About company
The Aspire Servicing Center, a division of Aspire Resources Inc., provides student loan customers with customer assistance. Aspire Resources Inc. is a for-profit business owned by Iowa Student Loan, a lending organization. It's a company that provides administrative and customer service support for loan providers in the student loan industry.
Aspire was founded in 2001. However, the contract was terminated only three years later due to the company's realization that its revenue was insufficient to cover its running expenses. The Department of Education awarded Aspire a contract to service federal student loans in 2012. Aspire provides loan servicing for student loans issued by Iowa Student Loan, Alliant Credit Union, Ascentra Credit Union, American State Bank, First Convenience Bank, and Higher Education Servicing Corporation. According to Aspire, the U.S. Department of Education has given the company good marks for the quality of service it provides concerning Direct Loans. Though they have an A+ rating with the BBB, the non-profit consumer watchdog has not granted the company accreditation. In 2020, only two consumers filed complaints with the Consumer Financial Protection Bureau against the student loan servicer.
Pros and cons
Pros
- Federal student debt repayment aid. There are numerous different repayment options available for federal student loans. You can get assistance from Aspire in deciding which of these options is best for you and in filling out the application papers.
- Discharge of co-signer obligations for private loans. After a predetermined number of on-time payments you make toward your Aspire loan, the company might release the co-signer on loan from their commitment to the loan. This perk is only available for borrowers to apply for.
- Customized private loan repayment arrangements. You have several repayment alternatives if you work with Aspire on a personal student loan. Most loans come with a regular repayment plan; however, if you are having trouble managing this choice, you can switch to a graded plan, which temporarily lowers monthly payments. You also have the option to make interest-only payments for a set period.
Cons
- Others establish your loan terms. Aspire cannot make any changes to your loan arrangement if you are unhappy with the interest rate you are required to pay or if you discover that another component of your loan arrangement is no longer to your liking. You must check in communication with the lending firm that initially provided you with the loan.
- Help is only available in person in Iowa. You will need to travel to Iowa if you want to be able to stroll into an office and chat about your loan. This option is only available in Iowa. There are no additional locations of this company in any other states.
Terms and conditions
Technically, Aspire doesn't give out student loans. Instead, Aspire is linked to taking care of student loans. It means that the company doesn't make the rules for the loan. Instead, you'll work with Aspire to pay back a different company's student loan. Check out one of these ways to get an Aspire private student loan:
Partnership loan from Iowa Student Loan
The interest rate ranges from 5.3% to 7.18% APR. Rates can be fixed, or they can change. Pay the total amount or just the interest while you are in school, or put them off until you graduate. If you want to get this loan, you may need a co-signer. Apply online in just minutes.
Private student loan from Ascentra Credit Union
To use it, you'll need to join a credit union. You can get up to $40,000 in loans. Rates of interest start at 4.25%.
Private student loan from American State Bank
A student loan is available from the corporation, but there is no information on the website. If your online application is successful, the company will send you the information required to evaluate before signing any contracts.
College family loan from Iowa Student Loan
Family and friends who want to contribute to a student's education costs can purchase this merchandise. APRs for loans are between 5.3% and 6.85%. No upfront costs are required. Use a soft credit draw that won't affect your score to see whether you can get financial aid.
Obtain a private loan from Alliant Credit Union. You'll need to become a credit union member to apply for this loan, and Aspire will handle the processing and approval. Loan terms and conditions are not posted on the company's website.
Funding a loan
While Aspire does not directly offer student loans, its partners may be able to help you get the money you need for tuition. You must submit a FAFSA (Free Application for Federal Student Aid) if you want to get a federal student loan (FAFSA). Please complete this form each year you require a loan. You should give yourself many hours to finish the FAFSA, and if you have any questions, you can consult the financial aid office at your school.
After you submit your application, the school will give you an offer letter detailing the federal student loan programs available to you. Once you accept an option, the next step is to complete the loan documentation at the institution where you will be studying. Before looking into private student loans, you should exhaust your options for receiving financial aid from the federal government. That's the most excellent approach to getting approved for loans with the best possible terms and rates.
You can use the online forms if First Convenience Bank took over your account from Higher Education Servicing Corporation (HESC) or bought your rehabilitated debt. There are a few methods to get in touch with the servicer if you have questions about your Aspire student loan account. The loan servicer's support staff is available Monday through Friday, 8 a.m. to 6 p.m. You can contact them at either +1 (800) 243-7552 or +1 (515) 243-5626. You can also get in touch with Aspire through their website and get a query answered via email if you want to do so in situations where speed is not concerned.
