Why Get a Student Loan from USF Federal Credit Union?
Loans from this service could help you access higher education, providing the tools necessary for a successful career in your chosen field of study.
There are loans available to cover the entirety of your study period and APRs between 4% and 7% for undergraduates. In addition, there are several flexible repayment methods and no application fees whatsoever. For some, it could be an academic avenue well worth exploring.
What Student Loans does USF Federal Credit Union offer?
There are two main options for students to consider.
Private Student Loans
These loans are available to both undergraduates and postgraduates of eligible schools.
4% to 7%
Determined in part by what individual schools certify as necessary
Not explicitly stated
Late payment fees
Loan amounts will be sent directly to the school for tuition, fees, and accommodation. In addition, automatic debit payments can be set up if you wish.
Disappointingly, this service provides scant information on some critical details, so it’s difficult to make a clear judgment on the loan without contacting the provider directly.
Lines of Credit
This loan is ideal even if you’ve not decided which college you’ll attend, or exactly how much financial assistance you’ll need. Once again, the terms available are unfortunately not listed.
It can be used for expenses other than tuition, for example:
- Computer equipment
- Overseas study programs
- To cover tuition shortfalls that may occur
4% to 7%
Auto-pay interest reduction
A minimum of $1,000, going up to $75,000 for undergraduates, and $100,000 for postgraduates
The following applies to the traditional student loan, as well as the line of credit:
- Interest-only payments during the school period
- Defer principal and interest payments for six months after graduating - Interest will still accrue from the start of the loan, so this will be the most expensive option in the long run
- Pay full amounts from the beginning of the loan - For those who can afford it, this option will cost the least in interest payments overall
Who is eligible to apply?
- US citizens and permanent residents
- Meeting the required academic standards of the school
- Enrolled half-time or more
- An approved credit score (or co-signer)
- A member of an approved school (see the website for full details)
- Eligible for union membership
Who can become a member?
- USF staff and students on all USF campuses
- USF alumni
- Anyone associated with a USF partner business
These are the prominent methods of eligibility, but for an exhaustive list, visit the website.