The cuScholar Private Student Loan, consisting of common underwriting and servicing criteria, is a loan subscribed to by over 140 nationwide not-for-profit credit unions participating in the cuStudentLoans program.
The cuScholar Private Student Loan offers:
1. Underwriting that Rewards Academic Achievement
The Academic Credit Score (ACS) is a six-tiered model which factors in not only the traditional credit bureau data of the borrower and cosigner, but also considers the academic attributes of the borrower when pricing the loan.
2. Web-Based Application
• Easy online application with instant credit decision
• 24/7 online account status and management
• Electronic school certifications and disbursements
• “Self Cert First…School Cert Last” policy
3. Borrower Benefits
• Zero origination fees
• 1% interest rate reduction once 10% of the principal is repaid during the full repayment period
• Cosigner release after 24 consecutive on-time principal + interest payments
• Borrow as little as $2,000 or up to the Cost of Attendance per year
• No pre-payment penalty
• Available for past due balances
• 30 day no-fee return policy
4. In-School Servicing
The cuScholar Private Student Loan provides two repayment options for the borrower. Interest-only payments, which begin after the loan is disbursed, allow the borrower to pay down more of their loan while in school. Proactive Payments, the alternative choice, require borrowers to make a modest $25 per month payment toward interest while in school. This system helps students develop responsible repayment habits, ensures that they are constantly aware of their loan rates and balance, and can improve their credit score during their college career.
Ken O’Connor, 12-year veteran of the financial aid industry and Director of Student Advocacy for cuStudentLoans, provides valuable insight to both students and parents through a comprehensive financial literacy section on the cuStudentLoans website. The tool is focused on assisting families in navigating financial aid and financing a college education, including how to find grant and scholarship funding and selecting both the appropriate school and major to meet their educational goals.
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