Wondering if Juno Student Loans are the right choice for you? Our review will help you decide! We cover everything from rates to repayment options.
Pre-qualification is usually the first step in the process for student loan applications. After that, you’ll choose from a list of potential lenders. Then, ideally, you’ll select the one with the best rate.
But what if you and your pals could contact a single lender for a loan together? Would they be more inclined to reduce their rate? Introducing Juno: a platform that seeks to harness the power of community.
Juno has created a platform that allows students to band together and leverage their buying power to get the best possible rates on their loans. Juno works with several different lenders to find the best rates for borrowers.
And because they work with multiple lenders, they can offer more flexible repayment options than most traditional organizations. So, if you’re looking for a student loan, we encourage you to check out Juno and see what we can do for you. Juno is a reliable and trustworthy source for student loans, and most Juno student loans reviews are positive.
Check out our Juno review below to learn more!
About Juno Student Loans
Juno was founded in 2018 by two Harvard Business School students shopping for loans to cover their student debt. Their mission is to help reduce the alarming level of student loan debt in the United States. Juno offers competitive rates and terms on its student loans and has various lender options.
Its founders, Nikhil Agarwal and Chris Abkarians, used negotiation strategies to obtain more affordable loans for their education. They decided to create Juno so other students could benefit from their experience.
Working with Lenders
In 2022, Juno held an auction to compel lenders to provide the community with the best prices. They spent hours poring over rate tables and spreadsheets to determine which lenders provided the best rates for most borrowers. It allowed them to get the best possible deals for their members and ensured they got the best terms for new student loans as well as refinancing existing student loans.
Juno charges the chosen lender a pre-determined fixed fee before the start of the agreement. It ensures that Juno will not get tempted by more substantial financial inducements from other companies.
Offering the community the best pricing is the only way for lenders to prevail in the auction. By providing the community with the best possible pricing, Juno can ensure that it remains the preferred choice for student loans.
Saving Students Money
As an authority on student loans, Juno has helped countless students and families save money on borrowing. Juno members have borrowed more than $500 million at reduced rates, making it an ideal go-to source for anyone looking to lower their student loan payments.
With a wide range of options and expert negotiators on staff, Juno is well-equipped to help you get the best possible terms on your student loans.
What Loan Types Does Juno Offer?
Here’s a quick breakdown of the loans you can access.
Undergraduate Loans: These loans are for students enrolled in an undergraduate program at an accredited institution.
Graduate Loans: These loans are for students enrolled in a graduate or professional program at an accredited institution.
MBA Loans: These loans are for students enrolled in an MBA program at an accredited institution.
Parent Loans: These loans are for parents of dependent students enrolled in an undergraduate or graduate program at an accredited institution.
DACA Loans: These loans are for students with Deferred Action for Childhood Arrivals status enrolled in an undergraduate or graduate program at an accredited institution.
Degree Abroad Loans: These loans are for students enrolled in a degree program at an accredited international institution.
Student Loan Refinancing: If you have an existing student loan and have already graduated, you may be able to reduce your rates through refinancing.
Now let’s provide some in-depth Juno student loans reviews.
1. Juno Graduate Loans
As a graduate student, you want to be sure that you’re getting the best possible deal on your student loans. That’s where Juno comes in.
Juno is committed to providing the best possible terms for graduate students with credit scores of 650 or above. In addition, they offer a cash incentive and a price match promise to anyone who can find a better private student loan.
- Free membership
- Juno offers the lowest rate guaranteed
- No obligation
- Juno doesn’t work with every lender
With Juno, you can rest assured that you’re getting the best deal possible on your loan. That’s why they’re the best choice for graduate students looking for a private student loan.
2. Juno Undergraduate Loans
Federal Stafford loans are generally the best choice for undergraduates. Still, it’s common for students to need to borrow more than the federal maximum of $5,500 for their first year of school. As an undergraduate student, you may find yourself in need of extra funds to cover the cost of tuition and other associated expenses.
The cost can be even higher for parents helping their children pay for college. Direct Parent PLUS loans, which the federal government offers, have an interest rate of 8.05% for the 2023–2024 school year and a 4.22% origination charge. That can make them quite expensive for borrowers with good credit.
Consider a private loan from Juno if you cannot secure additional funding through federal loans. Juno currently offers a notable rate reduction for student loans, which can help families fill the gap after reaching the national lending limit, saving you money in the long run.
- Low fixed interest rate
- No origination fees
- Deferment period
- You can’t see what rates you’ll get before signing up
Our Juno student loans reviews are overwhelmingly positive for undergraduates. Juno’s undergraduate loans have competitive interest rates and terms that could help you cover most expenses.
3. Juno MBA Student Loans
If you’re looking to finance your MBA, you may wonder if getting a private loan is worth it. Unfortunately, most MBA graduates enter profitable positions not covered by PSLF or IDR policies after graduation.
So, private student loans can be a great way to finance your education. Juno offers low-interest loans specifically for MBA students, with repayment terms possible starting after graduation.
- No credit checks involved
- You can tap into lower rates
- Quick sign-up process
- Potentially longer approval process
If you’re looking for a low-interest loan to finance your MBA, Juno could be a good option.
4. Refinancing a Loan Through Juno
Already taken a loan out? It’s not too late – you can also refinance through Juno. They offer a wide range of services for students and professionals to meet the needs of borrowers.
Here are our Juno student loans reviews for refinancing.
If you are looking to refinance your loan, Juno has a few different partner lenders that can help you. Earnest, Splash Financial, and Laurel Road all offer refinancing with periods ranging from 5 to 15 years.
Splash can show you your best rates for student loan refinancing. They also cater to married couples, making them completely unique in the aggregator industry.
Other than interest, there are no fees associated with Splash Financial loans. That means no application or origination fees, and no prepayment penalties.
- Dedicated student loan refinance provider
- Works with multiple lenders
- Prequalify with a soft credit pull
- No mobile app
- Not a direct lender
- You’ll need to get payoff statements from each current student loan servicer
If you want to refinance medical loans, you will get sent to Laurel Road. However, if you wish to refinance any other loan, Earnest or, Splash is used instead. Juno is an excellent resource for those looking to lower their monthly payments or interest rates on their existing student loans.
Refinancing plans are available for:
- General Student Loan Refinancing
- Medical Student Loan Refinancing
- Parent PLUS Loan Refinancing
- MBA Student Loan Refinancing
How Does Juno Compare to Federal Loans?
Juno student loans reviews are slightly different from federal loans. One thing to note is that the government offers federal student loans, while banks, credit unions, and other financial institutions offer private student loans.
Interest rates are another key difference. With a federal loan, interest rates are set by Congress, while the lender sets private student loan interest rates. As of early 2024, the interest rate for Federal Direct Subsidized Loans and Unsubsidized Direct Loans is 5.50-7.05%. The interest rate for Direct PLUS loans is 8.05%.
Federal student loans offer several repayment options, including income-driven and extended repayment plans. On the other hand, private student loans like Juno typically only provide a standard repayment plan, although some others may offer a comprehensive plan.
Finally, federal loans offer borrower protection. For example, if you become unemployed or have a sudden drop in income, you may be eligible for a deferment or forbearance on your federal student loans.
These options temporarily allow you to stop or make smaller payments than usual. But, unfortunately, there is no such thing as a deferment or forbearance for private student loans – if you can’t make your payments, you’ll likely default.
So Which is Best?
One thing is sure from our Juno student loans reviews: pooling resources can help you secure the lowest loan interest rate guaranteed. Private financing is often considered less flexible than federal support, but Juno is seeking to change this.
FAQs about Juno Student Loans
Is Juno Legit?
Yes – Juno’s track record is impressive. Since its founding in 2018, Juno has already had more than 110,000 members sign up to join one of its negotiation groups, and it has secured over $520 million in loans.
It’s free to use, and you can choose the best option for your needs. So if you’re considering where to get your student loans, check out Juno as a potential option!
Can I get a scholarship from Juno?
Yes, Juno provides a $1,000 essay scholarship. Only citizens of the United States may enter, and a winner gets chosen annually.
Can Juno be used to refinance debts for overseas students?
Yes! Juno launched a program to help international students refinance their student loans this December. It is the first program of its kind.
Does Juno require a good credit score?
No, you don’t need an excellent credit score for a loan — you can get a cosigner to help you get qualified if your credit score is low. A cosigner is usually a parent or other family member who agrees to sign the loan with you (but their score will need to be above 650).
This way, even if your credit score isn’t good, you may still be able to get the loan you need. When requesting refinancing from Juno without a cosigner, a credit score higher than 650 is advisable.
What kind of student loan do most people take out?
The most typical Juno loan is a 10-year loan with a fixed interest rate. However, many parents choose the deferred option, where they don’t make any payments while their children are in school.
But paying a little while in school to receive a lower interest rate is often the wiser choice. For instance, if you pay $25 per month, you may save a lot of money if you take advantage of the autopay discount.
Saving money as a student by using the force of collective bargaining to get lower interest rates is innovative. We’ve looked at Juno student loans reviews. Many students balk at private financing compared to federal funding – this might be the organization that changes the game.
By pooling borrowers with similar profiles, Juno can negotiate better interest rates with lenders on behalf of its members. And because there’s no cost to use Juno’s services, it doesn’t hurt to try it out and see if you could be qualified for lower interest rates.
So why not give it a shot today?