American State Bank

American State Bank Private Student Loan Program

Please note: Aspire Servicing Center has a contractual relationship with American State Bank wherein Aspire Servicing Center performs certain private student loan (private loan) services for American State Bank.

To be eligible for the American State Bank Private Student Loan, you must:

  • Be a current customer of American State Bank, or be a student at Dordt University or Northwestern College in Iowa.
  • Meet additional criteria.

Loan Details

To qualify for this supplemental 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.
  • 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. American State Bank may require you or your cosigner(s) to meet additional criteria in order to qualify for a loan. American State Bank reserves the right to change the list of criteria in any way from time to time.

Loan Limits

The American State Bank Private Student Loan must be:

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

At a Glance

The following chart and example detail the interest rates and fees for the American State Bank Private Student Loan.

Loan American State Bank Private Student Loan
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%
Interest Rate1 Variable1
2.50% + prime rate index (varies quarterly)2
Capitalization of Interest At repayment and at the end of any authorized period of deferment
Current Interest Rate1 7.25%
Repayment Term 20 years3
Payments Required While Enrolled? 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 months

This example shows the monthly payments for a $10,000 American State Bank Private Student Loan.

Example on a $10,000 loan American State Bank Private Student Loan
Annual Percentage Rate4 6.93%
Finance Charge4 $14,817
Monthly Payment4 $103

1 The rate is subject to increase after consummation. The prime rate index is defined as the U.S. Prime Rate published by the Wall Street Journal on the 10th calendar day prior to month end March, June, September and December (or the preceding business day if the 10th calendar day is not a business day). The prime index for the quarter July 1–September 30, 2022, is 4.75%.

2 The rate will not exceed 21.00%.

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

4 Annual percentage rate (APR), finance charge and monthly payment examples are based on borrowing $10,000, a 0% origination fee, deferring interest and principal for 51 months, and maintaining a constant interest rate on a variable rate loan of 7.25% during the 51-month interim and 240-month repayment periods. APR examples are based on quarterly interest rates July 1–September 30, 2022.

Privacy Terms of Use Contact Us
6805 Vista Drive, West Des Moines, IA 50266-9307
Copyright ©2012-2022 Aspire Resources Inc.®
Use of this site signifies your agreement to the Terms of Use and Online Privacy Statement