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Private Student Loans
- Can I review my personal information before submitting the online application?
You will be able to review the information you have provided on a confirmation screen. Some of the fields will be editable.
- Are there any penalties for pre-paying my loan or paying it off early?
No, there are no penalties for making payments or paying off your loan early.
- Can I make pre-payments?
Yes, and they can be helpful to you in the long run to lower future payments, as well as the total interest cost for your loan.
- What fees will I have to pay to apply for the Private Student Loan?
There are no fees for you to apply for a Private Student Loan.
- Is there an interest rate reduction for automatic payment?
Yes, you can receive ½ percent APR reduction if you have your payments automatically deducted.
- What information will I need to apply for a Private Student Loan?
Initially, both you and your cosigner will need the following information to apply.
- Identification and contact information: Social Security number and driver's license number
- Employment information: Annual salary and employer's name, address, and phone number
- Contact information for nearest adult relative: Name, address, and phone number of relative not at same address
During the application process, you will be required to provide other information.
- What if I run into a problem when I'm in the online loan application?
There is help available throughout the online loan application. If the help available does not answer your question(s), please contact us at 1.800.897.5918.
- What schools are eligible?
See Eligible Schools, or a list can be found within the online Private Student Loan application.
- How do I apply for a Private Student Loan?
Apply Now to see if you qualify to apply for a Private Student Loan.
- When will interest begin to accrue on my loan?
Interest begins to accrue as soon as funds are disbursed.
- Is it possible to have my cosigner removed/released from the Private Student Loan?
Yes, if you qualify, your cosigner can be removed after 48 consecutive months of on-time payments.
- How do I start the process?
You must create a loan account with us to apply for the CEFCU Private Student Loan. You’ll need a valid email address and you’ll also select a security question and answer.
- How will I know how much my loan amount will be?
Your school will be responsible for determining the loan amount for which you are eligible, provided it is not greater than the annual limit of $20,000 or more than you requested.
- What is the minimum loan amount I can borrow?
The minimum loan is $1,000.
- What is the maximum amount I can borrow each year?
You can borrow up to $20,000 each year.
- How much can I borrow in my lifetime?
There is an $80,000 lifetime maximum you can borrow with the CEFCU Private Student Loan.
- How do I know if I'm eligible to apply for the Private Student Loan?
In addition to being a CEFCU member, you must meet credit requirement qualifications applicable at the time the loan is reviewed. In addition, you must be:
- Enrolled, planning to enroll, or admitted to an eligible school at least half-time.
- In a program which is eligible for Federal financial aid.
- A U.S. citizen/national or eligible non-citizen.
- In order to qualify for a CEFCU Private Student Loan, I will need a cosigner. Who is eligible to be a cosigner for me?
You will need to find a cosigner who:
- Is the age of majority at the time of the application based on his/her state of permanent residence.
- Is a U.S. citizen or permanent resident.
- Has met credit requirement qualifications applicable at the time the loan is reviewed.
- How long does the whole thing take?
Although your application should be reviewed and processed within a couple days, the whole process can take several weeks.
- How will my funds be disbursed?
Funds will be disbursed directly to your school electronically.
- What will my repayment terms be?
You may take up to 12 years to repay your Private Student Loan.
- What will my interest rate be?
Private Student Loan rates are variable, and they could adjust quarterly. The rate depends on your credit score.
- Is there a deferment period on the Private Student Loan?
You are not required to make payments while you are in school at least half-time (for up to 60 months). Your first payment will not be due until six months after graduation or a drop below half-time status.
- Is there a grace period on loan payments?
There is a 10-day grace period after the payment due date.
- How do I know if I need to sign something?
You will receive a notice when documents are available to sign, or you can log in to the loan center to see what documents are ready to be signed.
- What forms will I have to sign?
After the school OKs your loan, you will need to sign the Approval Truth in Lending form. This form is only good for 30 days, so you must sign it, or the application will expire.
Before the money is sent to the school, you will need to sign a Final Truth in Lending Disclosure. It includes rate confirmation, loan amount, and end cost of loan.
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