LAST UPDATED: March 19th, 2021
Alliant is a nonprofit, member-only credit union that offers a variety of banking, loan, and consolidation services. It started in 1935 and is headquartered in Chicago, Illinois. Because it is a credit union and not a big bank, it can keep its rates relatively low. The company bases interest rates on a mixture of the borrower's loan amount, credit score, and loan repayment history. Alliant places great emphasis on customer service by encouraging its clients to call or email questions and concerns at any time-day or night. The company requires an annual gross income of $40,000 from either the borrower or cosigner, and charges additional fees for supplemental services.
Because Alliant is not a big bank, it can focus more on customer service. The company welcomes people with questions and concerns to reach out either by phone or email. Customers can call Alliant anytime day or night, 24/7.
Alliant offers student loan refinancing to all 50 states, which is broader than the reach of other companies in the industry; however, the company is more selective the schools it provides refinancing services to. Alliant Credit Union does not provide refinancing to for-profit schools.
Refinancing with Alliant save borrowers up to $11,000, and an average of $10,000.
No Prepayment Fee
The company does not charge prepayment fees for those who want to pay back their debt sooner, neither does the company require an application fee. These are fairly standard practices in the industry. The company does not specify whether it charges origination fees.
Strict Eligibility Terms
In order to apply for Alliant's consolidation program, borrowers must meet the following requirements:
Minimum Annual Income
Either the borrower or cosigner must make at least $40,000 in annual gross income. This annual gross income requirement is higher than average in the industry and could be tricky for those just coming out of college or who don't have a cosigner.
Must be a member of Alliant Credit Union.
Refinancing services from Alliant Credit Union are for members only.
Disability, Death, Unemployment Protection
While Alliant does offer disability, death, and unemployment protection, these protections come at a price. Members can choose to purchase this additional protection for an extra fee every month. Most companies offer supplemental protection for no additional cost.
Website Lacking Information
The website is not as helpful as it could be. It does not provide any specific information on variable and fixed rate interest loans. While Alliant has published its lowest interest rate available, it does not specify whether it is fixed or variable. Not only that, but the company does not elaborate on its terms. Alliant's website is not transparent with pricing information, and its FAQ page consists of only one question and one answer.
No Reward System Information
The website does not include whether the company offers ways to discount your interest rates. Typically in the industry, consolidation and refinancing companies will offer an auto pay discount. This company does not mention any information member reward systems.
The Bottom Line
Alliant consolidation program, along with its 24/7 customer service, provides a personal touch not found among many companies in the industry. The company is a credit union, so it can focus on customer service and keeping rates low. Refinancing is available in 50 states, which is better than most companies. Applicants need to be a member of the credit union to apply.
Alliant's website lacks the rate and term information commonly found on competitors' sites. Additionally, it does not mention offering member rewards for lower interest rates. The $40,000 required annual gross income, and two years minimum of employment can be steep requirements for people coming out of college. Alliant is not a standout in the industry.
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