What we like:
Quick application process
|Fixed APR||3.99% – 9.99%|
|Variable APR||3.88% – 10.88%|
|Loan Terms||Up to 15 years|
|Loan Amounts||$10,000 – $120,000|
Thrivent is the fifth largest faith-based credit union in America. It is a Fortune 500 company and has over $500 million in holdings. Like all credit unions, Thrivent is a non-profit owned by it’s members. That means that they aren’t in the business of maximizing their profits but in providing financial services.
Serving their customers is what made them want to start providing student loans. When they saw that many of their members were going into student loan debt to get an education, they decided to launch a suite of student loans and student loan refinance products.
They also own cuLearn which is a credit union service organization (CUSO) that functions as a marketplace for students to find student loans and provides support to credit unions across the US who want to provide student loans to their members.
Thrivent’s In-School Private Student Loans
Thrivent has a few different options for their in-school student loans. They offer both undergraduate and graduate student loans, as well as a line of credit for members who are currently students. Thrivent undergraduate student loans start at 5.49% APR for fixed rate loans and go up to 9.99% APR. Their variable rate loans start at 3.88% APR and go up to 10.88% APR.
Thrivent also has graduate student loans that start at 5.49% APR for fixed rate loans and go up to 9.99% APR and start at 3.88% APR for variable rate loans and go up to 10.88% APR.
Thrivent Federal Credit Union offers an Education Line of Credit. Members complete the full application process just once rather than every academic year. Then they can draw upon the line of credit in subsequent years as needed for qualified education expenses.
The interest rate you will end up paying on any of their loans will depend on your personal financial or credit situation or the financial or credit situation of your cosigner. Note that you can release your cosigner from your loans after 48 months of on-time payments.
When it comes to their student loan products, students have the option to defer their payments and make no payments until after they graduate and a six-month grace period has elapsed – similar to how federal student loanswork. With their line of credit, there’s also the option to make no payments while in school.
The term lengths for undergraduate loans tend to be for 126 months and the term length for lines of credit are 180 months.
Thrivent believes in principled lending and actively encourage their borrowers to borrow as little as possible and to look for alternative solutions other than borrowing money for school such as going to a cheaper school or finding scholarships. They offer tools to help you find scholarships and also to compare the cost of the different schools that you’re considering.
The application process for a Thrivent loan is fairly simple. You have to fill out an online application and they will typically get in touch with you within a couple of days. One of the complications when it comes to borrowing from a credit union is that you do have to qualify for membership in the credit union and you also have to apply for membership. To qualify for membership at Thrivent, you must be Christian or the spouse of a Christian.
>> Read More: Best Private Student Loans
Thrivent Refinance Loans
Thrivent also offers borrowers the option to refinance their student loans. You can choose between fixed rate loans that have APRs between 3.99% and 9.49% and variable rate loans that have APRs between 3.25% and 9.75%. The amount that you will pay will depend on your personal financial and credit situation or that of your cosigner.
Thrivent’s refinance loans are for term lengths between 156 months and 180 months. You can choose a graduated repayment plan that allows you to pay less on your loans right after you graduate when you are likely not making.
To apply, you fill out a quick online application. When deciding whether to lend to you, they look at things like whether you had a job for two years after graduating from college, what kind of loans you have, and what your current payments are.
The benefits of Thrivent’s loans are that they are competitively priced and give you a number of different options for term lengths and types of interest rate. Many private student loan lenders will only give you the option to either variable or fixed rate loans. In contrast, Thrivent allows you to choose between them.
They also have relatively low interest rates in comparison with other lenders and unique options like being able to choose a graduated repayment plan. Their lines of credit are also unique products that not all student loan lenders offer and might be exactly what you need – especially given that they let you defer your repayment until after graduation.4.33 Thrivent Student Loans
Author: Jeff Gitlen
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