Why Get a Student Loan From OCCU?
There are a few reasons why some might consider applying for a student loan with OCCU. For example, for those with excellent credit, APRs could start from as low as 2.99%. In addition, there aren’t any origination or prepayment fees to worry about.
What Student Loans Does OCCU offer?
The student loan options provided by this union are quite limited in comparison with most of its competitors. There are private loans available for both undergraduates and graduates. Applicants have the option of selecting either fixed or variable APRs for the duration of their repayment term.
The following applies to each loan option:
- No origination or prepayment charge
- 0.25% interest reduction if you sign up with Autopay
- Three repayment plans available
- Co-signer required for applicants in some circumstances (see below)
- Co-signers released from their obligation after 36 consecutive timely payments
- Students must attend an eligible school in Oregon (contact OCCU directly for more)
Undergraduate Variable Loan
APRs | 2.99% to 8.74% |
Terms | Up to 10 years |
Loan Amounts | Up to $15,000 per year - and $50,000 overall |
Undergraduate Fixed Rate Loan
APRs | 7.74% to 12.74% |
Terms | Up to 10 years |
Loan Amounts | Up to $15,000 per year - and $50,000 overall |
Graduate Variable Loan
APRs | 2.99% to 8.74% |
Terms | Up to 10 years |
Loan Amounts | Up to $15,000 per year - and $50,000 overall |
Graduate Fixed Rate Loan
APRs | 7.74% to 12.74% |
Terms | Up to 10 years |
Loan Amounts | Up to $15,000 per year - and $50,000 overall |
Co-signers
A co-signer will be required for applicants without:
- Eight years of credit history
- A credit rating of at least 720
- At least $40,000 in annual income
- 35% or less debt-to-income ratio
Repayment Options
Successful applicants have three options:
- Defer - Don’t pay anything while enrolled, but interest will accrue and added to what you owe
- Interest-only - Pay interest while enrolled, but defer principal payments until school completion
- Full payments - Begin repaying principal and interest fees immediately
Who can join?
One of the following must apply to become a member:
- Reside or work in one of 28 listed counties in Oregon
- A family member of an OCCU account holder
- Employed by the State of Oregon
Applicants must also be a least 18 years old, and either a US citizen or permanent resident.