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Tuesday, March 2, 2010

Astrive Student Loan - Things to Consider

Although the grand majority of people see the absolute importance of getting a good college education, many individuals have no idea how they will be able to go about paying for their education. The Astrive student loan is one of the newest student loan options available to students. It can enable you to pay for college sooner that you might think.

What Is It?

The Astrive student loan requires that you borrow a minimum of $1,500 per year in funds to be used in the payment of college related expenses. You can receive up to $40,000 per year in borrowed funds but no more than $130,000 over the entire life of your Astrive loan. There are no out of pocket fees associated with this student loan.

There are three different ways that you can choose to handle the process of repaying your Astrive student loan. For students who attend college half-time or more, you can choose to wait until after graduation to pay back your entire loan. Half-time or more students can also decide to pay interest only payments. The best choice financially, however, is to start to repay your Astrive student loan right away, thus lowering the amount of interest you will have to pay.

You must repay the total amount of your loan within a period of no more than twenty years. The minimum monthly payment on an Astrive student loan is $25. Early payments are encouraged, so no penalty will be charged if you pay your loan off early. The interest rate that you will be charged will depend on your credit history and the type of loan you chose to take out.

You must have lived in the United States for at least two years or be an American citizen in order to qualify for an Astrive student loan. Applicants must have a co-signer and be at least seventeen years of age. You also need to show twenty-one months of established credit. You also need to have been at your current place of employment for at least two years.

Getting Approved

The fastest and easiest way to get approved for an Astrive student loan is to have a co-signer. Regardless of your own credit history, having a cosigner will let you get a good loan with lower fees and interest rates than it would be if you had no co-signer. The time you will have to wait between when you apply for your student loan and when you actually receive the money will also be shortened if you applied with a co-signer. Be sure to mention the name of the college or university that you will be attending and your current status on your Astrive student loan application.

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