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NextStudent.com operates as a student loan brokerage selling the majority of their loans directly to Lehman Brothers owned Campus Door. Perhaps the fact that Campus Door Recently tightened their credit critiera, thusly reducing the amount of eligible borrrowers somehow played into the cash flow difficulties being experienced by NextStudent.com.

The credit crunch that hit the student loan industry late last year played an integral part in Astrive parent company First Marbleheads’ filing for bankruptcy and seeking out Suntrust to step in to underwrite and fund Astrive Student Loans. The crunch has hit every corner of the industry causing major banks like Bank of America to non-bank lenders such as GMAC to pull out of the retail side of the industry altogether.

What’s next for Next Student? If they are unable to pay their vendors for servcies rendered, what is the next logical step? Being unable to pay employees and when that happens, when will the employees stop showing up to work? Once the employees are gone who will originate the loans that are keeping the doors open? Who will be the point of contact for the students with loan applications in process?

At this time, PrivateStudentLending.com strongly suggests any student or parent considering obtaining a loan or with a loan in process immediately re-consider and seek information about potential lenders from sources such as Student Loan Consultants which provides links and detailed information about many student loan lenders.

During this continuing credit crunch that has seen major and minor lenders alike pull out of the student lending market, we encourage all potential student loan borrowers to apply with at least 3 lenders that fit their financial needs. This provides a backup solution should one of the lenders you’ve chosen unexpectedly disappear from the scene.

We will keep on this breaking story and update as information is made available.

The company has posted that they are in the process of upgrades to the application process and product line. During this time those students who already have an application submitted may contact Astrive at 866-463-9599 to check on your loan status.

Students who are attending summer semester or trying to get a jump on their fall education expenses may apply for a private student loan through either Student Loan Advisors or Chase Student Loans. Both companies are accepting new private student loan applications.

As soon as we get notice that Astrive has resumed accepting student loan applications we will post an update.

After several requests for contact that went unanswered it was decided to simply post a neutral review for Astrive. If you are considering applying to Astrive for a private student loan, we’d recommend you try the more responsive lenders we’ve dealt with at PrivateStudentLending.com like Chase Bank Private Student Loans or Student Loan Advisors.

Below you will find some basic information we gathered about the Astrive Student Loan program.

• $1,500 Minimum Loan Amount
• $40,000 Maximum Loan Amount
• Deferred payments for up to 5 years or 6 months after you leave school
• Co-Signor is strongly encouraged during application

The funds from an Astrive Private Student Loan may be used for:

• Student fees, lab fees and related school expenses
• Text Books
• Course-related publications
• Personal computer, school-Internet access charges
• Software, printer, ink cartridges, paper, and other supplies
• Study abroad
• Travel Home

Funds from an Astrive Private Student Loan can’t be used for:

• Car loan or lease payments
• Laundry or Dry Cleaning service
• Spring Break Trips
• Extra dorm furniture
• Doctor Visits
• Tickets to Sporting events