Sparrow Student Loan Review Find the best loan for you

Sparrow is an online marketplace where students and parents can complete a single application to see if they prequalify for loan offers from various lenders. Although Sparrow is not a lender himself, potential borrowers can use the free service to see the rates they are entitled to. The company is based in New York City, and its lending partners provide loans in all 50 states and the District of Columbia. International students from countries not sanctioned by the Office of Foreign Assets Control can also use Sparrow’s services.

Sparrow was founded in 2020.

  • Sparrow provides users with personalized loan offers, rather than quotes.
  • You can complete a single request to find the offers for which you are prequalified with multiple lenders.

  • Federal student loans are not available through Sparrow.

Find the best student loans for you


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Fixed APR

Variable APR

term of the loan

2.94% to 12.78% with automatic payment * 0.99% to 11.44% with automatic payment * 5, 7, 10, 12, 15 years old *

2.94% to 12.99% with automatic payment 0.94% to 11.98% with automatic payment 5, 8, 10 or 15 years

2.99% to 14.98% with automatic payment
0.99% to 12.99% with automatic payment
5, 7, 8 10, 12, 15 or 20 years

Sparrow is not a lender, so he does not offer loans himself. However, Sparrow does partner with lenders who offer products such as:

  • Undergraduate student loans
  • Graduate student loans
  • MBA loans
  • International student loans
  • Loans to parents
  • Student loan refinancing

Students and parents can complete a form on the Sparrow website to see if they are eligible for loans offered by Sparrow’s loan partners. In addition to personal information such as your name, address, date of birth and contact details, you will also need to provide:

  • Your financial information such as your income and housing expenses.
  • What you’re looking for in a loan – how much and when.
  • Information about your school, including the name of the school, the degree you are pursuing, and the date you plan to graduate.

Once you’ve completed the Sparrow Application for Prequalified Rates, Sparrow performs a gentle credit check. It will not impact your credit score.

Shortly – Sparrow says “within minutes” – after submitting the application, you should be made aware of all of the options available from Sparrow’s 14 partner lenders.

Students who create a Sparrow account can view partner lending offers on their Sparrow dashboard and compare loan offers side by side, filtering by criteria such as term or annual percentage rate.

After applying for a specific loan on a partner lender’s website, the lender will perform a thorough credit check, which will appear on your credit report. You can expect the lender to respond to you within a business day or two after submitting your loan application.

Funds for private student loans are sent directly to the school, and students should contact their financial aid office to find out how to access this money.

Sparrow is a free service, so you don’t have to pay anything to create a Sparrow profile and compare loan offers on the site.

Sparrow’s partner lenders offer student loans with terms of five, seven, eight, 10, 12, 15, and 20 years, and there are options for undergraduates and graduate students. Loan terms vary, so students should confirm the terms with their lender.

The minimum loan amount you can request from Sparrow’s lending partners is $ 1,000. In general, the maximum loan amount available through Sparrow’s partner lenders is based on your school’s certified costs less any financial assistance you have previously received, such as scholarships or federal financial assistance.

For student loan refinancing through Sparrow’s partner lenders, the minimum loan amount is $ 10,000 and the maximum is $ 500,000.

Fixed and variable APR ranges also differ among lenders, but fixed APRs range from 2.15% to 14.98% and variable APRs from 0.99% to 12.99%.

Some of Sparrow’s loan partners offer an automatic payment discount, which typically reduces the rate by 0.25 percentage points. Sparrow fare offers include the automatic payment discount when available, but you can choose to display the fare without the discount.

Loans should be for students enrolled in at least a part-time educational program. Applicants who have not reached the age of majority in their state of residence need a co-signer.

Students can complete an application form on the Sparrow website to determine eligibility and prequalified rates.

Most lenders take the applicant’s credit rating into account when determining loan eligibility. Students with poor credit, no credit, or just starting to build their credit history may consider applying with a co-signer even if they are old enough to apply independently; this can help them qualify for loan products with better terms and lower interest rates.

There is no minimum FICO score requirement for a student loan with Sparrow; the platform has options for students with no credit history.

The minimum FICO score required to refinance a student loan is 650.

Find the Best Student Loan Refinance Lenders

Students can chat online with Sparrow representatives through their dashboard, send an email to [email protected], send a message using the site’s contact form, or call 310-433-6966. Sparrow representatives can be reached Monday through Friday, 8:30 a.m. to 9 p.m. EST, and Saturday and Sunday from 10 a.m. to 6 p.m. ET.

Prospective borrowers can complete a brief application through Sparrow to see the personalized rates they prequalify with partner lenders.

Through their Sparrow dashboard, students can check the status of their loan application, view their prequalified rates and compare loan options side-by-side, and chat with a Sparrow representative.

The mobile app is not yet accessible to the public, but it will allow students to make loan payments in the app.

Some of Sparrow’s loan partners may offer deferrals or forbearance; students should find the lender’s policy on the credit agreement for the loan.

Not all repayment plans are available with all Sparrow partner lenders or on all products, but there are several repayment options. These include:

  • Immediate payment, in which full payments begin shortly after the loan is disbursed.
  • Interest only, for which you only pay interest during your studies.
  • Lump sum payment to school, in which you make a lump sum payment of interest and principal, less than the full payment, while you are studying.
  • Full deferral, in which payment is fully deferred until the end of graduation, typically for six months. However, interest begins to accrue when the loan is disbursed.

  • Students who wish to compare the options of several lenders side by side.
  • Students whose certified expenses are not covered by scholarships or federal financial aid.
  • Students planning to use the automatic payment discount offered by some of Sparrow’s loan partners.

US News is an investor in Sparrow.

About Judith J. George

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