Abe Review: Student Loans with Payment Relief

Abe entered the private student loan market in June 2024, offering loans through DR Bank, an FDIC-insured institution. While residents of Connecticut, Maine, Nebraska, Texas, and West Virginia are ineligible, most borrowers nationwide can apply for private student loans online through Abe. This review will help you determine if Abe is the right lender for you.

Consider borrowing with Abe if:

• You want flexibility in repayment during and after school
• You're pursuing a certificate program or attending school less than half-time
• You have a cosigner and want timely cosigner release

Best for: Payment relief

Abe stands out for its extensive payment relief options, offering more flexibility than most private student loan lenders. While many lenders limit their grace periods and forbearance options, Abe ensures you have the support you need both during school and after graduation.

Here are some of the key payment protection features Abe offers:

• In-school default protection: If you're making payments while in school and face financial difficulties, Abe automatically switches you to a deferred payment plan, preventing damage to your credit.
• Extended in-school deferment: You have up to five years to graduate before you need to start repaying your loan.
• Additional grace periods: After graduation, you get a six-month grace period, with the option to extend it for another six months if needed.
• 12 months of medical forbearance: If you need to take unpaid leave under the Family and Medical Leave Act (FMLA) or due to illness, you can pause payments for up to 12 months.
• 12 months of hardship forbearance: In the event of job loss, natural disaster, or other financial hardships, you can qualify for up to 12 months of forbearance.
• Extended payment relief: If you've enrolled in a program with Abe to reduce your payments, you can extend your loan term by up to 60 months to lower your monthly payments.
• Pay off past-due balances: If you're behind on payments to your school, you can use an Abe loan to settle any outstanding balance within 18 months of the end of the academic period.

Eligibility requirements

To qualify for a student loan from Abe, you need to meet the following eligibility criteria:

• Enrollment: You must be enrolled in a degree or certificate program at an eligible institution. Unlike most lenders, Able lets you borrow even if you're enrolled less than half-time.
• Age: You must be at least 17 years old or the legal age of majority in your state at the time of application.
• Citizenship: You must be a U.S. citizen, permanent resident, or eligible non-citizen (such as a DACA recipient) with a cosigner.
• Credit and income: You must meet Abe's credit and income requirements which aren't publicly disclosed. Applying with a creditworthy cosigner can improve your chances of approval.

Loan amounts

Abe allows most borrowers to take out loans ranging from $1,000 up to the school-certified cost of attendance, with a maximum annual loan amount of $99,999 and a total outstanding debt limit of $225,000 from all sources.

Residents of Iowa and Massachusetts have higher minimum loan amounts, set at $1,001 and $6,001, respectively.

Repayment terms

While you're enrolled in school, you have the choice of four different payment options with Abe.

After graduation, you have the choice of repaying your loans over a five, seven, 10, 15, or 20-year repayment period.

Notable benefits

Abe stands out for its flexibility in allowing you to pause or delay repayment and for offering protection against default while you're in school. The lender also provides other significant benefits, including:

• No fees: No application fees, processing fees, or late payment fees.
• Pay off past-due balances: Use your Abe loan to cover any outstanding balances for past-due tuition.
• Flexible enrollment requirements: Qualify for a loan even if you're enrolled less than half-time or pursuing a certificate program.
• Competitive rates: Enjoy competitive fixed interest rates.
• Cosigner release: Apply for a cosigner release after just 12 months of payments.

How to apply

To apply for a loan with Abe, follow these steps:

1. Visit Abe's website and click "Apply Now."
2. Fill out a simple application, including details about your degree, your role (student or cosigner), and where you live.
3. Provide information about your school, expected graduation date, and the amount you wish to borrow.
4. Get pre-qualified in minutes without affecting your credit score.
5. Choose your loan term, submit the requested documentation. A credit check will be conducted at this stage which may temporarily lower your score.
6. Sign the loan paperwork agreeing to the terms of the loan.

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Abe FAQ

Can I refinance student loans with Abe?

No, Abe only offers private student loans and does not provide refinance options.

Is Abe a reputable lending provider?

Yes, Abe loans are issued by DR Bank, an FDIC-insured institution. Abe is a service mark of Monogram LLC, which has an A- rating with the Better Business Bureau, indicating its reliability.

Is it hard to get approved for a student loan with Abe?

Approval with Abe depends on meeting certain credit and income requirements. Applying with a cosigner is recommended, and you may qualify for cosigner release after just 12 months of payments.

What credit score do you need for an Abe student loan?

Abe doesn't specify a required credit score, but your credit history is important. Applying with a cosigner can improve your chances of approval.

How long does it take to get approved for an Abe student loan?

You can get pre-qualified for an Abe student loan within minutes online.