Thrivent Federal Credit Union

Thrivent Federal Credit Union is one of the lenders who offer private student loans. Find out more on their repayment, refinancing and the rates offered to help you decide if Thrivent is the right choice for you.

Updated by Akshata Patil on 31st October 2019

Starting college is a turning point for students as well as their parents. It is at this point where responsibility feels more like a burden. Deciding how to deal with this financial responsibility takes its toll on the parents as well as the children.

Student loans are known to be a burden and the only way to overcome this hurdle is to build a good financial practice during the repayment journey. But in order to get this is done, it's not just the initiatives taken by the borrower but also by the organization from where the loans are generated. It is a hand in hand process. 

Thrivent aims to help its borrowers in every way possible, it stands out as an option to be reconciled with by providing funds with more flexibility and aims to provide financial wisdom in every way possible to help foster a good relationship. Let's go into detail about what Thrivent has to provide.

Table of Contents

Types of student loans at TFCU

Before you apply for a student loan under the Thrivent federal credit union it is important to know the types of loans they provide. This will give you an opportunity to compare the different loans and select the best suitable for your requirements. Thrivent federal credit union provides two types of Private Student Loans. The major difference being the interest rate i.e variable interest rate and fixed interest rate. 

Thrivent Private Fixed-rate Student Loan Fixed rate

Thrivent Private Fixed-rate Student Loan provides the surety of a fixed i.e constant interest rate over the term of the loan.You can apply for fixed interest rate if-

  • You are planning to bear the expenses to be made one year at a time

  • You want to be done  paying off the loan in a shorter period of time

  • You want a level payment


Thrivent Private Variable-rate Student Loan

Thrivent Private Variable rate Student Loan also offers interest rates that are fluctuating i.e they keep changing based on marketing  The interest rate under variable rate is low in the beginning but with the passage of time they keep on increasing as they are highly influenced by the interest rate environment

You can apply for variable interest rate if-

  • You are planning to bear the expenses of a year at a time

  • You will be able to pay off the loan in a shorter time period

  • You are looking for a lower rate in the beginning (if you think you can repay soon)

  • You are convenient with the fluctuating interest rate which is subject to increase over time


 Looking for other student loans? Learn more about student loans 


When to choose Thrivent Private Student Loans?

There are certain conditions to be considered while applying for the Thrivent private student loan. Such as-

  • Borrowers can borrow up to $80,000

  • Your funds will be distributed to your school each year. In some cases, the school split the funds between the fall and spring semesters. Therefore, you can check the same with your school.

  • If you don’t make the loan payments while you are in school, it might take you up to 15 years to repay the loans


Fixed and Variable Thrivent Student Loans

For a clear understanding of how the fixed and variable interest rate are different from each other refer to the table below-

BASIS FOR COMPARISON THRIVENT PRIVATE STUDENT LOAN, FIXED RATE THRIVENT PRIVATE STUDENT LOAN, VARIABLE RATE
Preferable for students who: Are planning to bear the expenses of a year at a time
Are capable to pay off the loan in a shorter period of time
Same as a Fixed rate
How often can you apply? You can apply every year for funding Same as a Fixed rate
How much money can you borrow? Up to $80,000 Same as a Fixed rate
How can you access the funds? You can receive the funds you applied for each year
Generally the school requests for the funds
These funds are further split between semesters
Same as a Fixed rate
Current Rates For undergraduates and postgraduates: 5.677%-9.99% APR
For Refinance: 3.99%-9.99% APR
For undergraduates and postgraduates: 4.293%-11.5% APR
For Refinance: 4.00%-11.5% APR
Choose these rate options if you Want a level payment Are convenient with the fluctuating rate that might rise up over time
Availability of Interest rate reduction There is a 0.25% rate deduction available for auto-payment of principal and interest Same as a Fixed rate
Grace period Generally six months Generally six months

From the above table, it is clear in which terms or factors the fixed and interest rate are different from each other. Most of the loan terms for fixed loan interest rates are the same for a variable interest rate so it depends on the intent of the borrower for going for a loan. There are borrowers who have experience with the market fluctuations so they don't consider themselves to fall prey to variable rates. 


Confused between fixed and variable interest rates? Learn more about student loan interest rates


Eligibility for Thrivent Private Student Loans

Just like any other bank, there are certain conditions for Thrivent to be fulfilled to qualify for the loan. To qualify-

  • You must be of legal borrowing age in your state

  • You must be a United States citizen or permanent resident

  • You must a student at an eligible school

  • You must be a graduate or undergraduate in a qualifying institution for at least half-time

  •  You must be a graduate or undergraduate degree-seeking program 

  • You must be a member of Thrivent Federal Credit Union

In case you feel you make the eligibility for a few of the conditions but feel you don't for others you must contact Thrivent and discuss with them. 


Process for Applying for Thrivent Private Student Loan

As Thrivent Federal Credit Union provides the option to choose between variable and fixed-rate, you must be careful and choose which interest rate you can deal with best. Thrivent Federal Credit Union does not charge any origination fees.

Before you start applying for the loan there are certain things that you must do in order to know or have a clear idea of what you are signing up for. There are specific key terms that you must have knowledge about before you go through the application process. They are-

Key Segments in Application Process:

  • Review of Application Disclosure

  • Pre-qualification questions

  • Cosigner selection and registration

  • Borrower and school information

  • Application site registration

In order to apply you need to sign up with a username and password.

How to be a Responsible Borrower?

Before you borrow any loan you must be aware of all their terms and conditions and the other facilities that they provide. You must also be aware of other financial borrowing options. The Thrivent Federal Credit Union makes sure that you have gone through the other options such as federal education loans, grants, scholarships, and free financial aid sources before taking out any student loans.


Repayment Options for Thrivent Student Loans

After you apply and receive the funding the next step is to repay the loan. Following is a table showing the repayment options, benefits and when you can pay how much.

OPTION BENEFIT IN SCHOOL COST AFTER GRADUATION PAYMENT
CONSIDERATION
No payments while studying in school
Gives you the benefit of delaying repayment You don’t have to make any payments for up to five consecutive years while you are still in school Begins with full payments of principal and interest
Interest continues to accrue and any unpaid interest
will be added to the principal balance at repayment
Making minimum payments while in school
Along with lowering the amount of overall interest that accrues on the loan it also helps you establish a good payment practice You can make minimum monthly payment while in school Begin full payments of principal and interest
Does not reduce any principal amount due. The unpaid interest will be added to the principal balance at repayment
Pay only interest when in school
Enjoy low payments during school to help reduce overall debt Pay interest amount only. The principal is deferred for up to five consecutive years Start paying the principal amount. Payment increases with the addition of the principal payment
The principal amount does not reduce at repayment
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

From the above table, you get an idea of how much you need to pay and when. Everyone has a different journey towards the repayment of their loans. Some prefer making payments while still in school while others want to take full advantage of their grace period nevertheless Thrivent aims to facilitate all borrowers irrespective of their choice of going about repayment. 


You have to pay back your student loans one day. Learn more about student loan repayment 


Student Line of Credit for Tuition

Line of credit is an extended credit facility provided by the bank to you that allows you to borrow the money whenever required.

The Thrivent Student Tuition Line is best for you if:

  • You are not certain of the total cost you will be needing for college

  • You have two or more years of schooling left.

  • You want to apply for the funds only once

  • You want the benefit of making only monthly interest payments while in school, and the full payment begins after graduation

  • You want a low, variable rate that changes over time

  • You want to benefit from a longer repayment term compared to a student loan.

How to apply for the Thrivent Line of Credit?

Before you apply for the Thrivent line of credit check what they offer. The Thrivent Student Tuition Line of Credit offers:

  • Variable interest rates.

  • No origination fees.

  • Four repayment options.

  • After you initially apply you don't have to further apply for the funds but you can withdraw the desired amount as per your requirement.

In order to apply, you will need a username and password. If you are a new user then you can sign up, here is a snippet of the login page from the official website.


Refinancing Thrivent Private Student Loans

Refinancing the loans can offer an easier way to pay off student loans. It helps manage your monthly payments and can even help in getting a lower interest rate.

Following is the information regarding refinancing Thrivent private student loans-

  • Borrowing- you can borrow between $10,000 and $120,000

  • Loan eligibility- the loans eligible for TFCU are Federal Stafford, Parent PLUS, Graduate PLUS, Federal and Private Consolidation Loans, and Private loans

  • Interest rate- fixed as well as variable interest available

  • School eligibility- the schools mentioned in the college eligibility list qualify for refinancing. You can refer the link thriventcu.com

  • Repayment options- you have two options to choose for repayment i.e an immediate or graduated repayment plan

Begin immediate repayment of principal and interest right after the first disbursement date and continue until the repayment period. You can pay a lower amount for the first two years and a higher payment for the rest of the loan term


Repayment Terms under Thrivent Union

The repayment term varies depending on if the student is graduated or undergraduate.

Repayment under TFCU for undergraduate-

  • For Thrivent Private Student Loan under fixed-rate- 5.677%-9.99% APR

  • For Thrivent Private Student Loan under variable rate- 4.293%-11.50% APR

  • For Thrivent Student Tuition Line of Credit- 4.75%-11.50% APR

Repayment under TFCU for graduates-

  • For Thrivent Private Student Loan under fixed-rate- 5.677%-9.99% APR

  • For Thrivent Private Student Loan under variable rate-  4.293%-11.50% APR

  • For Thrivent Student Tuition Line of Credit- 4.75%-11.50% APR

Repayment under TFCU under Refinancing-

  • Thrivent Education Refinance Loan under fixed rate- 3.99%-9.99% APR

  • Thrivent Education Refinance Loan under variable rate- 4.00%-11.50% APR

Before you start applying for private student loans, it is advisable to first exhaust your other financial options one being Federal student loans by applying through the Free Application for Federal Student Aid (FAFSA). It is also recommendable to maximize your grants, scholarships, and other free financial aid before settling for any private student loans.

Contact Details 

Use the following details to help get in touch with Thrivent Credit union:

Phone - 866-226-5225

Fax - 800-688-6059

Address

Thrivent Federal Credit Union

PO box 8920

Appleton, WI 54912-8920

Website - www.thriventcu.com