here are some lenders that offer private student loans that you may consider:
5.21% – 14.28%
4.23% – 13.23%
5, 10, or 15 years
In the absence of the Connext student loan, Launch is quick to recommend the Ascent private student loan. This loan is available for undergraduate and graduate students who need to borrow between $2,000 and $200,000.
Ascent student loans are currently available with fixed rates ranging from 5.41% to 14.46% and variable rates ranging from 4.25% to 13.25%, with repayment terms of 5, 10, and 15-year available. Ascent also offers a cosigned loan product with slightly lower rates.
5.25% – 12.09%
4.45% – 12.32%
5, 10, or 15 years
Citizens Bank has become a well-known brand in personal and business financing, but they also provide private student loans for undergraduate and graduate students as well as parents.
With Citizens Bank student loans, undergraduate and graduate students can borrow anywhere from $1,000 to $100,000, though Law students, MBAs, and health care professionals may be able to borrow as much as $295,000.
Student fixed interest rates currently range from 5.25% to 12.09% and borrowers can choose terms between 5, 10, and 15-year terms. Parents can borrow up to $350,000 at a fixed rate between 5.74% and 8.56% for 5 or 10 years.
College Ave Student Loans
5.29% – 12.78%
4.20% – 12.78%
5, 8, 10, or 15 years
College Ave is new to the student lending scene, but they offer undergraduate, graduate, and parent loans as well as refinance options. College Ave has competitive rates and a quick and easy online application process with instant approval when applicable.
Undergraduates may be eligible for loan terms of 5, 8, 10, or 15-year with fixed rates currently as low as 5.29% and variable rates as low as 4.07%. Parents may be able to secure loans with terms between 5 and 15 years with variable rates as low as 5.22 percent and fixed rates as low as 6.62 percent.
5.74% – 11.85%
4.62% – 11.47%
5 to 15 years
Sallie Mae has become synonymous with student lending, and it’s likely because they’ve been in the business of educational lending since 1972.
Today they offer numerous loan products designed to fit the needs of undergraduate and graduate students, including loans designed to meet the unique needs of certain disciplines (e.g., medicine, dental, law, etc.).
Eligible undergraduate and graduate students can take out loans to cover their entire schooling expenses. Undergraduate repayment terms typically range between 5 and 15 years with variable rates ranging from 4.62% to 11.47% and fixed rates ranging between 5.74% and 11.85%.
Graduate school loans vary, though many have variable rates as low as 4.87% and fixed rates as low as 6.25%. Similarly, graduate repayment terms are offered up to 15 years.
Author: Jennifer Lobb
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