Private Student Loans

Private Student Loans

IMPORTANT: The pause on federal student loan payments and interest has been extended through 12/31/2022. In addition, the Biden Administration also announced that Federal student loan borrowers who earn less than $125,000 per year, or households earning less than $250,000, are eligible for debt cancellation up to $20,000 for Pell Grant recipients and up to $10,000 for non-Pell Grant recipients. For details, please visit studentaid.gov or contact your federal student loan servicer. NOTE: These measures are strictly tied to federal student loans and have no impact on any private student loans you may have.

USSFCU now has the unique ability to help members and families by offering a private education solution that features:

  • Flexible funding
  • Lower interest rates
  • Simple one-time online application
  • Deferment of principal and interest while in school
  • Convenient line of credit structure that lets you apply once and secure financing for your entire college career*
  • 24/7 call center and application support

Learn More

Private Student Lending

With USSFCU's private education line of credit, you can secure funding for your entire college career with just one application!*

Student loan lines of credit are available for both undergraduate and graduate-level programs. And since these loans are being offered through USSFCU, you know you're getting a great deal from a not-for-profit lender you can trust.

Undergraduate Application  Undergraduate Rates & Terms >>      

Primary borrower (student) must be 18 years or older.

 

Graduate Application  Graduate Rates & Terms >>

Refer A Friend

Share the benefits of our Student Lending Solutions! Refer a Friend today!

Our NEW Student Lending Center is a robust resource, whether you are already in college, planning for college or looking to refinance.

Student Lending Center

{beginAccordion h3}

Details

Line of Credit Student Loan (revolving) with flexible funding

  • Establish the line today and then request the funds you need later.
  • Borrowers apply once versus annual application and then take draws on their account.
  • Aggregate maximum (total amount) $75,000 for undergraduate
  • Aggregate maximum (total amount) $100,000 for graduate

Flexible Repayment Options

  • Borrowers can choose to defer payments, pay interest only, or pay their entire payment while in school.
  • Payments can be deferred while enrolled at least half-time (maximum 60 months) plus six months grace period after separation.

Zero Origination or Prepayment Fees

  • Borrowers get the money they need without high fees that create an additional need for borrowing.
  • No prepayment penalty - paying the loan off early is good!
  • Auto payments get a .25% rate reduction*

Student’s Loan with Co-borrower

  • Co-borrower not required, but recommended
  • Protects the parent
  • Co-borrower can be removed

School Certified

  • School validates the students’ enrollment and financial need based on their calculated Cost of Attendance minus other aid
  • Funds disburse directly to the school
  • School disburses any extra to the borrower
  • Eligible for most four-year public and private non-profit degree-granting (title iv) schools

Credit Union Held Loan

  • Your loan won’t be sold or moved.
  • An institution you know and trust

Online Application

  • Quick application process
  • Instant conditional approval
  • No waiting for an answer

Eligibility Requirements

To be eligible for our private education line of credit, you must be enrolled in a degree-granting program at an approved school‡ and a member of the United States Senate Federal Credit Union. You may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded. Be sure to review all undergraduate and/or graduate-level eligibility requirements. Primary borrower (student) must be 18 years or older.

Read More FAQs

{endAccordion}

Edmit logo

Modern Financial Literacy Tools for College Students

iGrad is an award-winning, web-based financial literacy platform that provides a lifetime of personalized financial wellness education and loan management resources to users at hundreds of top colleges and universities nationwide — and it's now available to all USSFCU members. 

Get Started with iGrad

Need help completing your FAFSA, interpreting your award letter, or deciphering financial aid lingo? 

Our College Counselor can provide personal, one-on-one consultation for all of your financial aid, repayment, and refinancing questions. Whether you’re a parent, high school student, or college graduate entering loan repayment, our counselor can walk you through the necessary steps to make smart financial decisions.

 Get Live Support

Important Disclosures and Rate Details

Subject to credit qualification and annual credit review. Must meet school's Satisfactory Academic Progress (SAP) requirements. ** The APR will not fall below the floor rate regardless of the index or any additional rate discount. ‡ Approved schools subject to change without notice. Primary borrower (student) must be 18 years or older.

 1To receive the $100 referral funds, you must be an existing member with United States Senate Federal Credit Union. Anyone who is referred will also qualify for the referral funds once a disbursement on a new private education line of credit or student loan refinance product has been made. Funds will be deposited within 120 days of disbursement. United States Senate Federal Credit Union reserves the right to change terms at any time. Terms & Conditions apply.

Members' Voice Testimonials

This credit union is the best, I love the customer service and you can't beat the interest rates. I'm happy to be a member of this great credit union.

- James · Locust Grove, GA

The branch manager introduced herself and was extremely helpful. She stated that if there is anything we ever need to please let her know. Very positive experience!

- Larry · Cumberland, MD

Greta was absolutely amazing - as always. She makes me and my parents feel valued and supported. We are forever grateful. [The Credit Union] has been hugely supportive over many years. And we feel known and cared for.

- Eliza · Washington, D.C.

Long as I have been with the credit union, I haven't had any problems. I also like the protection on my account.

- Charles · Upper Marlboro, MD

My overall experience at the credit union was exceptional. The staff was hospitable offering water, my service was timely and professional and the office was well lit and clean.

- Denise · Washington, DC

As a member for more than 40 years, i have always had great service from the USSFCU and know that they stand behind their great reputation.

- David · Silver Spring, MD

A top rate Credit Union, [I'm] privileged to be part of! Thank you for all you do for our family! USSFCU Credit Union was able to resolve our financial situation - vehicle, personal loans, customer service/recommendations, within 6 months. We belonged to another credit union for over 20 years, with results not even close to comparison. We switched ...

- Manuel · Bowie, MD

Your people and products are amazing. The recent [online banking] overhaul is phenomenal. [I've] been electronic banking since Tele action phone banking - paying bills with my push button landline decades ago. USSFCU is light years ahead of everyone else in terms of ease of use and client experience!

- Misty · Brookings, OR

I have been a member for more than 30 years. I no longer reside in the DC area but continue to bank with USSFCU because of the ease and the customer service.

- Tamra · Denver, CO

I have been a member for over 50 years, and I have always gotten good service with loans, when I had to have service at a branch, and when I needed to have money sent to me from my savings account. The personnel have always been friendly and treated me with respect.

- John · Fort Washington, MD

I especially appreciate being able to quickly speak with someone (not a robot) and that person has always been knowledgeable and helpful.

- Bernard · Richmond, VA

Excellent customer service streamlined and transparent process. The representatives are efficient, knowledgeable, and understanding of the type of loans offered by Credit Union.

- Erwin · Ellicott City, MD

The USSFCU behaves as a credit union ought to behave. The staff works with and for the members, not for a corporate board. Interest rates for a car loan, a home improvement loan, and a mortgage are low and terms are transparent.

- Ruth · Takoma Park, MD

Staff are courteous and friendly to work with. Very knowledgeable about services and products offered or available. Excellent follow-up with customers.

- Jacquelyn · Sanford, FL

I have appreciated USSFCU services for many years since I left my work on Capitol Hill. I have appreciated the occasional webinars on purchasing a home or retirement planning.

- Jamie · Washington, DC

I have been a member since 2006, and have always appreciated the customer service response to any concern or query. In addition, as I have traveled extensively, USSFCU has provided support and access.

- Kathleen · Ukiah, CA

Read More testimonials.