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
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.
Primary borrower (student) must be 18 years or older.
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.
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 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
- Quick application process
- Instant conditional approval
- No waiting for an answer
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.
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.
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.