Private Student Loans

When financial aid and federal loans aren't enough to cover college costs, count on an affordable Private Student Loan from CEFCU.

With a Private Student Loan from CEFCU, there are no processing or origination fees, and you'll enjoy competitive interest rates.*

Benefits

  • Rate reduction of ½ percent with automatic payment deduction
  • Easy repayment schedule
  • No prepayment penalties
  • No payments due until six months after graduation**
  • Repayment term of up to 12 years
  • Co-signer release option after 48 consecutive, on-time payments
  • Deferred payments while in school at least half-time
  • 10-day grace period after payment due date

You must be attending an accredited college or university at least half-time to apply for the Private Student Loan. In addition, you (or a co-signer) will need to have a satisfactory credit score, at least two years of credit history, and income sufficient to make payments. For complete requirements, see the Apply Now tab.

Apply today for a CEFCU Private Student Loan and help give your education a financial boost. For more information, review the Private Student Loan FAQs, Loan Process, and Fact Sheet (PDF, 166 KB). Contact CEFCU or visit the Federal Student Aid website for complete details.

Private Education Loan Application and Solicitation Disclosure

*Subject to change quarterly.
**Unless you drop to less than half-time.

From start to finish, the Private Student Loan application and disbursement process can take several weeks.

You must be attending an accredited college or university at least half-time and have attained the age of majority for the state in which you reside to apply for the Private Student Loan. In addition, you (or a co-signer) will need to have a satisfactory credit score, at least two years of credit history, and income sufficient to make payments.

Are You a CEFCU Member?

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Join CEFCU and Apply for a Private Student Loan.

Before your Private Student Loan application can be completed, you will need to become a CEFCU member and open a CEFCU account.

Open an Account
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Apply for a Private Student Loan.

Apply Now

If you are a foreign student, you must have a co–signer who is a U.S. citizen or permanent resident with a mailing address in the United States and a valid Social Security number.

If you live outside the area, you will need to provide your local address at school when applying for membership.

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Private Education Loan Application and Solicitation Disclosure

From start to finish, the Private Student Loan application and disbursement process can take several weeks.*

Process Steps

  1. Application
    • Student completes and signs application.
    • Co-signer, if applicable, creates User ID and password and chooses signature option.
    • Student and co-signer may sign electronically or print, sign, and mail paper documents.
    • Student and co-signer can check the status of the application.
  2. Application Review
    • Application should be reviewed and processed within two business days.
    • Notification sent to student and co-signer when application is processed.
    • Student and co-signer can check the status of the application.
  3. School Certification
    • After application is credit-approved, student's school is notified of loan amount being requested.
    • School verifies amount student is eligible to borrow and informs CEFCU when to send loan funds.
    • Certification takes at least 10 business days.
  4. Truth in Lending Disclosure Approval
    • CEFCU provides student an Approval Truth in Lending disclosure after school certifies a loan.
    • Notice is sent when disclosure is ready so student can review and accept it online.
    • Student must review and accept the Approval Truth in Lending disclosure before the loan will be disbursed.
    • Approval disclosure is good for 30 days. If student does not accept disclosure within 30 days, application will expire, and no funds will be disbursed.
  5. Final Truth in Lending Disclosure and Right of Rescission Period Completion
    • CEFCU will provide final Truth in Lending statement prior to the first disbursement.
    • Final disclosure includes rate confirmation, loan amount, and end cost of the loan. CEFCU is required to give this to each student borrower, and it will be provided four business days prior to the first disbursement.
    • Student borrower has three-day Right of Rescission — right to cancel the loan — after Final Truth in Lending disclosure is received by the student borrower.
    • Funds cannot be disbursed until Right of Rescission period expires.
  6. Funds Receipt and Processing
    • Right of Rescission expires.
    • It takes at least two business days for school to receive loan funds.
    • School may take seven to 12 business days to process funds.

*Times may vary and depend on the school and the borrower/co-signer providing complete information.

FAQs

How do I apply for a Private Student Loan?

Go to the Apply Now tab and follow the directions to see if you qualify to apply for a Private Student Loan. If you are a CEFCU member and live in Illinois or California, you will be able to apply online.

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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.

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What is the minimum loan amount I can borrow?

There is a minimum loan of $1,000.

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What is the maximum amount I can borrow each year?

You can borrow up to $20,000 each year.

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How much can I borrow in my lifetime?

There is a $80,000 lifetime maximum you can borrow with the CEFCU Private Student Loan.

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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.
  • Enrolled or planning to enroll at least half-time.
  • In a program which is eligible for Federal financial aid.
  • A U.S. citizen/national or eligible non-citizen.
    If you are a foreign student, you must have a co-signer who is a U.S. citizen or permanent resident with a mailing address in the United States and a valid Social Security number.
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In order to qualify for a CEFCU Private Student Loan, I will need a co-signer. Who is eligible to be a co-signer for me?

You will need to find a co-signer 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.
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How will my funds be disbursed?

Funds will be disbursed directly to your school electronically.

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What will my repayment terms be?

You may take up to 12 years to repay your Private Student Loan.

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What will my interest rate be?

Private Student Loan rates are variable, and they could adjust quarterly. They are risk-based, so the rate is dependent on your credit score.

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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.

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Is there a grace period on loan payments?

There is a 10-day grace period after the payment due date.

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Is it possible to have my co-signer removed/released from the Private Student Loan?

Yes, your co-signer can be removed after 48 consecutive months of on-time payments.

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Is there an interest rate reduction for automatic payment?

Yes, you can receive ½ percent APR reduction if you have your payments automatically deducted.

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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.

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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.

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Are there any penalties for pre-paying my loan or paying it off early?

No, there are no penalties for paying off your loan early.

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What schools are eligible?

To find out which schools are eligible, see the Eligible Schools tab. In addition, a list can be found within the online Private Student Loan application.

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What information will I need to apply for a Private Student Loan?

Initially, both you and your co-signer 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.

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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 1.877.519.7507.

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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.

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Apply today for a CEFCU Private Student Loan and help give your education a financial boost.

Private Education Loan Application and Solicitation Disclosure

Search the list below to find out if the school you are attending is eligible for funds from a CEFCU Private Student Loan. You can search by school name or city, or you can select from a drop-down menu to see what schools are eligible in a specific state. Alphabetical tabs sort schools by first name, and you can search within results. If you have questions concerning eligible schools, contact CEFCU.

Name City State Years

Apply today for a CEFCU Private Student Loan and help give your education a financial boost.

Private Education Loan Application and Solicitation Disclosure