Why Get a Student Loan from U of I Community Credit Union?
If you have the ambition to study something at school, but can’t afford the fees, then a private student loan could be right for you. It’s important to exhaust other, less costly options first, though. Examples of this include federal loans, financial aid, or scholarships. If such opportunities aren’t available to you, then a private student loan with this organization could be an alternative worth considering.
What Student Loans does U of I Community Credit Union offer?
There are unfortunately only two loan options available, which doesn’t fare well in comparison with many competing industry lenders.
Private Loans for New or Current Students
APRs | 3.59% - 10.59% |
Terms | Up to 12 years |
Loan amounts | From $2,500 annually - $40,000 maximum overall |
Grace period | 6 months |
Automatic payment APR reduction | 0.25% |
Payment options |
|
- Can be used to pay for the entire cost of tuition, or just a part of it
- Initial grace period - six months
- Social Security Number Required
- Membership required
- Applicants with less than 2 years credit history, or annual income under $18,000, will require a co-signer
- Co-signers don’t require membership, but won’t be released from their financial obligations until 48 consecutive timely payments have been made
Loans for Refinancing or Consolidating Student Loans
APRs | 3.59% - 10.59% |
Terms | Up to 15 years |
Loan amounts | $5,000 - $45,000 |
Payment options | Option to make interest-only payments for the first two years of the loan, or begin full payments immediately |
Automatic payment APR reduction | 0.25% |
- Can be used for more than one loan
- Federal and private loans both accepted
- No prepayment charge
- Applicants (or co-signer) must have an annual income above $25,000, a ‘satisfactory’ credit rating, along with a minimum of 5 years credit history, excluding student loans
- Co-signers don’t require membership, but won’t be released from their financial obligations until 36 consecutive timely payments have been made
- Social Security Number Required
- Membership required
Membership Eligibility Requirements
See the website for an exhaustive list of who can apply for membership. Below are some of the most common routes to joining:
- Residing in an applicable county of Illinois
- Employed at an applicable campus of the University of Illinois
- Students of Urbana-Champaign
- All alumni/allied agencies of the University of Illinois
- Relatives of current U of I Community Credit Union members
