Founded in 1935, Alliant is a nonprofit credit union located in Chicago, Illinois. They offer a variety of member-only services, including banking, loans, and consolidation. Alliant is known for providing some of the best customer service in the industry, and encourages its customers to reach out and ask questions 24 hours a day, 7 days a week, via email or phone.
They also offer some of the lowest rates in the industry, and interests rate are determined by a borrower’s loan amount, credit score, and loan repayment history. To qualify, customers (or their cosigner) must have an annual income of at least $40,000.
Excellent Customer Service
Being a small bank, Alliant is able to provide excellent customer service, answering any question a customer may have. Alliant is available to customers 24 hours a day, 7 days a week.
Services All States
Unlike most other student loan refinancing companies, Alliant offers student loan refinancing to students in all 50 states, although they are selective in regards to what schools they provide their services to. Alliant only provides refinancing for student loans to students from non-profit schools.
Alliant is known for saving their customers substantial amounts of money, reporting up to $11,000 in savings, and an average of $10,000.
No Upfront Fee
Like many other companies in the industry, Alliant Credit Union does not charge prepayment or application fees. However, it is unknown as to whether or not they charge origination fees.
Difficult to Qualify
Alliant Credit Union charges some of the strictest eligibility requirements in the industry. They are as follows:
- Minimum Annual Income: An income of at least $40,000 must be made by either the borrower or the cosigner, which is higher than average in the industry.
- Must be a member of Alliant Credit Union: To qualify for refinancing services for student loans, prospective borrowers must be members of Alliant Credit Union.
Fees for Protection
While many other companies in the student loan refinancing industry provide disability, death, and unemployment protection at no extra cost, Alliant Credit Union charges a fee for those interested in purchasing this protective service.
Lack of Transparency
When it comes to helpful websites, Alliant Credit Union is definitely lacking. Their website provides no information on variable and fixed rate interest loans, and does not have any in-depth information regarding loan terms. And even though they list the lowest rate currently available, there is no information as to whether the rate is fixed or variable. Additionally, their website does not clearly list information on pricing, and their FAQ page only has one question and one answer.
Lack of Information on Discounts
According to Alliant Credit Union’s website, there is no information as to how prospective customers can get discounts on student loan interest rates. For example, most other companies provide a discount for signing up for automated payments.
The Bottom Line
There is a lot to love about Alliant’s student loan refinancing program. With 24/7 support, low interest rates, and a personalized feel not experienced elsewhere in the industry, Alliant Credit Union provides great value to customers, with refinancing options in all 50 states. However, there are some red flags. They have strict eligibility requirements, a website lacking in pertinent information, and no rewards programs for members to get lower interest rates.
Although they have some great benefits, borrowers can do better than Alliant. We suggest looking elsewhere for student loan refinancing services.