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Ascentra Credit Union Private Student Loan Program

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

To qualify for an Ascentra Credit Union Private Student Loan, you must:

Underwriting Criteria

To qualify for either Ascentra 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 640. (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. Ascentra Credit Union may require you or your cosigner(s) to meet additional criteria in order to qualify for a loan. Ascentra Credit Union reserves the right to change the list of criteria in any way from time to time.

Loan Limits

The Ascentra Credit Union Private Student Loan must be:

  • No more than the cost of attendance minus other aid annually.
  • No more than $40,000 cumulative.
  • At least $1,001.

Loan Options

Ascentra Credit Union allows you to choose between two variable-rate loans, one that requires interest-only payments while you're in school and one that defers repayment while you're in school. View the different tabs below for details and examples on $10,000 loans.

Compare financial information on all Ascentra Credit Union Private Student Loan options. (PDF)

Interest-Only Payment Tab Deferred Payment Tab

The Interest-Only Payment loan features a lower interest rate than the Deferred Payment loan, and making regular on-time interest-only payments during the in-school period prevents increases to the loan balance. This loan:

  • Requires that monthly payments of interest begin immediately after the loan is first disbursed.1
  • Features a six-month separation period — once you graduate, leave school or drop below half-time enrollment and before the principal and interest repayment period begins — during which interest-only payments are required.1
  • Has a 20-year (240-month) principal and interest repayment period.2

Variable-Rate (Quarterly Rates July 1–Sept. 30, 2019)

Examples for a $10,000 Loan

If your
FICO3
score is ...
Current
Interest
Rate4,5
Origination
Fee
Annual
Percentage
Rate
Finance
Charge
Interest-
Only
Monthly
Payment
Principal &
Interest
Monthly
Payment
680 or more6 6.79% 0% 6.79% $11,190 $57 $76
640–6797 7.79% 0% 7.79% $13,069 $65 $82

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

2 If a pre-disbursement loan cancellation results in an Ascentra Credit Union Private Student Loan of $1,000 or less, the maximum principal and interest repayment term is 37 months.

3 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.

4 The rate is subject to increase after consummation. These interest rates are calculated using the three-month Libor index, which 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%.

5 The rate will not exceed 21.00%.

6 The current interest rate is calculated quarterly by adding the three-month Libor index to 4.25%. Annual percentage rate (APR), finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal for 51 months and maintaining a constant interest rate on a variable rate loan of 6.79% during the 51-month interest-only and the 240-month principal and interest repayment periods. APR examples are based on quarterly interest rates for July 1–Sept. 30, 2019.

7 The current interest rate is calculated quarterly by adding the three-month Libor index to 5.25%. Annual percentage rate (APR), finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal for 51 months and maintaining a constant interest rate on a variable rate loan of 7.79% during the 51-month interest-only and the 240-month principal and interest repayment periods. APR examples are based on quarterly interest rates for July 1–Sept. 30, 2019.

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