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Rates & Features

Features Description
Interest Rate Loans:
  • Variable Option as low as 1-month LIBOR1 + 2.00%, currently at 2.75%, 2.67%2 APR.
  • Fixed Option as low as 5.49%, a 5.20%3 APR.

Line of Credit:
  • Variable as low as 1-month LIBOR1 + 2.00%, currently a 2.75% APR4
Repayment Term Loans:
  • Up to 15 years5

Line of Credit:
  • Up to 25 years6
Fees7 None
Amount You Can Borrow Per year: cost of annual attendance, less financial aid
Minimum: $1,000
Maximum (all loans): $80,000
Interest Rate Reduction Option 0.25% rate reduction for auto payment of principal and interest.8
Grace Period Generally six months9

1 LIBOR stands for London Interbank Offered Rate. We use the one-month LIBOR, as published by Bloomberg, as the index for our variable rate loan and line of credit. To get your interest rate, we take the index, add a margin that depends on your and/or your cosigner's credit, and round the result up to the nearest one-eighth of one percent. Consequently, your interest rate and Annual Percentage Rate (APR) may be higher than the rates in the chart. Your interest rate will be calculated on the first day of each calendar quarter (January 1, April 1, July 1 and October 1). Your interest rate and APR will increase or decrease if the index changes. The index for the 1st calendar quarter of 2017 is 0.75%.

2 For our variable-rate loans, the APRs in effect as of 1/1/2017 range from 2.67% to 9.75%, depending on your and/or your cosigner's credit histories and the repayment option you select.

3 For our fixed-rate loans, the APRs in effect as of 1/1/2016 range from 5.20% to 9.99% depending on your and/or your cosigner's credit histories and the repayment option you select.

4 For our variable-rate lines of credit, the APRs in effect as of 1/1/2017 range from 2.75% to 9.75%, depending on your and/or your cosigner's credit histories and the repayment option you select.

5 This informational repayment example uses typical loan terms available to a graduate who elects to make no payment while in school for 4 years and a 6 month grace period; has a $10,000.00 loan with two disbursements and a 4.97% variable APR: 126 payments of $129.41 for a total paid of $16,305.47. Variable rates may increase after consummation.

6 This informational repayment example uses typical loan terms available to a graduate who elects to make no payments while in school for 4 years with a 6 month grace period; has a $10,000 loan with two disbursements and a 5.25% variable APR: 179 payments of $99.44 and one payment of $100.23, for a total paid of $17,899.99 Variable rates may increase after consummation.

7 There are no minimum, fixed, transactional or similar charges and no membership or participation fees.

8 Automated payment discount(s) only apply when full payments of principal and interest are automatically drafted from a bank account. Discount(s) will continue unless (1) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (2) there are two automatic deductions denied by your bank.

9 Grace periods – the period between leaving school and the time full payments of principal and interest begin – may be dependent upon the repayment option you select and the length of time you are enrolled in school.

Certain restrictions and limitations may apply. Thrivent Federal Credit Union reserves the right to change or discontinue these programs without notice. All loans and lines of credit are subject to credit approval and may not be available in certain schools or certain jurisdictions. For more information call us at 866-540-3191.

We expect that loans and lines of credit may eventually be sold to Thrivent Financial. No such sale will result in any change in the loan terms or in the loss of any borrower benefits, such as the discount for automated payment.

Eligibility

Before you apply, review our eligibility guidelines:

  • Must be of legal borrowing age in your state.
  • Enrolled as a graduate or undergraduate in a qualifying institution at least half-time.
  • Enrolled in a graduate or undergraduate degree-seeking program.
  • Become a member of Thrivent Federal Credit Union.
  • Must be a United States citizen or permanent resident.

If you're a student with little or no credit history or limited income, a co-signer may help you to qualify for this loan and potentially receive a lower interest rate.

A co-signer is someone who shares responsibility with the student borrower for repaying the loan. The co-signer doesn't have to be a relative; he or she can be any adult who meets the eligibility requirements.

Read FAQs about co-signers.

Option Benefit In-school cost After Graduation Payment Considerations
Make no payments while in school. Gives you the convenience of delaying repayment. Make no payments while enrolled in school for up to five consecutive years. Begin full payments of principal and interest. Interest will continue to accrue and any unpaid interest will be added to the principal balance at repayment.
Make minimum payments while in school. Helps you establish a good payment practice, while lowering the amount of overall interest that accrues on the loan. Make minimum monthly payment while in school. Begin full payments of principal and interest. May not reduce the principal amount due, and any unpaid interest will be added to the principal balance at repayment.
Pay interest only while in school. Low payments during school to help reduce overall debt. Pay interest only; defer principal while in school for up to five consecutive years. Begin paying on the principal. Payment increases with the addition of the principal payment. Does not reduce the principal amount due at repayment.
Begin repaying loan while in school. Allows for maximum savings over the life of the loan. Pay principal and interest monthly. Continue paying principal and interest for the term of the loan. Payment stays the same as it was during school. Shortest option for repayment.

Need Help?

For general questions on student lending and membership, call 888-271-6397.
For questions about applying or an existing application, call 866-540-3191.
For questions about an existing loan, call 800-999-6227.