For recent college graduates currently faced with high interest private student loan debt, we offer private student loan consolidation and refinancing solutions. Combine loans from multiple lenders into one easy payment to reduce the chance of a missed or late payment.
This refinancing option can also potentially save thousands of dollars in student loan payments every year, allowing borrowers to put the extra money towards paying off their debt faster, or towards a major purchase such as a car or home.
- Simplify your finances with one easy monthly payment
- Interest-only repayment option up to 4 years for eligible borrowers followed by 11 years of principal & interest repayment
- Cosigner release available after 24 consecutive on-time principal & interest payments
- Lower payment and competitive rate possible with extended repayment term
Student Loans can be confusing, find the answers to your most frequently asked questions here!
What is the difference between a private student loan and a federal student loan?
Federal student loans follow guidelines set forth by the U.S. Dept of Education and typically offer fixed and lower interest rates compared to private student loans. However, federal loans, unlike most private loans, have borrowing limits, which may not allow a student to borrow enough to cover the entire cost of education.
Private loans help students fill the funding gap between the cost of attending school and the amount of federal loans, grants, and available scholarships. Both private and federal student loans typically allow students to defer payments while in school and some offer economic forbearance options once a student completes school. Unlike federal loan programs, private lenders assess the credit history of the borrower and cosigner before making a loan.
Who is LendKey?
LendKey is a financial technology firm that delivers private student lending technology solutions to credit unions. LendKey offers credit unions with two unique product offerings: a Private Student Loan and a Private Student Loan consolidation/refinancing solution. Recognizing the need for higher education financing for its members, USSFCU has partnered with LendKey to provide these products.
Who is eligible for a loan?
To apply for a USSFCU Private Student Loan, you must be a US citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible school, and you must be a member of USSFCU.
You or your cosigner also must meet our credit requirements. Choosing a creditworthy cosigner will increase the likelihood of being approved and may lead to a lower loan rate. You can apply without a cosigner if you meet all of the credit criteria by yourself.
How does a member apply for the USSFCU Private Student Loan?
Members can apply for the USSFCU Private Student Loan online by clicking start now at ussfcu.lendkey.com.