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Alliant Credit Union Private Student Loan

Please note: Aspire Servicing Center has a contractual relationship with Alliant Credit Union wherein Aspire Servicing Center performs certain private student loan (private loan) services for the credit union.

To qualify for the Alliant Credit Union Private Student Loan, you must be a member of Alliant Credit Union.

Underwriting Criteria

To qualify for either Alliant Credit Union Private Student Loan, you or your cosigner(s) must have:

  • Monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit, including the loan for which the student has submitted an application) that do not exceed 40% of gross monthly income (if a mortgage or rent is not included, debt-to-income ratio cannot exceed 25%). All student loan debt will be treated as though it is in repayment.
  • An annual income of at least $25,000.
  • A FICO score of at least 670. (The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.)
  • Continuous employment over the last two years. (This requirement may be waived for retirees, disabled persons or those receiving a verified income.)
  • No more than two accounts reporting 30-day delinquencies during the previous two years.
  • No delinquencies of 60 days or more during the previous two years.
  • No charge-offs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
  • No previous bankruptcies.
  • Not defaulted on any private or government student loan.

Please note that the list of criteria above may not be exhaustive. Alliant Credit Union may require you or your cosigner(s) to meet additional criteria in order to qualify for a loan. Alliant Credit Union reserves the right to change the list of criteria in any way from time to time.

Loan Limits

The Alliant Credit Union Private Student Loan must be:

  • No more than the cost of attendance minus other aid annually, up to $20,000.
  • No more than $80,000 cumulative.
  • At least $500.

Loan Options

The following chart and example detail the interest rates and fees for the Alliant Credit Union Private Student Loan.

Loan Interest-Only Payment Deferred Payment
Cosigners 1 or 2
Note: Applicants who are creditworthy (meet the underwriting and credit criteria) are not required to provide cosigner(s).
Origination Fee 0% 0%
Interest Rate1 Variable1
4.00% + 3-month Libor index (varies quarterly);
minimum interest rate of 5.00%2
Variable1
4.25% + 3-month Libor index (varies quarterly);
minimum interest rate of 5.25%2
Capitalization of Interest At the end of any authorized period of deferment At the end of any authorized period of deferment
Current Interest Rate1 6.54% 6.79%
Payments Required While Enrolled and During Separation Period? Yes, monthly interest-only payments.3 No, but making payments that at least cover accrued interest prevents increases to the loan balance.
Separation Period (After the in-school period and before principal and interest repayment begins) 6 months4
Note: Interest-only repayment required during this period.
6 months
Principal and Interest Repayment Period 20 years5 20 years5

This example shows the monthly payments for a $10,000 Alliant Credit Union Private Student Loan.

Example on a $10,000 loan Interest-Only Payment Deferred Payment
Annual Percentage Rate6 6.54% 6.51%
Finance Charge6 $10,728 $13,590
Interest-Only Monthly Payment6 $55 n/a
Principal and Interest Monthly Payment6 $75 $98

1 The rate is subject to increase after consummation. The three-month Libor index is defined as the daily average of the three-month London Interbank Offered Rate (Libor) (currency in U.S. dollars) that was published on the Wall Street Journal's website (or any generally recognized successor method or means of publication) on each business day during the 91-day period ending on the 20th day of March, June, September and December or 1.00%; whichever is greater. The three-month Libor index for the quarter July 1–Sept. 30, 2019, is 2.54%.

2 The rate will not exceed 21.00%.

3 Borrowers who fail to stay current with any required interest-only payments may be unable to apply for and subsequently receive future loans.

4 The in-school and separation periods cannot exceed 60 months. Interest-only repayment required during this period.

5 A loan of $1,000 or less has a maximum repayment term of 37 months.

6 Annual percentage rate (APR), finance charge and monthly payment examples are based on borrowing $10,000 and 0% origination fees. The Interest-Only Payment option is based on deferring principal for 51 months and maintaining a constant interest rate on a variable rate loan of 6.54% during the 51-month interest-only and 240-month principal and interest repayment periods. The Deferred Payment Option is based on deferring interest and principal for 51 months while maintaining a constant interest rate on a variable rate loan of 6.79% during the 51-month interim and 240-month repayment periods. APR examples are based on quarterly interest rates July 1–Sept. 30, 2019.

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