Private Student Loans
Louviers FCU provides privately-funded student loans through Education Loan Source. Loans are available for both undergraduate and graduate programs at certified educational institutions. Borrow up to $45,000* annually to pay for tuition, fees, room and board and other qualified expenses such as books or travel costs.
Who Is Eligible?
- Borrower must be 18 years or older.**
- Borrower must be attending school on a half-time basis or more at an eligible college or university (our school list is provided in the application).
- Borrower must be creditworthy (having a satisfactory credit score and credit history), or may apply with a creditworthy cosigner to increase his/her chances of getting approved and obtaining a lower interest rate and/or loan fee.
- Borrowers may request that the cosigner be released after 36 consecutive on-time payments.
- Borrow must be a member of Louviers Federal Credit Union. If you are currently not a member, you will be asked to complete a membership application after you apply for your student loan.
Rates and Terms
- No payments are required until six months after graduation.
- Repayment terms up to 15 years.
- Interest rates are based on a 3-month LIBOR (London Interbank Offered Rate) and range from LIBOR plus 4% to 9%. Your starting interest rate will be determined by your credit score and other factors. Paid on a daily balance and compounded quarterly.
- Loan fees range from 0% to 6%.
Features and Benefits
- Borrow up to $45,000 annually.*
- Reduce your interest rate by 0.25% when you elect to have your loan payments automatically withdrawn from your checking or savings account.
- Receive an additional 0.25% interest rate reduction after 48 consecutive on-time payments.
- There are no pre-payment penalty, which means you may make higher monthly payments or pay the loan off prematurely without penalty.
- Applying for a private student loan is easy and convenient through our online application, available 24/7.
APPLY NOW or contact 800-592-1270 for more information.
*Annual loan limits will be determined by the individual school’s cost of attendance minus any financial aid already granted.
**Or age of majority.