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Utilities Employees Credit Union Undergraduate Private Education Line of Credit

Flexible funding from a convenient line of credit – fill out a single application to secure funding for your entire college career.*

Student Benefits

  • Convenient line of credit structure
  • Variable rates from 2.25%-9.00% APR1
  • Fixed rates from 4.25%-11.25% APR2
  • Personalized 1:1 support
  • In-school deferment option
  • 10-, 20-, and 25-year repayment terms available
  • Online application
  • 0.25% discount when you set up automatic payments during full repayment^

Loan Eligibility

Undergraduate students who are:

  • U.S. citizens or permanent residents (also applies to coborrowers, if applicable)
  • At least the age of majority in your state of residence. Please note, in most states, you must be at least 18 years old. You must be 19 years old in Alabama. You must be 21 years old in Mississippi and Puerto Rico. If you are not the age of majority in your state, you may apply with a co-borrower who is the age of majority.
  • Continually enrolled in a degree-granting program and meeting the school’s minimum Satisfactory Academic Progress (SAP) criteria. For fall and spring terms, you must be enrolled at least half-time. For summer term, you may be enrolled less than half-time. (Should you drop below half-time in the fall or spring, withdraw during any term, or fail to meet SAP requirements, your funding request can be denied, your line of credit may close, and you may enter repayment)
  • Before applying, make sure to confirm your school is included in our listing of approved schools**
  • Able to meet Utilities Employees Credit Union's standard underwriting criteria
  • Eligible for credit union membership (you may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded). Pennsylvania residency is required for credit union membership.

Apply for a Utilities Employees Credit Union Undergraduate Private Education Line of Credit

Recommendation
Best for Private Loans
Interest Rates

Variable: 2.25% APR - 9.00% APR1

Fixed: 4.25% APR - 11.25% APR2

Repayment Terms

Variable: 20 or 25 years

Fixed: 10 years


Disclaimers

*Subject to credit qualification and annual review. Must continue to meet school’s Satisfactory Academic Progress (SAP) requirements. Credit union membership and minimum share deposit required. Pennsylvania residency is required for credit union membership.

**Approved schools subject to change without notice.

^The APR will not fall below the floor rate as stated in the account opening disclosure regardless of the index or any additional rate discount.

◊ Variable Rate Line of Credit Option: the repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000.

Fixed Rate Line of Credit Option: The repayment schedule is fixed at 10 years regardless of the amount you borrow. Full repayment begins at the end of the grace period unless full repayment is selected during enrollment.

1Variable Rate Disclosures

The Annual Percentage Rate (APR) for our undergraduate private education line of credit is variable and is based on the Prime index plus a margin. The current offered rate will be between 2.25% and 9.00% APR. The Annual Percentage Rate is subject to increase after consummation. The interest rate will be adjusted quarterly, based on changes to the Index. The APR will not exceed 18.00% or fall below the floor rate regardless of the index or any additional rate discount. Any increase in the Index may increase the APR and the amount of your monthly payment. The "Index" for the quarter beginning July 1st, 2021, is 3.25%, which was the Prime index published in the Wall Street Journal on the first business day of June 2021. Current offered rate(s) are calculated by using the index, margin and floor value(s) in effect. Your specific interest rate, margin, floor, and/or credit approval depends upon the credit qualifications of the student borrower and co-borrower (if applicable). Margin will be disclosed at account opening. Student borrowers may apply with a creditworthy co-borrower which may result in a better chance of approval and/or lower interest rate.

2Fixed Rate Disclosures

The Annual Percentage Rate (APR) for our undergraduate private education line of credit is fixed for the life of the loan. The current offered rate will be between 4.25% and 11.25% APR. Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or coborrower (if applicable). Your actual rate within the range stated will be disclosed upon approval.

Student borrowers may apply with a creditworthy coborrower which may result in a better chance of approval and/or lower interest rate.

All loans subject to approval and restrictions may apply. We reserve the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required.