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FAQs

General Questions

Q: How do I apply for Financial Aid?

A: You need to submit a Free Application for Federal Student Aid (FAFSA) to apply for Federal Education Loans and you usually have to submit a FAFSA to apply for other types of financial aid as well.

The easiest way to do so is to submit a Free Application for Federal Student Aid (Link opens in new window) online at fafsa.ed.gov (Link opens in new window). You can also get a paper FAFSA application from your high school counselor or college financial aid advisor.

Before you apply for a Private Student Loan, we recommend that you consider all of your options including Federal Education Loans (Link opens in new window).

Q: What are some differences between federal and private student loans?

A: Federal student loans are available through the U.S. Department of Education. They offer fixed interest rates and several repayment options. They also provide more alternatives for borrowers who may have problems making payments after graduation. But there are limits on the amount you can borrow.

Private student loans, on the other hand, are education loans offered by credit unions, banks and other lenders. They offer fixed or variable interest rates and are credit-based, meaning students (and their co-signers) have to meet credit and other requirements set by each organization that lends. They can be used for amounts not covered by Federal student loans.

Before you apply for a Private Student Loan, we recommend that you consider all of your options including Federal Education Loans (Link opens in new window).

Q: What other types of financial aid are available?

A: Learn more about grants, scholarships and other financial aid at studentaid.ed.gov (Link opens in new window). Also ask people you know, like your school's financial aid office or counselor, library, your or your parents' employer, and religious and community organizations.

Q: Who can become a member of Thrivent Federal Credit Union?

A: Anyone within our "field of membership" is eligible to apply for credit union membership. Learn a little about what credit union membership means.

Q: What are the benefits of credit union membership?

A: At Thrivent Federal Credit Union, we offer our members a new way of banking that combines financial expertise with shared Christian values of faith, family, stewardship and service. As a faith-based credit union, we are committed to helping you start off on the right foot. We can help you learn strong money management habits to help you be wise with money and live generously now and throughout your life.

We make online banking easy while you are at home or school. An example is our fee-free ATM use: our members with a Thrivent Rewards Checking account are reimbursed for all fees they are charged to use any ATM, including fees charged by the ATM owner.

Q: Who is Cology?

A: Cology is a company we chose to work with to process applications for our Private Student Loan program. When you submit an application, mail in documents, or call with questions, you will be working directly with Cology. You can reach Cology at 866-540-3191.

Q: Who is UAS?

A: UAS (University Accounting Service LLC) is the company we chose to service our Private Student Loans after they have been approved and the funds are dispersed to the school. You can reach UAS at 800-999-6227.

Q: Who do I call with questions?

A: For general questions on student lending and membership, call 866-226-5225.
For questions about applying or an existing application, call 866-540-3191.
For questions about an existing loan, call 800-999-6227.

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Eligibility & Loan Limits

Q: Am I eligible for a Thrivent Private Student Loan?

A: You are eligible for a Thrivent Private Student Loan if you meet the credit union's membership eligibility and credit requirements and are enrolled at least half-time and working toward a degree in a currently eligible (Link opens in new window) college or university graduate or undergraduate program. Generally, students must be age 18 or older and a U.S. citizen or permanent resident, but some states have different age requirements.

You must be a member to be considered for a loan with Thrivent Federal Credit Union. Your cosigned is not required to be a member. If you are not already a member, you'll be asked to apply for membership by calling us toll-free at 866-226-522. To join Thrivent Federal Credit Union, you must meet the credit union's eligibility requirements, including purchase and maintenance of at least one share in the credit union. The par value of a share in Thrivent Federal Credit Union is $1.00. If at any time your balance falls below the required par value, you will have 180 days to increase the balance or your membership may be terminated.

Q: How is the loan amount determined for a Private Student Loan?

A: Your school determines the amount of money you are able to borrow. The minimum loan amount is $1,000. The loan amount is limited to the cost of education minus other financial aid the student will receive for the loan period (generally a semester or school year).

Q: What is the total amount I can borrow?

A: You are eligible to borrow up to the cost to attend school minus any financial aid you receive. The most you can borrow during your time at school is $80,000.

Q: Do you offer any discounts on interest rates?

A: We offer a 0.25% rate reduction with automated payments.

Discounts for automated payments only apply when full payments (including both principal and interest) are automatically drafted from a credit union or bank account. Discount(s) will remain on the account, even after your loan is sold, unless the automatic deduction of payments is stopped (including times during deferment or forbearance) or there are two automatic deductions returned for insufficient funds within the life of the loan.

Q: Will my loan be sold?

A: Thrivent Federal Credit Union may sell your loans to Thrivent Financial. We expect that UAS1 will continue to service your loans so you will see no changes in where you send your payments. There is no intention to sell your loans to another third party.

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Application & Funding

Q: What documentation can be used to show proof of income during the loan process?

A: The Creditworthy Applicant (or other household member) must submit one or more of the following substantiating such person's current income:

  • 1099 or W2
  • 2 years of tax returns (if self-employed or retired)
  • evidence of two years of income and any rental income
  • last two (2) pay stubs – no more than thirty (30) days old
Q: What documentation can be used to show proof of residency during the loan process?

A: Each applicant must indicate the number of years at his or her respective current place of residence set forth on the application. If the credit report indicates two (2) or more years total residency at the address(es) stated in the application, no further documentation is required. If this is not confirmed via the credit report, or if the address on the credit report does not match the address listed on the application, the applicable applicant must submit the most recent copy of one or more of the following indicating Borrower's and/or Cosigner's (as applicable) current place of residence:

  • Utility, cable or cell phone bill
  • Official Program Facility letter specifying permanent address
  • Income tax return
  • Bank statement
  • Insurance company bill
  • Government issued ID
Q: What is the application process?

A: Typically, the process includes these steps:

  • Student (and co-signer if there is one) completes an online application. At the same time, you and your co-signer will sign loan documents for the loan.
  • If you are not already a member of the credit union you will be asked to complete a membership application.
  • Credit union reviews the application(s), and may ask you for more information.
  • Credit union decides whether to approve your loan application.
  • If approved, you'll receive an approval letter from the credit union. You must accept the amount and rate of your loan to move ahead. You will have 30 days to do so.
  • School validates amount of money being requested.
  • Student receives a final letter with the loan amount and date funds will be sent to the school. If for some reason you need to cancel, you will have at least three business days to do so.
  • Funds will be sent to your school. You can check with your school to confirm receipt and your school will send you any refund.

We will keep you updated throughout the process.

Q: How will I receive the funds?

A: The funds will be sent to your school. You can check with your school to confirm receipt and your school will send you any refund. In most cases, your school will instruct us to split your academic year funding so that half is disbursed for your Fall semester and the remaining portion is sent to cover your Spring semester. This saves you money, as interest on your loan does not start accruing until funds are actually disbursed when needed by the school.

Q: Is there a fee to apply for a Thrivent Private Student Loan?

A: No. We do not charge any application or origination fees for our Private Student Loans.

Q: Am I required to be a credit union member?

A: Yes. The student must become a member to be considered for a loan with Thrivent Federal Credit Union.  The-cosigner is not required to be a member. If you are not already a member, you'll be asked to apply for membership during the loan application process by calling us toll-free at 866-226-5225 or downloading a paper application and mail or fax it to us.

As part of the membership process, we will help you open a membership account called the Thrivent Share Savings account which will hold your $1 par value membership share in the credit union. You will have to keep $1.00 in the account in order to maintain your membership in the credit union.

Q: Can I apply if I don't have a Social Security number?

A: You must have a Social Security number to apply for a loan. If you are applying with a co-signer, they also need a Social Security number, or, for a permanent resident, an alien registration number.

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Co-signer

Q: Will I need a co-signer?

A: Most student borrowers need a co-signer, simply because they don't make enough money to qualify for a loan by themselves. Typically, you need a gross annual income of at least $25,000 before you can sign for a loan by yourself.

Q: Who should I ask to be a co-signer?

A:You can choose any qualified individual to be your co-signer, and it doesn't need to be a relative. The co-signer should be age 18 or older and a U.S. citizen or permanent resident. It's best if you choose someone with at least two years of credit history.

To be considered for a loan, the primary borrower will need to be a member of Thrivent Federal Credit Union.  Membership is not required for the co-signer. If you are not already a member, you will be asked to complete a simple process when you apply for your loan.

Q: What does it mean to be a co-signer?

A: When you co-sign with a student, you are making a legal commitment to pay back the loan if the student does not pay. You and the student borrower share equal responsibility to make sure the loan is repaid.

If you're the cosigner, and any payments are late, you may also have to pay late fees or collection costs. And, this could have a negative effect on your credit record. As the lender, we are able to collect payments and late fees directly from the co-signer. This means we can take steps to collect from you, the co-signer, before we try to collect from the student.

Q: Who is responsible for paying the loan?

A: The student borrower and their co-signer are equally responsible to make sure the loan is paid back. If you already have a student loan with us and are having trouble making payments, call our loan servicer, UAS, (University Accounting Service LLC) at 800-999-6227 to talk about other options.

Q: Can a co-signer be released from responsibility to pay the loan?

A: There are two ways a co-signer can be released from paying the loan, meaning he or she is no longer responsible to repay it. First, after making 24 consecutive monthly payments on time the student can request to have the co-signer released. Releases are not automatic. The student also has to meet certain credit requirements, which will be the same as or similar to those applicable to students applying for loans by themselves. Second, if the student borrower dies, the co-signer can be released and won't be responsible for repayment.

Q: How does my co-signer apply?

A: Students and their co-signers can apply online. Typically, the student borrower will apply first.

Before you apply, you and your co-signer should have the required documents ready.

Q: Is the co-signer required to be a credit union member?

A: No. Only the borrower must be a member to be considered for a loan with Thrivent Federal Credit Union.

Q: Does my co-signer need a Social Security number?

A: Yes. A co-signer, as well as the student, must have a Social Security number or, for a permanent resident, an alien registration number.

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Thrivent Student Tuition Line Questions

Q: How does the Thrivent Student Tuition Line work?

A:You will be underwritten for up to a maximum of $80,000 (or the amount you qualify for) and will be allowed disbursement draws up to the amount certified by your school or your credit limit, whichever is less. Each year you will request a draw for the amount you will need for that school year, generally. You will not need to reapply each year assuming there is no significant decrease in the borrower or co-signer's creditworthiness.

Q: How much can I borrow?

A: The minimum is $1,000 per year. The maximum loan amount will be the certified need determined by your school, up to a maximum of $80,000 per student for the remainder of their graduate or undergraduate education. The certified need is typically the Cost of Attendance (COA) less other financial assistance and aid received.

Q: I have a Thrivent Student Tuition Line and need additional funds for next academic year. How do I request a draw on my line?

A: Because our product is structured as a line of credit, you do NOT need to complete an entirely new loan application. Instead, you will simply need to request additional funds from your existing line of credit. Log in and click on the link for your open line of credit. Then from the Borrower Information screen you will enter in the requested draw amount. Follow through the rest of the process to submit the request.

Q: How often can I receive disbursements from my Thrivent Student Tuition Line?

A: Funds are disbursed to your school based on the school's disbursement cycle. You will request the specific draw amount from the line of credit each year and the funds will be sent to your school. In most cases, your school will instruct us to split your academic year funding so that half is disbursed for your Fall semester and the remaining portion is sent to cover your Spring semester. This saves you money, as interest on your loan does not start accruing until funds are actually disbursed when needed by the school.

Q: When is a good time to apply for my Thrivent student loan?

A: You should typically apply for a new loan (or request a draw on your existing Line of Credit) in May-July for each academic year of funding that you require. Your request for funds should cover both the Fall and Spring semesters. Remember to first take advantage of other sources of financing including Federal loan programs recommended by your school's financial aid office.

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Loan Repayment

Q: What are my loan payment options?

A: We offer four payment plan options. The first option, deferred payment, lets you hold off on making payments while in school. For the next three options, you will need to make payments while you're enrolled in school. You will begin making payments about 45 days after the money is paid out (disbursed) to your school.

  • Option 1 – Make no payments while in school.

    Make no principal and interest payments while you are enrolled in school for up to five years in a row. This option allows you the convenience of delaying repayment.

    You should know that the interest continues to accrue through all periods of deferment. Any unpaid interest will be added to the principal amount you owe when payments of principal and interest are required to be made, so you will pay the most under this option.

    Full repayment of principal and interest begins about six months after you graduate or leave school. Payments will also begin if you withdraw from school or drop below half-time status, as determined by your school.
  • Option 2 – Make minimum payments while in school.

    Pay just the minimum payment while you are enrolled in school for up to five years in a row. In most cases, this option allows you to defer principal while paying some (but not all) of the interest on your loan.

    The first payment is due about 45 days after the funds are disbursed. This option helps you establish a good payment practice, while lowering somewhat the amount of overall interest that is accruing on the loan.

    However, this will not reduce the principal amount due at repayment, and any unpaid interest will be added to the principal amount at that time, so you will pay more than under options 3 and 4.

    You will typically start repaying principal and interest about six months after you graduate. Payments will also begin if you withdraw from school or drop below half-time status, as determined by your school.
  • Option 3 – Make interest only payments while in school.
    Pay only interest and defer principal while you are enrolled in school for up to five years in a row. This option offers low payments while you're in school to help reduce overall debt.

    You will need to make the first payment of interest (for interest accrued during the prior month) about 45 days after the funds are disbursed. You should know that paying interest during deferment will not reduce the principal amount due when payments of principal and interest are required to be made but it will reduce the overall amount of interest you pay over the life of the loan.

    You will typically start repaying principal along with interest about six months after you graduate. Payments will also begin if you withdraw from school or drop below half-time status, as determined by your school.
  • Option 4 – Begin repaying the loan right away.

    Begin making principal and interest payments about 45 days after the money is disbursed to your school. Typically, this option offers the most savings over the life of the loan.
Q: Who is responsible for paying the loan?

A: As the student borrowing money, you are responsible for repaying the loan. If you have a co-signer, both you and your co-signer share responsibility to repay the loan.

If you are having a hard time making regular payments on time, we encourage you to talk to our post-origination servicer, UAS,1 to see what options are available to you.

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Schools Eligible for Thrivent Private Student Loans

School City, State
Concordia College Alabama Selma, AL
California Lutheran University Thousand Oaks,CA
Concordia University Irvine,CA
Grand View University Des Moines, IA
Luther College Decorah, IA
Waldorf College Forest City, IA
Wartburg College Waverly, IA
Augustana College Rock Island, IL
Concordia University River Forest, IL
Valparaiso University Valparaiso, IN
Concordia University Ann Arbor, MI
Crossroads College Rochester, MN
Bemidji State University Bemidji, MN
University of Minnesota - Crookston Crookston, MN
Southwest Minnesota State University Marshall, MN
St. Cloud State University Saint Cloud, MN
Minnesota State University Moorhead Moorhead, MN
Metropolitan State University St. Paul, MN
Minneapolis College of Art & Design Minneapolis, MN
St. Catherine University Saint Paul, MN
Concordia University - Saint Paul Saint Paul, MN
Crown College St Bonifacius, MN
Bethany Lutheran College Mankato, MN
Augsburg College Minneapolis, MN
University of Saint Thomas St Paul, MN
University of Minnesota Duluth Duluth, MN
Minnesota State University, Mankato Mankato, MN
College of Saint Scholastica Duluth, MN
North Central University Minneapolis, MN
University of Minnesota - Morris Morris, MN
University of Minnesota - Twin Cities Minneapolis, MN
Winona State University Winona, MN
Northwestern College Saint Paul, MN
Hamline University Saint Paul, MN
Bethel University Saint Paul, MN
Saint Mary's University of Minnesota Winona, MN
Saint Johns University Collegeville, MN
Gustavus Adolphus College Saint Peter, MN
Concordia College - Moorhead Moorhead, MN
Martin Luther College New Ulm, MN
Macalester College Saint Paul, MN
Carleton College Northfield, MN
College of Saint Benedict St Joseph, MN
Saint Olaf College Northfield, MN
Lenoir-Rhyne University Hickory, NC
Concordia University Seward, NE
Midland University Fremont, NE
Wagner College Staten Island, NY
Concordia College Bronxville, NY
Wittenberg University Springfield, OH
Concordia University Portland, OR
Gettysburg College Gettysburg, PA
Muhlenberg College Allentown, PA
Susquehanna University Selinsgrove, PA
Augustana College Sioux Falls, SD
Texas Lutheran University Seguin, TX
Concordia University Texas Austin, TX
Roanoke College Salem, VA
Pacific Lutheran University Tacoma, WA
University of Wisconsin - Parkside Kenosha, WI
Silver Lake College of the Holy Family Manitowoc, WI
Concordia University - Wisconsin Mequon, WI
University of Wisconsin - Whitewater Whitewater, WI
Alverno College Milwaukee, WI
University of Wisconsin - Superior Superior, WI
Carthage College Kenosha, WI
Northland College Ashland, WI
Lakeland College Plymouth, WI
Cardinal Stritch University Milwaukee, WI
University of Wisconsin - Milwaukee Milwaukee, WI
Marian University Fond Du Lac, WI
Ripon College Ripon, WI
Mount Mary College Milwaukee, WI
University of Wisconsin - Oshkosh Oshkosh, WI
Edgewood College Madison, WI
University of Wisconsin - Eau Claire Eau Claire, WI
Viterbo University La Crosse, WI
University of Wisconsin - Green Bay Green Bay, WI
University of Wisconsin - Stout Menomonie, WI
University of Wisconsin - Stevens Point Stevens Point, WI
Marquette University Milwaukee, WI
Milwaukee School of Engineering Milwaukee, WI
University of Wisconsin - Platteville Platteville, WI
Saint Norbert College DePere, WI
Bellin College Green Bay, WI
Carroll University Waukesha, WI
University of Wisconsin - River Falls River Falls, WI
Northland International University Dunbar, WI
Lawrence University Appleton, WI
Wisconsin Lutheran College Milwaukee, WI
University of Wisconsin - LaCrosse La Crosse, WI
University of Wisconsin - Madison Madison, WI
Maranatha Baptist Bible College Watertown, WI
Beloit College Beloit, WI

1 UAS (University Accounting Service LLC) is company we chose to service our Private Student Loans after they have been approved and the funds disbursed to the school. You can reach UAS at 800-999-6227.

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