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Student Loans

The smart choice for college expenses - an SLFCU private student loan

Pay for college with a student loan with great rates and benefits. You can borrow up to $30,000 per year and get lower rates if you have good grades.

An SLFCU private student loan can pay for any qualified expenses including:

  • Tuition
  • Books
  • Room and board
  • Computers
  • Past-due tuition bills.

Loan proceeds will be sent to the school by check or electronic funds transfer (EFT). The school will determine the disbursement dates of the loan during the certification process. If the loan funds exceed school-required expenses, the school will issue a refund to the student.

Apply today to ensure you have enough financing, and cancel later if you receive other funding. A 30-day, no-fee return policy allows you to cancel the loan if you end up with enough financing through federal funding, scholarships, or grants.

Before you borrow, take advantage of any federal funding, scholarships, and grants for which you may qualify.

To apply
You must be enrolled at least half-time at an eligible school.
Applying with a cosigner can increase your likelihood of approval and might result in a lower loan rate.
You can borrow $2,000 to $30,000 per academic year.
While you're in school
Build credit and lower your loan balance by making small, regular payments.
You can choose to:
· Pay the interest in full each month.
· Pay just $25 each month.
Principal and interest payments are deferred until 6 months after graduation, leaving school, or dropping below a half-time enrollment status.
You can get a 0.25% rate discount, subject to the floor interest rate, by making electronic payments. This benefit is available during deferral and repayment.
During repayment
The repayment period is 10 years.
You can get a 1% interest rate reduction when you’ve paid 10% of the loan. Additionally, you can get a 0.25% rate discount by making electronic payments.
You can prepay the loan partially or in full at any time without any penalties.

 The terms described here are available only for Student Loans originated after January 1, 2011.

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Student Loan

Student Loans
Rates
As low as 4.50% APR
APR = Annual Percentage Rate
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