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Sparrow describes itself as “the world’s most powerful student loan search,” offering access to private funding through its partner lenders. In 2022, the company’s users searched for loans worth more than $220 million.
As it’s vetted by many of the universities it works with, Sparrow has strong relationships with several partner schools, including:
Boise State University
Southern Oregon University
University of San Diego
Chapman University
Mercer University
Unlike its competitors, the company focuses entirely on student loans and markets itself as doing “one thing [...] really, really well.”
Sparrow is accredited by the Better Business Bureau (BBB) and has a rating of A+ with the organization. The company currently has a rating of 4/5 on Trustpilot, based on 14 reviews.
Note, the company also offers refinancing products.
Thanks to its intuitive layout and use of jargon-free language, Sparrow could be an attractive option if you’d like to compare a range of loan options quickly and with minimal hassle.
As Sparrow will allow you to add a cosigner to your pre-qualification request, it could also be a good choice if you have a low income or poor credit history. A relative, parent, friend, or guardian can act as your cosigner.
Sparrow provides access to private funding for both undergraduates and graduates, with its panel of lenders offering fixed- and variable-rate APRs.
Because the company integrates directly with the lenders on its panel, it can provide you with personalized rates and repayment options based on your circumstances.
The maximum amount you can borrow is based on your school’s certified costs, less any additional funding for which you are eligible, such as scholarships or government support. As all schools' costs will vary, it’s a good idea to check these with your university before you apply.
Sparrow is entirely online and doesn’t have any physical offices. If you’d like to find a loan through Sparrow, you’ll need to fill in the pre-qualification form on the website. In most cases, this process takes just three minutes.
Sparrow will also allow you to pre-qualify for a loan. To do so, you’ll need to provide:
Your name
Your date of birth
Your citizenship status
Your address
Your email address
The amount you wish to borrow
Your expenses
The name of your school and your graduation date
You’ll only need to provide your information at this stage (even if you live with your parents). If you’re adding a cosigner, they’ll need to provide their details in a separate cosigner profile.
Sparrow will then perform a soft search on your credit, which won’t affect your credit score. It’s important to note, however, that the lender you select will perform its own checks to establish your creditworthiness.
The documents you’ll need to submit will vary according to the lender you choose. However, most companies will require you to upload a pay stub (W-2s, 1099s) and proof of identity, such as your driver’s license or passport. Some lenders may also require you to submit copies of your transcript to verify your GPA.
As Sparrow isn’t itself a lender, it doesn’t have a minimum credit score or income requirement to use its service. However, it states you’ll generally need a credit score in the mid-600s to pre-qualify for a loan.
You won’t need to complete the FAFSA to use Sparrow.
The rate you receive for your loan will depend on the individual lender. You’ll also be able to access lower rates if you have a strong credit score or a cosigner.
It’s pleasing to see that Sparrow displays all its lenders’ rates clearly and transparently on its website. At the time of writing (June 2023), Sparrow’s partners offered fixed rates of between 0.25% - 23%, and variable rates of between 3.37% - 16.20%.
When using the service, you can also choose between the following repayment types.
Immediate: Full repayments are due soon after you receive your funds.
Interest-only: You’ll only make repayments towards the interest while you’re in school.
Fixed payment: You’ll make a flat repayment while you’re studying, with full repayments beginning after graduation.
Full deferral: You won’t begin making repayments until after your graduation (often with a six-month grace period). Interest will begin accruing as soon as you receive your funds.
Note, the types of repayment plans available will vary by lender.
Sparrow includes SSL encryption on its website, which will establish a secure connection between your device and its servers. This should ensure that any confidential information you enter remains safe.
You can contact Sparrow through phone, email, live chat, WhatsApp, Twitter, or Facebook. Customer support hours are Monday-Friday, 9am-7pm (ET).
Sparrow also has a detailed selection of FAQs on its website, which provide a great deal of information about the company and the pre-qualification process.
| Sparrow | College Ave | Sallie Mae | |
|---|---|---|---|
APR | Varies by provider | 5.09%-15.99% (variable APR) 4.44%-15.99% (fixed APR) | 5.49%-15.83% (variable APR) 4.50-14.83% (fixed APR) |
Minimum credit score | Varies by provider Score of mid-600s | 640 | None published on site |
Loan amounts | Full cost of school, minus other funding | From $1,000 up to full cost of degree | Minimum of $1,000 per year |
Accepts cosigners | Yes | Yes | Yes |
Suitable for | Borrowers looking to compare a range of lending options | Those with a solid credit score or cosigner | Students seeking repayment flexibility |
Sparrow could be a great choice if you’re looking to compare your lending options, as it allows you to quickly and easily compare a range of providers. The company is accredited by the BBB with an A+ rating, and using its comparison service won’t impact your credit score. Although it doesn’t currently offer an app, the pre-qualification process is simple, intuitive, and takes just three minutes.
This review was compiled by visiting Sparrow’s website, contacting its customer service team over email, and reading online reviews.
