University Credit Union Private Educational Loans for Undergraduates and Graduates
Educational Loan Pricing - Fully Deferred
| Credit Score | Fully Deferred | ||
| Origination Fee | APR | Current | |
| 800 + | 0% | Prime + 1% | 6.00% |
| 730-799 | 2% | Prime + 1% | 6.00% |
| 680-729 | 3% | Prime + 2% | 6.00% |
| 640-679 | 4% | Prime + 4% | 7.25% |
| 600-639 | 5% | Prime + 6% | 9.25% |
| 550-599 | 6% | Prime + 8% | 11.25% |
| 549 or less | 6% | Prime + 10% | 13.25% |
- Approval & rate will be based on best FICO score & creditworthiness of either the borrower or co-borrower, whichever is stronger.
- Annual maximum loan amount will not exceed $25,000.00 and no more than a combined total of $100,000.00 to a single undergraduate/graduate borrower or co-borrower.
- Initial .25% rate discount with the opening of a Campus Advantage Checking account when the loan is in repayment.
- .25% rate discount upon graduation with a Cumulative GPA of 3.0-3.49.
- .50% rate discount upon graduation with a Cumulative GPA of 3.5-4.0.
- Floor rate 6.00%, maximum 18.00%.
- Origination fees will be added to loan proceeds unless pre-paid by borrower.
- All loans will be certified by the University’s financial aid department. All disbursements will be made directly to the financial aid office.
Educational Loan Pricing - Initial Payment Principal & Interest
| Credit Score | Initial Payment Principal & Interest | ||
| Origination Fee | APR | Current | |
| 800 + | 0% | Prime | 5.00% |
| 730-799 | 2% | Prime | 5.00% |
| 680-729 | 3% | Prime + 1% | 5.00% |
| 640-679 | 4% | Prime + 3% | 6.25% |
| 600-639 | 5% | Prime + 5% | 8.25% |
| 550-599 | 6% | Prime + 7% | 10.25% |
| 549 or less | 6% | Prime + 9% | 12.25% |
- Approval & rate will be based on best FICO score & creditworthiness of either the borrower or co-borrower, whichever is stronger.
-
Annual maximum loan amount will not exceed $25,000.00 and no more than a combined total of $100,000.00 to a single undergraduategraduate borrower or co-borrower.
- Initial .25% rate discount with the opening of a Campus Advantage Checking account
-
.25% rate discount upon graduation with a cumulative GPA of 3.0-3.49.
-
.50% rate discount upon graduation with a cumulative GPA of 3.5-4.0.
-
Floor rate 5.00%, maximum 18.00%.
- Origination fees will be added to loan proceeds unless pre-paid by borrower.
-
All loans will be certified by the University’s financial aid department. All disbursements will be made directly to the financial aid office.
| Credit Score | Interest Only | ||
| Origination Fee | APR | Current | |
| 800 + | 0% | Prime | 5.00% |
| 730-799 | 2% | Prime | 5.00% |
| 680-729 | 3% | Prime + 1% | 5.00% |
| 640-679 | 4% | Prime + 3% | 6.25% |
| 600-639 | 5% | Prime + 5% | 8.25% |
| 550-599 | 6% | Prime + 7% | 10.25% |
| 549 or less | 6% | Prime + 9% | 12.25% |
- Approval & rate will be based on best FICO score & creditworthiness of either the borrower or co-borrower, whichever is stronger.
-
Annual maximum loan amount will not exceed $25,000.00 and no more than a combined total of $100,000.00 to a single undergraduate/graduate borrower or co-borrower.
-
Initial .25% rate discount with the opening of a Campus Advantage Checking account.
-
.25% rate discount upon graduation with a cumulative GPA of 3.0-3.49.
-
.50% rate discount upon graduation with a cumulative GPA of 3.5-4.0.
-
Principal payments deferred until 6 months after graduation or from when the student ceases to be enrolled. Repayment period will be made over 240 months.
-
Floor rate 5.00%, maximum 18%.
-
Origination fees will be added to loan proceeds unless pre-paid by borrower.
- All loans will be certified by the University’s financial aid department. All disbursements will be made directly to the financial aid office.
If you don’t qualify for a Federal Education Loan or for enough financial aid to cover all your education related expenses, the University Credit Union Private Educational Loan may be for you.
As you determine the best way to finance your education, you should consider the full range of student financial aid options available to you. Private loans are often used to supplement federal student loans, when federal loans are not sufficient to cover the full cost of education.
Benefits
- Fully disclosed interest rates and fees before you apply.
- Easy, No Hassle application process.
- No application fees or other out of pocket fees.
- Preliminary approval in as little as 1 minute when applying by web.
- Competitive interest rates tied to Prime.
- Good Student Discounts available.
- Upon approval, funding can be scheduled in as few as five business days after we receive all required documents.
- Up to 5 year draw period, 20 years repayment terms.
- Deferred payment options available.
- Get an interest rate reduction of 0.25% after setting up automatic electronic payments from a University Credit Union checking account, at time of repayment.
Qualification Requirements
- At least half-time enrollment in a degree program.
- You must have proof of current positive income.
- 2 most recent pay stubs, last years W-2, last 3 months of bank statements.
- Origination fees deducted from loan proceeds.
- You must be a U.S. citizen or permanent resident and have resided in the U.S. for the previous two years, and
- You must have resided at your most current and immediately preceding addresses for a total of at least two years.
- International Students: You may apply with a qualified, creditworthy US citizen or permanent resident cosigner.
Most full-time students need a creditworthy cosigner to qualify. You may borrow a minimum of $1,000 and up to the cost of attendance minus other aid as certified by the school. The University Credit Union Private Educational Loan Program rates are variable and subject to change quarterly.
Representatives are available Monday-Tuesday-Friday 8:30-4:00. Wedsnesday 8:30-4:00 and Thursday 8:00-6:00. EST.
Parents—Help your student start building a strong credit history.
Cosign your students University Credit Union Private Educational Loan today!
- Undergraduate borrowers may choose to defer repayment until six months after graduation or ceasing to be enrolled at least half time in school. Interest only and immediate repayment options are also available.
- Good Student Discount provides an interest rate reduction for the following:
- Graduate w/ a cumulative GPA of 3.0-3.49, reduction in interest rate of .25% at time of repayment.
- Graduate w/ a cumulative GPA of 3.5 - 4.0, reduction in interest rate of .5% at time of repayment.
- All disbursements made payable to The Financial Aid Office.
- Home Equity Second Option loans require a mortgage lien be placed on a eligible property with University Credit Union listed as a second lien holder or greater. Interest on the loan may be tax deductible, consult with your tax advisor.
- Maximum interest rate cap of 18%.
- Account must be in good standing to receive discounts.
- No discounts apply if inerest rate is at floor rate.
- No pre-payment penalties.