Finance Your Future with an Undergraduate Student Loan.
Their Future Starts By Reviewing Today’s Brilliant Rates.
Don’t let finances prevent you from reaching your education goals. Enjoy lower rates and flexible repayment terms with a COPFCU Undergraduate Student Loan.
When federal loans and other forms of aid aren’t enough to cover all your undergraduate school costs, we can help. COPFCU offers low-interest rates, no origination fees and straightforward terms, so all you have to do is concentrate on learning.
COPFCU Student Loans Feature:
- Low fixed and variable interest rates
- No origination fees
- Borrow up to $75,000
- In-school deferment is available
- .25% rate reduction with automatic payments
- No pre-payment penalties
- Interest paid is usually tax-deductible*
- Parents/co-borrowers can be released from the loan after 48 consecutive on-time payments
- Just one application needed to fund entire undergrad curriculum**
Private Student Loans Can Be Used For:
- Personal laptop or computer
- Reasonably priced car for transportation
- Meal Plans
- Studying Abroad
- Any Items Listed in Cost of Attendance
Undergrad Student Loans
|Term||APR* from||APR* to|
|Up to 10 Years||4.75%||10.75%|
|Term||APR* from||APR* to||Floor|
|Up to 25 Years||5.00%||11.00%||3.75%|
Just One Application Needed
With our private education line of credit, you can secure funding for your entire undergraduate career with just one application!2 In future academic years, simply request funds from your line (called a “draw”) for the amount you need – no need to reapply.2 And with convenient repayment terms and in-school deferment, we’ll help you successfully manage repayment after college. As a local, not-for-profit credit union, we’ve got your best interests in mind.Apply Now
97% of Approved Applications Have a Co-Borrower
A co-borrower can help applicants with limited credit history or income responsibly borrow and manage their education loans. Improve your chances of approval, and possibly get a better rate, by applying with a credit-worthy co-borrower.Apply Now
What is the difference between a fixed and variable rate loan?
Fixed Interest Rate: A fixed rate loan is exactly as it sounds – the interest rate is fixed, or stays the same, for the entire life of your loan.
- Pros:You’ll know what your interest rate is and won’t have to worry about fluctuations down the road.
- Cons:The tradeoff for knowing what your rate will be for the long haul is that it is often a higher rate to start than a variable rate option.
Variable Interest rate: When you select a variable rate loan, your interest rate will fluctuate over time based on the current index rate. Your lender adds a percentage to that base according to your credit score and history, and there is usually a limit or “ceiling rate” on how high your rate can go if the index increases.
- Pros: Variable rate options are typically lower than fixed rate at the start of your loan. Additionally, if the index decreases in the future, so will your interest rate.
- Cons: There is risk involved; while your rate could go down, it could also increase, meaning you will pay more in interest over time.
Can I use the finds to pay for books or off-campus housing?
Our private student loans can be used for any items listed in your school’s cost of attendance, or other education-related expenses. The amount you are eligible to borrow will be certified by your school, and the funds are sent directly to your college.
If some of the loan will be used to cover items not directly paid through the school, such as books, off campus rent, or a laptop, the school will issue you a refund for the excess amount.
Do I have to apply every year?
With our undergraduate line of credit products, you will only have to complete the application process once. However, your loan is subject to annual review and credit qualification, and you must continue to meet your school’s Satisfactory Academic Progress (SAP) and enrollment requirements.
Will I need a co-borrower?
A co-borrower is not required to apply. However, applying with a credit worthy co-borrower may improve a borrower’s chance of meeting the credit union’s approval criteria and potentially qualify for the line of credit at a lower interest rate.
What items will I need to apply?
Information you’ll need to successfully complete the application:
- Personal information (such as name, date of birth, Social Security number)
- Sufficient income information for either the borrower or co-borrower (if applicable)
- School enrollment information, if known
- Amount needed for your current school term
- If applying with a co-borrower, you’ll want to have them present. The co-borrower will also need to provide the same type of personal information as the student borrower. If they cannot be present, you should have their primary email address on hand – we’ll send them a notification to input their information.
Do I have to be a credit union member to apply?
You do not need to be a member to start the application, but you will need to be a member of the credit union before you can receive funding.
Who should apply for the loan?
The student applies as the primary borrower. Parents, a family member or a friend with excellent credit can apply as a co-signer to potentially help lower the interest rate of the loan.
Important Legal Disclaimer
APR – Annual Percentage Rate. For variable-rate loans, the APR will not fall below the floor rate regardless of the index or any additional rate discount.
*Interest on Undergraduate Student Loans is usually tax-deductible; however you should consult a tax advisor to determine your eligibility.
**Subject to annual review and credit qualification. Must meet school’s Satisfactory Academic Progress (SAP) requirements.
Speak with a loan officer for full details.