Loans for Current or Prospective Students
If grants, scholarships, and government loans don’t cover the entire cost of attending college, a private student loan from SLFCU can help bridge your funding gap. You can apply for an SLFCU student loan any time you need it, and it can help pay for tuition as well as other qualified expenses like textbooks, housing, food, and computers.
Borrow as little as $2,000 or up to the cost of attendance per year (minus financial aid) for a maximum of $120,000 in undergraduate loans and up to $160,000 in graduate loans. Choose the payment option that best fits your budget, with the option of interest-only payments or $25 monthly payments while in school. You could also receive lower rates for good grades and a 0.25% discount for setting up automatic loan payments.*
Consolidation Loans for Grads
SLFCU may be able to reduce your loan payments through consolidation if you’re carrying a high-rate loan. You might want to consider consolidation if you have a graduate or professional school loan, an undergraduate loan disbursed when rates were higher, or a private student loan with a higher rate.
Consolidation could also be a good choice if you have a number of student loans from different lenders. Consolidation can reduce multiple monthly payments with different due dates to one simple monthly payment.
SLFCU can consolidate federal and private student loans, but some federal loans have potential benefits that SLFCU student loans do not. Review the terms of your federal student loans carefully before consolidating.
*If you enroll in automatic monthly payments from a personal checking or savings account to pay principal and interest amounts that are due, the margin will be reduced by 0.25%. This rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is cancelled, any increase will take the form of higher payments.
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