Thrivent Credit Union is a faith-based financial institution, sponsored by Thrivent Financial. It is owned by members of the credit union itself, and guided by both financial expertise and biblical principles, such as faith, family, stewardship, and service. The credit union has more than $500 million in assets. Founded in 2012, Thrivent Credit Union is based out of Appleton, Wisconsin.
Private Student Loans Through Thrivent Credit Union
Thrivent Credit Union offers two types of private student loans for borrowers: fixed rate and variable interest rate loans. Fixed interest rate loans have the same interest rate through the life of the loan, while variable interest rate loans are pegged to an index, and can change over the loan’s term.
Private student loans are available in amounts ranging from $1,000 and up to the cost of attendance, minus other forms of financial aid. The total limit for private student loans through Thrivent Credit Union is $80,000.
Fixed interest rate private student loans for both undergraduate and graduate students through Thrivent currently have an annual percentage rate (APR) of 5.49 to 9.99 percent. Variable interest rate loans have an APR of 3.25 to 10.25 percent. Interest rates will be determined by the creditworthiness of the applicant, and if necessary, a cosigner.
Eligibility for a Thrivent private student loan is limited to members of the credit union. In addition, to be eligible for a private student loan through Thrivent, a borrower must meet the lender’s credit requirements, be a U.S. citizen or permanent resident, and must be enrolled at least half-time in an eligible undergraduate or graduate degree program.
There are four repayment options for Thrivent student loans. First, students can choose to make no payments while in school for up to five years; interest will accrue during this time and will be added to the principal of the loan upon graduation or leaving school.
Second, students can make minimum payments while in school, paying some (but not all) of each month’s interest within forty-five days of the loan’s disbursal.
Third, students can make interest-only payments each month, starting within forty-five days of disbursal, meaning the interest will not accrue and be added to the principal of the loan.
Fourth, students can begin making full interest and principal payments immediately, typically within forty-five days of receiving funds. This option generally offers the most savings over the life of the loan. Students can repay these loans over a term of up to 25 years.
Line of Credit Product
Thrivent also offers a Student Tuition Line of Credit, with a current variable interest rate between 3.25 and 10.25 APR for graduate and undergraduate students. This line of credit allows students to apply once for an amount up to $80,000, and to withdraw funds as needed for tuition and expenses. The repayment terms for lines of credit are the same as for the variable and fixed interest loans, and students can repay these lines of credit over a term of up to 25 years.
To apply, students must provide proof of income and residency, and complete an online application. The student must also apply for membership with the credit union if he or she is not already a member. If the applicant is under 25 years old and/or does not have a substantial credit history, he or she will likely be required to apply with a cosigner, typically a family member. If approved for a loan, the funds will be sent to the school.
Student Loan Refinancing Product
Thrivent Credit Union also offers student loan refinancing for private loans and various federal student loans, with both fixed and variable interest rate options available. Borrowers can choose loans in amounts between $10,000 and $120,000.
Variable rate loans have APRs currently ranging from 3.25 to 9.75 percent, while fixed rate loans have APRs ranging from 3.99 to 9.49 percent. Repayment terms are up to 15 years.Borrowers must have a good credit score in order to be eligible to refinance their student loans through Thrivent. If approved, borrowers have the option of repaying principal and interest immediately, or paying a lower amount for the first two years and a higher payment for the remaining loan term.