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Student Loans

To even better serve you for your college financing needs, we're improving our Student Loan/Consolidation Student Loan application experience. In the meantime, you can sign up to receive a notification when our new system is ready. 

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Financial aid can be stressful, but CEFCU has the tools to help.

  • If you have questions about CEFCU Private and/or Consolidation Student Loans or our new loan experience, give us a call at 309.633.3474 or 1.800.633.7077, ext. 33474.
  • If you have more general questions, like how to fill out your FAFSA, federal student loan options, financial aid, etc., we’ve got resources to help for that, too! Just visit cefcu.studentchoice.org to access FAQs, view webinars, or even schedule a phone consultation.

Then, look to CEFCU to help you bridge the gap in your college expenses! Choose an option that's right for you:

Private Student Loans

Choose a Private Student Loan if you’re in school at least half-time at an accredited college or university. You must be over 18 and a U.S. citizen, permanent resident, or eligible non-citizen.2

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Consolidation Student Loans

Consider this option if you're a college grad who wants to combine federal and/or private student loans into one convenient payment. You must be over 18 and a U.S. citizen, permanent resident, or eligible non-citizen.2

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Why CEFCU?

Affordable

There are no processing fees, no origination fees, and no prepayment penalties.
You also get a competitive, variable rate3 with .50% rate discount with auto payments.

Independence

After 48 consecutive months of on-time payments, a cosigner can be removed.

Ownership

When business is better than expected, earnings go back to our member/owners. Since 2010, CEFCU has returned $415 million! Owning is better!

Convenience

From online and mobile banking, see what options are right for you.

Timelines

Private Student Loans

  1. Apply & Submit
    Preliminary Credit Decision In 1 Day4
  2. Evaluate Borrower's Credit
    Up to 4 Business Days
  3. School Enrollment Certification
    Dependent on School's Response
  4. Loan Acceptance
    Up to 6 Business Days
  5. Loan Funding
    Up to 7 Business Days

Consolidation Student Loans

  1. Apply & Submit
    Preliminary Credit Decision In 1 Day4
  2. Evaluate Borrower's Credit
    Up to 4 Business Days
  3. Loan Acceptance
    Up to 6 Business Days
  4. Loan Funding
    Up to 7 Business Days

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Have Questions?

What You Need to Apply? Give Us A Call Check Rates

FAQs

Private Student Loans

Is there a deferment period on the Private Student Loan?

When will interest begin to accrue on my Private Student Loan?

How do I know if I'm eligible to apply for the Private Student Loan?

In order to qualify for a CEFCU Private Student Loan, I will need a cosigner. Who is eligible to be a cosigner for me?

How will my funds be disbursed?

More Private Student Loan FAQs

Consolidation Student Loans

If I go back to school, can my Consolidation Student Loan payments be deferred?

Can I apply for consolidation if I'm still enrolled in school?

What types of loans can I consolidate?

Am I eligible to apply for the Consolidation Student Loan?

How much can I borrow?

More Consolidation Student Loan FAQs

Features & Benefits

Online & Mobile Banking

Check balances, transfer money, and more 24/7.

ATMs

Use over 30,000 surcharge-free ATMs.

Digital Wallets

Shop and pay the quick and secure way with digital wallets.

eStatements

Go green and enjoy convenient, secure statement access.

Resources

Disclosures

Applicants facing technical issues should call 309-633-3474 during regular business hours.

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

Section 1650(g)(2)(C) of the federal Truth in Lending Act provides that any lender that extends a private education loan shall provide the student obligor an option to designate an individual to have the legal authority to act on behalf of the student obligor with respect to the private education loan in the event of the death of the student obligor. CEFCU offers this option and has a form you may use for this purpose. To request CEFCU’s designation form, please contact the Student Lending department by email at studentloan@cefcu.com .

Private Education Loan Application and Solicitation Disclosure
Consolidation Loan Application Federal Disclosure
Consolidation Student Loan Application and Solicitation Disclosure

  1. Or have attained the age of majority in the state where you reside.
  2. If you are not a U.S. citizen, you may need a cosigner who is a U.S. citizen or permanent resident with a mailing address in the United States and a valid Social Security number.
  3. Subject to change quarterly.
  4. Assuming borrower and cosigner (if applicable) have submitted a completed application.