Credit unions can be a great option for obtaining a private student loan to help cover your educational costs. Credit unions are known for offering lower interest rates on loans, lower fees and for delivering great customer service. While it’s recommended students should always seek out a federal student loan first, as they come with unique benefits, credit union student loans have some unique benefits of their own and are worth considering as a viable option to subsidize any financial gaps left after applying for federal student loans.
A student loan from a credit union might be the perfect solution to borrow for school at lower interest rate than some banks and cover any additional educational costs that exceed the maximum federal aid offered with federal student loans. Federal loans have annual limits and sometimes do not fully cover the cost of attendance (COA) in a given school year. In these cases, private student loans, such as those from a credit union are ideal to fill in the financial gap.
Is a Credit Union Student Loan different than other Student Loans?
Federal Student Loans
There are two general types of student loans, federal student loans and private student loans. Federal student loans are funded by the government. The interest rate (which is fixed) and other loan terms and conditions are defined by law. Federal student loans can be subsidized (the interest is paid by the government if you are enrolled at least half-time, during your grace period, and period of authorized deferment) or unsubsidized (interest begins accruing as soon as the funds are disbursed). Federal student loans have more options for students who suffer financial hardship during the repayment process.
Private Student Loans
Private student loans are loans offered within the private sector. Interest rates can be fixed or variable and terms and conditions will vary by lender. Private student loans are likely to be unsubsidized loans. This is an important consideration when you determine the type of interest rate for your loan.
You can choose between the fixed interest rate (the same interest rate will apply throughout the life of the loan) or a variable rate (this is likely to be lower than the fixed rate initially but can fluctuate with market conditions during the life of the loan). With interest accruing immediately, choose the type of interest that makes the most sense for you. You will want to have the lowest possible balance when you finish school and begin to repay your loan.
When the time does come to repay your student loan, many lenders, including some credit unions, will offer an interest rate discount, usually .25% but it can be as much as .5%, for loans that are enrolled into an automatic payment plan. This means the payment will automatically get deducted from your account each month, ensuring you make on-time, in-full payments. Some lenders will require you have the account with the same institution you borrowed the money from, others don’t. Be sure to check these terms before accepting a loan if you want to take advantage of this benefit.
Credit Union Student Loans
Credit unions offer private student loans. They are unique from other private student loans in that credit unions are not banks. Private student loans commonly come from banks. Credit unions are non-profit financial institutions that require their customers be member-owners. This structure is different from a bank and changes the mission of the credit union, to one of offering value and service to its member-owners versus a bank looking to grow profits (as any for-profit business might). To become a member, certain criteria must be met such as working for a specific company, belonging to a unique group such as a union or community group or simply living within a given geographic area.
Private student loans from credit union, will look a lot like a student loan from a bank. The main difference being the loan from the credit union may have a more competitive interest rate and fees. However, to borrow a student loan from a credit union the student and/or parent will need to be a member of the credit union. There will be some specific qualifications that need to be met to join and additional criteria such as good credit or a creditworthy cosigner to borrow money for school.
Apply for a University Credit Union Private Student Lending Solution
- Variable rate line of credit option allows you to apply once and secure funding for your entire college career.*
- Variable rates as low as 1.99% APR1; Fixed rates as low as 3.49% APR2
- Personalized 1:1 support at every step of the lending process.
- In-school deferment option
- 15-, 20-, and 25-year repayment terms available◊
- Cover any school-certified costs including tuition, housing, and books.
*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.
**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 Loan Option: The loan term is a total of 15 years including a combined maximum of 4.5 years of in-school or grace period, and a repayment term of up to 10.5 years. 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 1.99% and 10.49% 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 loan is fixed for the life of the loan. The current offered rate will be between 3.49% and 11.49% APR. Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or cosigner (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.
Credit Union Student Loan Cosigners
Many college students have limited or no credit history and will require a cosigner to borrow money for school. Credit unions, like banks, want assurances the money will be repaid and individuals with strong credit scores help banks and credit unions feel more comfortable about loaning the money. It’s possible the credit union you choose may require your cosigner also be a member, so make sure to research the requirements before determining where to borrow from.
You may also want to understand if credit union will allow you to release your cosigner at some point. This will relieve them of the responsibility of paying the loan. Different lending institutions have different requirements for this, but generally is some length of consistent on-time payments, usually around 24 months but can be shorter or longer, dependent on the lender. It’s important to note that there are both federal and state credit unions. Student loans generated from a federal credit union are not federal student loans. Federal student loans are funded from the United States government through the federal student aid program. If you receive a student loan from a federal credit union, know that’s it’s a private student loan, just as if you received it from a bank.
Benefits of Credit Union Student Loans
Lower Interest Rates and Fees
Credit unions are known for offering great rates for loans and this would include student loans. This is important as student loans can be sizable and every percentage point or fraction of a percentage point reduction in interest will translate into savings. Additionally, student loans from credit unions are likely to enjoy lower fees. As a benefit to its members, credit unions strive to offer manageable fees that are more affordable, than those charged at a bank.
Great Customer Service
Probably the most important benefit of a student loan from credit union is the service provided. Students are typically new to the world of finance and borrowing and have many questions and concerns about the process, the various options available and about repayment of the loan once school is out. Credit unions are more likely to offer students personalized information and advice as they proceed through the borrowing process. The feeling of having a resource available can be invaluable when you are trying to negotiate the world of loans, interest rates, terms, and conditions.
Disadvantages of Credit Union Student Loans
Not all Credit Unions Offer Student Loans
There aren’t too many disadvantages of student loans from credit unions as compared to loans from banks or other private lenders. This biggest disadvantage might be simply accessing these loans, which could in and of itself deter some people. Not all credit unions offer student loans.
They may not be in the interest of the membership base, the credit union may not be large enough to fund these types of loans or the credit union may simply choose to allocate its assets to other types of loans such as automobiles, personal loans and lines of credit. Whatever the reasons, be sure to ensure that the credit union you want to work with does in fact offer student loans and what the options are for you.
Membership is Required
To borrow money from a credit union, be it for a personal loan, automobile, or student loan, you must be a member of the credit union. This is a non-negotiable term of eligibility to borrow. To join a credit union, you need to meet specific membership criteria. That criteria could mean working for a specific industry or company, belonging to a certain union or group, or even residing in a specific geography.
If you personally, do not meet any of these criteria, but have a family member that does, you still have a chance of getting a membership. Most credit unions will extend membership to immediate family members of existing members and this could be one way of joining the credit union and obtaining a student loan.
Credit Union Reviews:
The real question of determining which is the best credit union to apply for a student loan is understanding which credit unions are available to you (given the membership requirements) and once you know that, comparing them against each other for specific interest rates, fees and other important factors that go into determining where to apply for a loan.
Below are a few select credit unions with a variety of membership criteria that offer student loans for consideration:
Navy Federal Credit Union
- Members much be personnel of the armed forces, Department of Defense, veterans, or their families
- Available for associate, undergraduate and graduate degrees
- Choose between variable or fixed interest rate student loans
- Cosigner release after 24 consecutive on-time payments
- 0.25% rate reduction with enrollment in automatic payments
- 10 year loan term
University Credit Union
- Members much be personnel, students, alumni, or their families of select southern California educational institutions
- Available for undergraduate and graduate degrees
- Choose between variable or fixed interest rate student loans
- Cosigner release after 48 consecutive on-time payments
- 0.25% rate reduction with enrollment in automatic payments during repayment
- 5 to 10 year loan term
USAliance Federal Credit Union
- Members much live, work or worship in select counties in Massachusetts, Connecticut, and New York
- Available for undergraduate degrees
- No origination or repayment fees
- Easy online application
Lone Star Credit Union
- Members much live or work in select counties surrounding Dallas, TX or work for a company that is serviced by Lone Star Credit Union
- Available for undergraduate degrees
- Unique line of credit structure – apply once, borrow all 4 years
- Choose between variable or fixed interest rate student loans
- Cosigner release after 48 consecutive on-time payments
Which Credit Union Student Loan is Right for You?
There’s much to consider when choosing where to apply for a private student loan. Credit unions certainly offer some unique benefits that make them worthy contenders for your business. Lower interest rates and fees can translate into a lot of savings over the long haul. Enrolling in automatic payments may make those already low interest rates, even lower.
Additionally, working with a credit union will also offer you great customer service, not that you can’t get great service at a bank, but with credit unions, it’s members serving members. This comradery and community will ensure that everyone is valued in the same way.
When deciding to work with a credit union, be sure to check around and see which credit unions you, or a close family member, are eligible for membership with. Remember you can’t borrow from a credit union unless you are a member.
Carefully read all the terms and conditions of any student loan you are considering applying for. It’s important you understand all that you are committing to and agree. These are big decisions and shouldn’t be taken lightly as they can impact your credit score and ability to borrow in the future.
Compare Featured Lenders
- Competitive fixed and variable APRs starting at 4.49%1
- Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
- Flexible payment terms ranging from 5, 8, 10, and 15 years2
- Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
- No origination, application and processing fees, no fees for early repayment
- Apply online in 3 minutes and get an instant credit decision
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
3As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Information advertised valid as of 02/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
- Variable Rates: 5.37% APR - 15.70% APR. Fixed Rates: 4.50% APR - 14.83% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
- Apply online in minutes and receive an instant credit result2
- Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
- Last year, students were 4x more likely to be approved with a cosigner4 and it may help you get a better rate.
- Borrow up to 100% of school-certified expenses, whether you're online or on campus5
Borrow Responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
2In 2021, instant credit decisions were provided to 97% of applicants. Other applications typically received credit decisions in 3 to 5 business days.
3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
4Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner during a rolling 12-month period from October 1, 2020 through September 30, 2021.
5Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.
Information advertised valid as of 01/25/2023
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
© 2023 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.
- AFFORDABLE variable rates starting at 5.74% APR with Automatic Debit Discount*
- 1% CASH BACK Graduation Reward*
- NON-COSIGNED option may be available for undergraduate juniors and seniors.
- PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
- FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
- COVER UP TO 100% of your tuition and eligible living expenses.
* Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs
Rates are effective as of 2/01/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates
1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
- Check your eligibility in just 2 minutes
- Flexible repayment options you can choose from
- No fees for origination, disbursement, prepayment, or late payment3
- Skip a payment once per year (once repayment period restarted)4
- Will cover up to 100% of the school's certified cost of attendance
- 9-month grace period (3 months more than most lenders)2
This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.04% APR to 14.10% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.04% APR to 13.75% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
The information provided on this page is updated as of 01/27/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
- Variable Rates: Starting variable rates range from 4.99% APR - 13.13% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
- Fixed Rates: Fixed rates range from 4.49% APR to 13.98% APR (with autopay)*
- Easy online application!
- No origination fees, late fees, and no insufficient fund fees. Period
- Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
- 0.25% discount when you set up autopay*
*UNDERGRADUATE LOANS: Fixed rates from 4.49% to 13.98% annual percentage rate ("APR") (with autopay), variable rates from 4.99% to 13.13% APR (with autopay). GRADUATE LOANS: Fixed rates from 5.25% to 13.60% APR (with autopay), variable rates from 5.49% to 13.07% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 13.98% APR (with autopay), variable rates from 6.32% to 13.13% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 01/30/2023.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
- Variable rates as low as 5.64% APR1; Fixed rates as low as 4.49% APR1
- Rates include 0.50% automated payment discount1, 2
- Displayed rates are for well-qualified applicants who choose the immediate repayment option at a 5-year term1
- 5, 10 or 15-year repayment terms available (rates may vary)1
- No application fees or origination fees.
- An easy student loan application with a preliminary decision in minutes.
- Cosigner Release option available.3
- Get the money you need for tuition, room and board, books and other expenses.
- Applying with a creditworthy cosigner may increase chances of approval.
Important Disclosures
PNC Solution Loans are subject to credit approval. Certain restrictions and conditions apply. PNC reserves the right to modify or discontinue the terms of these program at any time. You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan.
A cosigner is typically required for undergraduate students: a creditworthy cosigner is required for 17-year old students.
1 Annual Percentage Rates (APRs): APRs include a 0.50% interest rate discount for automated payments and may vary by repayment term and other factors (refer to additional details below). Rates are for the immediate repayment option, effective as of February 1, 2023, and are subject to change at any time.
Fixed APRs: APRs range 4.49% to 9.24% for a 5-year, 7.34% to 12.09% for a 10-year and 7.49% to 12.24% for a 15-year term. Fixed rates are based on the creditworthiness of the borrower and cosigner, if any.
Variable APRs: APRs range 5.64% to 10.39% for a 5-year, 8.49% to 13.24% for a 10-year and 8.64% to 13.39% for a 15-year term. Variable rates are based on the Prime Rate index plus a margin depending on the creditworthiness of the borrower and cosigner, if any. The Prime index, adjusted monthly, is equal to the Prime Rate as published in the “Money Rates” section of The Wall Street Journal ‘(Eastern Edition)’ on the first business day of the immediately preceding calendar month. The Prime index is currently 7.50%. If the index increases or decreases, your rate will increase or decrease accordingly. The rate will not exceed 18%.
The lowest APR is available to well-qualified applicants. Your actual APR will be based on your credit qualifications, loan program, interest rate option, repayment term, repayment option and whether you elect the automated payment feature.
Loan Payment Examples: The monthly payment per $10,000 borrowed at a fixed-rate range of 7.34% APR to 12.09% APR for 10 years means you would make 120 payments that may range from $118.22 to $144.71. The monthly payment per $10,000 borrowed at a variable-rate range of 8.49% APR to 13.24% APR for 10 years means you would make 120 payments that may range from $124.36 to $151.55 For the variable-rate loan, monthly payment may increase or decrease if the interest rate increases or decreases. Estimated loan payment examples assume 30 days to first payment and are for the immediate repayment option. Payments vary for other rates, loan amounts and repayment terms.
2 Automated Payment Discount: During repayment, an interest rate discount of 0.50% is available for automated payments. Borrower must be making scheduled payments that include both principal and interest. Interest-only payments do not qualify for the 0.50% interest rate discount. The rate discount will be applied at the time automated payment is established. If automated payment is discontinued at any time, the discount will be removed and the rate will increase by 0.50%.
3 Cosigner Release: Requires that the borrower has made at least forty-eight (48) consecutive timely payments of principal and interest with no periods of interruption within that 48-month timeframe. To qualify, the borrower must submit a request, meet the consecutive timely payment requirements, provide proof of income and pass a credit check.
4 Repayment Options: Three repayment options are available - Immediate repayment of principal & interest, interest-only payments while in school and full deferment of principal & interest until six months after graduating or ceasing to be enrolled at least half-time in school. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment period.
Loan Types: PNC offers Student Loans for Undergraduates, Graduates, Health Professions, Residency and Bar Study.
PNC Solution Loan is a registered mark of the PNC Financial Services Group, Inc.
Fixed: 7.49% APR - 12.99% APR (not including 0.5% ACH discount)*
10 years
$20 minimum/month OR interest-only payments while in school
- Up to $15,000 per academic year with no cosigner required
- Fixed Rates (APR) from 7.99% to 12.49% (plus an additional 0.5% discount for ACH auto-payments)*
- No origination fee. No late payment fees. No prepayment penalties.
- Quick prequalification and rate check that won’t impact your credit
- Multiple repayment options
- Dedicated loan officer for every borrower
New student loans of $3,001 up to $15,000 per school year will be granted to residents of eligible states enrolled as undergraduates in bachelor’s degree or equivalent- granting programs at eligible schools.
Funding U offers fixed interest rate loans, without a cosigner, to students who are serious about their academic success and post-grad career. Eligibility is determined by several factors, including: school graduation rate, class hours completed, estimated graduation date, academic record, major; employment or internship experience; and, other academic and non-academic activities that demonstrate the borrower is working hard towards academic and professional goals and is on track to be able to repay debt accrued.
Eligibility is also limited by state of permanent residence. Terms and conditions vary by state. Not all loans are available in all states. Loan amounts available may vary by state.
DISBURSEMENT All Loan proceeds will be sent to the student borrower’s school around the time classes begin, on the date your school prefers. Funding U will require documentation to verify your registration and certify your loan need prior to disbursement. Your school must also certify your loan need. Your loan may be adjusted based upon the amount of need certified by your school.
REPAYMENT TERMS New Undergraduate loans for the 2021-2022 school year will have an Annual Percentage Rate (APR) of 7.49% to 12.99%. All loans have a fixed interest rate range of 7.49%* to 12.99% (before consideration of ACH discount). There is no origination fee. Interest accrues while students are in school.
In-school partial payments: Students may choose either $20 monthly as a “Fixed Payment” while enrolled in school or “Interest Only” payments. These payments will be reported to credit agencies like other student loans. All loans have a 10-year repayment term (paid monthly over 120 months starting 6 months after graduation). Both In-School payment options may not be available in all states. Student’s electing to make Interest-Only payments will receive a 0.5% interest rate discount.
PREPAYMENT PENALTIES There is no prepayment penalty on your loan.
Additional details, terms & conditions will be included in each loan offer.
*The lowest rate shown is available only to juniors & seniors with outstanding academic performance and is not typical of the rates offered to most borrowers. Your actual rate will depend on creditworthiness and other factors, such as your school year and GPA.
Variable: 0.00% APR - 23.00% APR1
5-10 years
- MUST BE a US citizen or permanent resident
- MUST BE a college junior, college senior, or grad student
- No co-signer required
- Get approved in minutes. Pre-qualify without affecting your credit score
- Income-based repayment with built-in protections, like deferred payments if you lose your job
Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.
Loans from $5,000 - $25,000 Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan. Payments deferred for the first 12 months during final year of education. After which, $270 Monthly payment for 12 months. Then $379 Monthly payment for 44 months. Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan.
About this example: The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.
