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Unified Student Refinance Loan Terms

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 Unified Student Refinance Loan, you must be a member of Alliant Credit Union.

Underwriting Criteria

To qualify for this private student loan refinance, 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 700. (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.

Note: For joint cosigned loans, at least one cosigner must meet all credit underwriting criteria with the exception of the debt-to-income ratio.

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 Details

The following chart and example detail the interest rate and fees for the Unified Student Refinance Loan.

Unified Student Refinance 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 Rate Variable1
4.00% + 3-month Libor index (varies quarterly);
minimum interest rate of 5.00%2
Capitalization of Interest At the end of any authorized period of deferment
Minimum Loan Amount $5,000
Current Interest Rate 6.58%1
Repayment Period 20 years

Example on a $10,000 Loan
Annual Percentage Rate 6.58%3
Finance Charge $8,0043
Monthly Payment $753

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 calculated and 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 Jan. 1–March 31, 2019, is 2.58%.

2 The rate will not exceed 21.00%.

3 Annual percentage rate (APR), finance charge and monthly payment examples are based on borrowing $10,000, a 0% origination fee and a constant interest rate on a variable rate loan of 6.58% during the 240-month repayment period. APR examples are based on quarterly interest rates Jan. 1–March 31, 2019.

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