Astrive Student Loans: Are They Worth It?

Astrive student loans offer one strategy for financing your education, and are an alternative to high-interest credit cards or a personal loan that can have an impact on your credit score. Astrive student loans are designed for students of 17 years of age or higher, and primarily for undergraduates enrolled in a four-year college degree program.

The competitive interest rates and flexible repayment plans are attractive, but are Astrive student loans really worth it? Who is eligible for Astrive student loans, and what are the actual interest rates? Here's an overview of Astrive student loans for any student or parent looking for a ways to finance a college education:

Who Qualifies for Astrive Student Loans?
the first step in qualifying for an Astrive student loan is finding out if your school is approved to accept financing from Astrive. Not every college or university in the U.S. is approved, and you can call Astrive directly to find out, or just check the Astrive Student Loans website for current listings.

You have to be a U.S. citizen or permanent resident (in the country for at least 2 years) in order to qualify for an Astrive student loan. Most loan applications require a co-signer for review, and you must be at least 17 years of age when you fill out the application. You will also need to show proof of two years of employment, along with almost two years of solid credit history. If you're right out of high school and have been working throughout, you should be able to qualify with a qualified cosigner.

AStrive Student Loans Repayment Plans and Interest Rates
Astrive student loans offer three repayment plans for undergraduates:

1. Immediate repayment

2. Interest-only monthly payments

3. Deferred repayment

Choosing the right repayment plan is important for your future credit and ability to take on other loans or financing you may need if you decide to go to graduate school. The best choice is to pay as much as possible during school so you don't start collecting interest on a deferred loan. The interest-only and deferred repayment plans do give you an advantage to avoid higher payments during school, but you may have difficulty keeping up if you have other expenses after graduation. Interest rates range from 9.10% - 9.18% depending on the type of repayment plan, and you can knock off an extra 0.5% if you sign up for automated payments.

Astrive Student Loans vs. Financial Aid
Astrive student loans can only be used for 'education-related' expenses. Instead of getting a personal check, you'll be given a loan for monies toward specific purchase only; this includes tuition, room and board, lab fees, traveling home, computer equipment, and even studying abroad. Items that you can't purchase with the loan money include car payment, doctor's visits, or even dorm furniture. Astrive encourages students to use the loans to fill the gap between financial aid and personal credit cards during college - consider Astrive student loans as a convenient personal loan solely used for school-related fees.

Bottom Line: If you have at least two years of continuous employment and strong credit history, Astride student loans may offer a better loan program than taking out a personal loan or maxing out your credit cards. The loan rates are competitive, and if you can afford to, you do have an option to pay off your Astrive student loan completely without incurring extra fees as soon as you graduate.