Private Consolidation Questions

How are rates determined?

Rates are variable and reset quarterly. They vary based on the Prime rate but are also dependent on your credit score, and if applicable, the credit score of your co-borrower.

How much can I borrow?

The minimum amount you may request is $5,000. The maximum amount you may request is $100,000.*

*The maximum loan amount may vary by credit union.

How long is the repayment period?

The maximum repayment term for the loan is 15 years. While other consolidation loans may offer a longer repayment period, keep in mind that by reducing your repayment period and taking advantage of our extremely competitive rates you could save thousands of dollars in interest charges.

Is there a pre-payment fee?

No. There is no pre-payment fee and you can pay off the loan at any time.

How does the 0.25% automatic electronic payment discount work?

Your credit union may elect to provide an interest rate reduction of 0.25% if you elect to make automatic electronic payments when your loan is in full repayment. If automatic electronic payment is cancelled, the rate discount will be removed. If your loan is subject to a floor rate (also known as a minimum interest rate) as specified in your promissory note, your rate will never be less than the floor rate.

What exactly is the graduated repayment option?

The graduated repayment option amortizes the first 2 years of repayment over a 30 year period and then over 13 years for the remainder of the loan.  This means monthly loan payments will be lower in the first two years after starting repayment - which may benefit individuals who are early in their careers and managing tight budgets.

Does this program offer a co-borrower release option?

Credit unions may elect to provide a co-borrower release option. For more information, please click here to find your credit union lender, then visit the credit union’s Student Choice website to learn more. 

  1. For a $20,000 consolidation loan for a term of 180 months with a 6.00% APR2, the monthly payment will be approximately $169. All loans are subject to approval. Rates, terms and conditions subject to change without notice. Restrictions apply. Please visit the rates page for more information.
  2. APR = Annual Percentage Rate
  3. Maximum loan amount may vary by credit union. Loans subject to approval. Rates, terms and conditions subject to change without notice.