Astrive must contact the college you are attending to verify enrollment. During the application process, Astrive will ask you what college you will be attending. You must have decided, applied for admission, and been accepted into a specific college or university in order to be eligible for an Astrive student loan. The loan process will be different for each college or university, and there may be fund or other restrictions that you and Astrive will have to meet.
Because Astrive loans are not like federal student loans offered to any student, you must have excellent credit or a cosigner with excellent credit. Your credit must be good for more than 26 months to be approved for an Astrive loan. Astrive loans can be declined for any reason, even conditions out of your control like the economy. The amount you can borrow will depend on your credit history or your cosigner's credit history. Federal loans have no credit requirement for loan approval.
Astrive loans can be used for any education-related expense, including living expenses. They cannot be used for non-education-related expenses, such as college sporting event tickets or furniture. Federal loans have lower interest rates, because the loan is guaranteed by the government. Federal loans typically pay only for tuition and all or part of your housing costs if you live on campus. Federal loan availability is also limited to income restrictions; your parents cannot make more than a specific amount of money, whereas Astrive sees the higher income of its applicants and cosigners as a positive and may lend more money.
Just like your federal loans, Astrive loan repayment begins six months after you graduate or terminate your enrollment in college. Astrive loans can be repaid while the student is in school. The student can also pay the interest only on the loan while he is in school. Interest rate discounts are typically offered to students who accept automated repayment terms.