Requirements for Astrive Student Loans

By Serena Spinello

  • Overview

    Requirements for Astrive Student Loans
    Astrive student loans are private loans that are provided by the Union Federal Savings Bank and can be used to fund both undergraduate and graduate schooling. Astrive loans can be added on to various other loans (such as federal student loans) to help students afford all the parts of their educational expenses. In order to participate in the Astrive Student Loan Program, borrowers are required to meet a number of eligibility requirements.
  • Eligibility

    In order to receive an Astrive loan, applicants must: be registered to attend an appropriate school and be enrolled at least part-time, be a U.S. citizen or permanent resident, be at least 17 years old, and have a co-signer who is of legal age and doesn't have a permanent residence in the states of Texas, Wisconsin, Washington, or Iowa. International students seeking to obtain an Astrive loan must have a U.S. citizen with a good credit report as their co-signer.
  • Qualification

    Once applicants are deemed qualified, they must be able to provide Astrive with documentation regarding their citizenship, proof of income, credit history, verification of school enrollment and personal references. In addition to the student submitting their credit history, the co-signer must submit his as well. If both individuals have first-rate personal credit history, the Annual Percentage Rate (APR) may be lower.

  • Rates

    The rates for Astrive Student Loans can vary and are established by the London Interbank Offered Rate (One-Month LIBOR); the fee banks charge reciprocally for loans, as well as a margin that's decided by the credit history of the applicant and their co-signer. Every applicant's rate is calculated individually during the application process. Their APR and variable interest charge may be lower or higher according to their history of credit and the One-Month LIBOR index.
  • Payment Options

    Astrive Student Loans provide recipients with a variety of repayment options to match their individual circumstances and needs. Students can choose to start repaying their loan while they're attending school, after they complete school or suspend the payments until six months from the date of their graduation. The payment options are broken down into three distinct methods: immediate repayment, interest-only and deferred payment. With the immediate payment option, borrowers begin paying principal and interest following around 45 days from the time the loan was expended. This alternative provides the greatest savings over the loan's duration. After the repayment process has begun, borrowers may be allowed to delay their payments provisionally, in the event they encounter financial difficulty. The immediate payment option also entails an interest rate decrease of up to 0.25%. The interest-only method requires the borrower to only pay for the interest of their loan, while she is attending school. Borrowers can also begin paying principal and interest following a 45-day time period from when the loan was expended. They too can be eligible for forbearance and an interest rate decrease of up to 0.25%. This alternative provides the borrowers with an advanced start on their repayment. The deferred payment option has the same provisions as the above but postpones the repayment until six months after graduation (or if the student does not maintain the accepted enrollment status). This option is intended for those who want to start their career prior to beginning the loan repayment process.
  • Considerations

    It's important to note that a number of stipulations may apply. If you meet all of the eligibility requirements and have a co-signer in place, be sure to discuss the pros and cons of the various options and decide which one will work best for both of you. Additional information regarding Astrive student loans and their requirements can be found at the resource links below.
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