CU Student Loans

cu studentFinancing higher education is one of the most important decisions of any student or parent’s life, since the debt accumulated while studying at college is paid off gradually, and may involve a number of years spent in repayment. For students in dire financial situations, borrowing from a credit union may be just one of many viable options, as loans from credit unions are suitable for students, especially when compared to other private lenders. However, to obtain a loan from a credit union, you need to be a member, as credit unions do not do business with non-members (since they could jeopardize their statuses as credit unions).

About Credit Union Student Loans

Although credit unions provide the same kind of loans that commercial banks provide, credit unions are not the same as banks. In fact, unlike commercial banks, credit union customers are also its owners, as credit unions are non-profit businesses that are more concerned in serving the community than making profits. Credit union loans also come with the convenient option of deferred payment of principal and interest. However, receiving a student loan from a credit union or any private lender should be considered only after students have explored and exhausted all federal aid, grants and scholarship options.

Refinance your student loan

Credit Union Student Loans Packages

By working with a credit union, you may enjoy the freedom of borrowing as little as $2,500 to as much as $30,000 per year, depending on your need. You should keep in mind that interest paid on a credit union student loan may be tax deductible, so it’s better to consult a tax advisor before taking out a credit union loan. Notably, credit union loans may be used to pay for any educational expenses, including past tuition fees. These loans do not have a prepayment penalty or 30-day loan cancellation policy. In fact, the only requirements borrowers are expected to fulfill is that they be must be enrolled in an eligible institution, be U.S. citizens and in case they are foreign students, they must have U.S. national cosigners. Remember: applying with a cosigner will qualify you for lower interest rates.

 

Types of Student Loans