Veridian Private Student Loan
Please note: Aspire Servicing Center has a contractual relationship with Veridian Credit Union wherein Aspire Servicing Center performs certain private student loan (private loan) services for Veridian Credit Union.
To qualify for the Veridian Private Student Loan, you must:
 Be a member or become a member of Veridian Credit Union. Note: Once Veridian Credit Union receives your loan application, you have 30 days to finalize your membership with the credit union.
Loan Options
To qualify for either option of the Veridian Private Student Loan, you or your cosigner(s) must have:
 Monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit, including the loan for which the student has submitted an application) that do not exceed 40% of gross monthly income (if a mortgage or rent is not included, debttoincome ratio cannot exceed 20%). All student loan debt will be treated as though it is in repayment.
 An annual income of at least $50,000.
 A FICO score of at least 690.
 Continuous employment over the last two years. (This requirement may be waived for retirees, disabled persons or those receiving a verified income.)
 No more than two accounts reporting 30day delinquencies during the previous two years.
 No delinquencies of 60 days or more during the previous two years.
 No chargeoffs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
 No previous bankruptcies.
 Not defaulted on any private or government student loan.
Please note that the list of criteria above may not be exhaustive. Veridian Credit Union may require you or your cosigner(s) to meet additional criteria in order to qualify for a loan. Veridian Credit Union reserves the right to change the list of criteria in any way from time to time.
Loan Limits
The Veridian Private Student Loan must be:
 No more than the cost of attendance minus other aid annually, up to $10,000.
 No more than $40,000 cumulative.
 At least $1,000. The minimum loan amount is different for residents of certain states:
If you are a resident of... 
Then your minimum loan amount is... 
Colorado 
$3,001 
Maine 
$1,001 
Oklahoma 
$4,701 
South Carolina 
$3,501 
Wisconsin 
$2,001 
Interest Rates
The following chart and examples detail the interest rates and fees for the Veridian Private Student Loan.
Loan 
Option 1 
Option 2 
Cosigners 
1 or 2 Note: Applicants who are creditworthy (meet the underwriting and credit criteria) are not required to provide cosigner(s). 
Origination Fee 
0% or 3%^{1} 
0% or 3%^{1} 
Interest Rate^{1,2} 
Variable^{1,2} (varies quarterly) from 1.00% + prime rate index to 2.50% + prime rate index; minimum interest rate of 5.50%^{3} 
Variable^{1,2} (varies quarterly) from 3.00% + prime rate index to 4.50% + prime rate index; minimum interest rate of 7.50%^{3} 
Capitalization of Interest 
At the end of a qualifying deferment period 
At repayment and at the end of any authorized period of deferment 
Current Interest Rates^{1,2} 
5.50% to 7.00% 
7.50% to 9.00% 
Payments Required While Enrolled? 
Yes, interestonly payments^{4} 
No, but making payments that at least cover accrued interest prevents increases to the loan balance. 
Separation Period (After the inschool period and before principal and interest repayment begins) 
6 months^{5}
Note: Interestonly repayment required during this period. 
6 months 
Principal and Interest Repayment Term 
20 years^{6} 
This example shows the monthly payments for a $10,000 Veridian Private Student Loan.
Example on a $10,000 loan 
Option 1 
Option 2 
Annual Percentage Rate^{7} 
5.50% to 7.33% 
7.16% to 8.77% 
Finance Charge^{7} 
$8,845 to $11,879 
$15,500 to $20,154 
InterestOnly Monthly Payment^{7} 
$46 to $58 
n/a 
Principal and Interest Monthly Payment^{7} 
$69 to $78 
$106 to $124 
^{1} Origination fee and interest rate based on credit score and annual income.
^{2} The rate is subject to increase after consummation. The prime rate index is defined as the U.S. Prime Rate published by the Wall Street Journal on the 10th calendar day prior to month end March, June, September and December (or the preceding business day if the 10th calendar day is not a business day) or 4.50%; whichever is greater. The prime rate index for the quarter Oct. 1–Dec. 31, 2015, is 4.50%.
^{3} The rate will not exceed 21.00%.
^{4} Borrowers with delinquencies during the interestonly repayment period may have future disbursements and/or loans suspended or canceled.
^{5} The inschool and separation periods cannot exceed 60 months.
^{6} A loan of $1,000 or less has a maximum repayment term of 37 months.
^{7} Annual percentage rate (APR), finance charges and monthly payments are based on borrowing $10,000. Option 1 is based on deferring principal for 51 months while maintaining a constant interest rate on a variable rate loan of 5.50% to 7.00% during the 51month inschool and separation period and the 240month principal and interest repayment period. Option 2 is based on deferring interest and principal and maintaining a constant interest rate on a variable rate loan of 7.50% to 9.00% during the 51month inschool and separation period and the 240month principal and interest repayment periods. APR examples are based on the quarterly interest rates Oct. 1–Dec. 31, 2015.
