Services – Private Student Loans

Are federal loans not enough to pay for college? Private Student Loans from a NOT-FOR-PROFIT CREDIT UNION can be the answer to your funding needs.

Variable rates ranging from 3-Month LIBOR + 2.92% – 7.83%


Student Benefits of Private Educational Loans

  • NO ORIGINATION FEE 
    All student loan borrowers enjoy no origination fee.
  • CREDIT + ACADEMIC BASED UNDERWRITING
    We use the FACS Grade, which takes into account the credit history of the borrower/cosigner as well as the academic progress of the student. Good grades and getting closer to graduation means a lower rate for your student loans!
  • 1% INTEREST RATE REDUCTION 
    Once you have entered the full repayment period and 10% of the loan principal is repaid
  • 30 DAY NO-FEE RETURN POLICY 
    You can cancel the loan within 30 days of disbursement and you owe no fees and no interest
  • COSIGNER RELEASE 
    Available for creditworthy borrowers after 24 consecutive on-time principal + interest payments.

Main Program Features of Private Student Loans

  • Borrow as little as $2,000 or up to the cost of Attendance per year
    • Borrow up to $120,000 in undergraduate debt
    • Borrow up to $160,000 in graduate debt
  • Variable interest loan based upon 3-Month LIBOR index plus margin
  • Interest paid on these educational loans may be tax deductible. Please consult your tax advisor
  • Please note, you must choose between making interest-only payments or a nominal $25 Proactive Payment towards the loan while in school
  • Use the funds for any qualified educational expense, including past due tuition bills
  • No prepayment penalty and 30-day loan cancellation policy
  • Fast pre-approval once we receive your completed application

Eligibility & Credit Requirements 

  • Borrower must be enrolled in an eligible school and pursuing a degree program
  • Borrower must be a member or join a participating credit union during the online application process
  • Borrower must be a U.S. Citizen or permanent resident
  • Creditworthy student borrowers can apply without a cosigner

Applying with a cosigner is highly recommended to qualify for lower rates!

Checklist of Items You’ll Need During the Application Process

1) IDENTIFICATION – Government issued ID which includes: passport, drivers license, or state issued ID card.

2) PROOF OF ENROLLMENT – Copy of an unofficial transcript (proof of enrollment is not required for incoming freshman).

3) PROOF OF INCOME – Two recent pay-stubs from within the past 60 days. If the loan is cosigned, please send in proof of income for the cosigner.

For information regarding the Educational Private Loans Program go to our FAQ’s page.

Learn more about the benefits of credit unions over traditional Banks.

 


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