cuScholar Private Student Loan
Are federal loans not enough to cover the cost of your college education? A cuScholar Private Student Loan from a not-for-profit credit union can be the answer to your funding needs.
Variable rates ranging from 3-Month LIBOR + 3.24% to 9.24%
Main Program Features
- Borrow as little as $2,000 or up to Cost of Attendance per year
- Borrow up to $120,000 in undergraduate debt
- Borrow up to $160,000 in graduate debt
- Variable interest loan based upon 3-Month LIBOR index plus margin
- Interest paid on loan may be tax deductible. Please consult your tax advisor
- Please note, you must choose between making interest-only payments or a nominal $25 Proactive Payment towards the loan while in school
- Use the funds for any qualified educational expense
- No prepayment penalty and 30-day loan cancellation policy
- Fast pre-approval once we receive your completed application
- No Origination Fee
All student borrowers enjoy no origination fee.
- Credit + Academic based underwriting
We use the ACS Grade, which takes into account the credit history of the borrower/cosigner as well as the academic progress of the student. Good grades and getting closer to graduation could mean a lower loan rate!
- 1% Interest Rate Reduction
Once you have entered the full repayment period and 10% of the loan principal is repaid1
- .25% Interest Rate Reduction
When you sign up for automatic ACH payments1 2
- Cosigner Release
Available for creditworthy borrowers after 24 consecutive on-time principal and interest payments.3
Eligibility & Credit Requirements
- Borrower must be enrolled in an eligible school and pursuing a degree program
- Borrower must be a member or join a participating credit union during the online application process
- Borrower must be a U.S. Citizen or permanent resident
- Creditworthy student borrowers can apply without a cosigner
Applying with a cosigner is highly recommended to qualify for lower rates!
Checklist of Items You’ll Need During the Application Process
1) IDENTIFICATION – Government issued ID which includes: passport, drivers license, or state issued ID card.
2) PROOF OF ENROLLMENT – Copy of an unofficial transcript (proof of enrollment is not required for incoming freshman).
3) PROOF OF INCOME – Two recent pay-stubs from within the past 60 days. If the loan is cosigned, please send in proof of income for the cosigner.
You can scan or fax these documents directly into the system. Please note, scanned documents are only accepted in PDF, JPG or PNG formats.
1 Subject to 2.99% floor rate.
2 Requires continued enrollment of automatic payments. If the automatic payment is cancelled at any time after enrollment, the rate reduction will discontinue until automatic payment is reinstated. May be suspended during periods of forbearance and deferment.
3 Subject to lender approval. Borrower must meet lender’s credit and income requirements.
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