Different by Design
Our unique line of credit is not like other student loans. With multi-year approval, there’s no need to reapply every year!◊
Why Borrow from a Credit Union?
Member-Owned
Great rates, flexible terms
Credit union members become owners of the financial cooperative and benefit from competitive rates, flexible repayment, and exceptional service.
Not-for-Profit
People before profits
Credit unions return value to their members, rather than investors, with benefits like lower loan rates and higher savings rates.
No Gimmicks
Real rates, no credit pull
By asking a few simple questions, we help you estimate your interest rate and payment before you apply without impacting your credit score.
Borrower Testimonials
Here’s what real borrowers with real savings have to say.
Morgan
I needed help paying for college, as federal student loans were not enough. Because Wright-Patt Credit Union was willing to sit down with me and my family, I was able to get a bachelor’s degree and teaching license. I have always had a passion for teaching and love being able to do what I love for the past 5 years. Thanks Wright-Patt for giving me the opportunity to impact students everyday and give back to the education community!
Evan
While looking for loans for my education, Elements Financial just fit. They were local to my state and helped me accomplish my bachelor’s degree in just 3 years! Post graduation, they have been a great lender, answering any questions I have had and always being easy to contact. I am very thankful I am able to be a part of this credit union!
Jessica
During my freshman year of college, I decided to transfer schools. I had limited knowledge of loans at the time, and the wonderful staff at NET FCU helped me work through the process of changing my line of credit from my old school to my new school. They made the financial aspect of the transfer process so much easier! I love my current college and am so grateful I made the change and that NET offers a way to help me afford my education!
Frequently Asked Questions
97% of our approved applications have a co-borrower.
Improve your chances of approval, and possibly get a better rate, by applying with a credit-worthy co-borrower! Learn More.
The Department of Education clarifies that the term “Stafford Loan” refers to a subsidized or unsubsidized Federal Stafford Loan made to students on or prior to July 1, 2010. However, many people and schools also informally use “Stafford Loans” or “Direct Stafford Loans” to refer to both direct subsidized and unsubsidized student loans made via the William D. Ford Federal Direct Loan (Direct Loan) Program. When a school says they offer “Stafford Loans”, this means they offer Direct Subsidized Loans and Direct Unsubsidized Loans. Read the full article on the Federal Student Aid website.
Yes. You must be continually enrolled in a degree-granting program and meet your school’s minimum Satisfactory Academic Progress (SAP) criteria to be eligible. For fall and spring terms, you must be enrolled at least half-time. For summer term, you may be enrolled less than half-time. Should you drop below half-time in the fall or spring, withdraw during any term, or fail to meet SAP requirements, your funding request can be denied, your line of credit may close, and you may enter repayment.
Graduated Repayment is repayment of principal and interest using an extended amortization period intended to lower the monthly payment amount, after which payments are higher and based on the remainder of original term.
University Accounting Service (UAS) will service your loan. Once your loan has been disbursed or entered repayment, you may contact UAS with questions, or access your account online.
The maximum amount you can borrow varies by credit union lender. In general, the amount is based on your school’s certified costs minus the amount of other financial aid you have already received (such as federal student aid, scholarships, and grants). You can view loan limits on our lenders’ websites or within your results from our matching tool.
Many of our credit union lenders offer a cosigner release option based on on-time payment history and other requirements. We recommend reviewing specific criteria on the credit union lender’s website.
Many of our credit union lenders offer a 0.25% interest rate reduction when the borrower signs up for automatic debit payments and is in active repayment. We recommend reviewing the credit union lender’s website for details about a potential discount for automatic payments.
Fixed Interest Rate
A fixed rate loan is exactly as it sounds – the interest rate is fixed, or stays the same, for the entire life of your loan.
Pros: You’ll know what your interest rate is and won’t have to worry about fluctuations down the road.
Cons: The tradeoff for knowing what your rate will be for the long haul is that it is often a higher rate to start than a variable rate option.
Variable Interest Rate
When you select a variable rate loan, your interest rate will fluctuate over time based on the current index rate. Your lender adds a percentage to that base according to your credit score and history, and there is usually a limit or “ceiling rate” on how high your rate can go if the index increases.
Pros: Variable rate options are typically lower than fixed rate at the start of your loan. Additionally, if the index decreases in the future, so will your interest rate.
Cons: There is risk involved; while your rate could go down, it could also increase, meaning you will pay more in interest over time.
Our private student loans can be used for any items listed in your school’s cost of attendance, or other education-related expenses. The amount you are eligible to borrow will be certified by your school, and the funds are sent directly to your college.
If some of the loan will be used to cover items not directly paid through the school, such as books, off campus rent, or a laptop, the school will issue you a refund for the excess amount.
With our undergraduate and graduate line of credit products, you will only have to complete the application process once. However, your loan is subject to annual review and credit qualification, and you must continue to meet your school’s Satisfactory Academic Progress (SAP) and enrollment requirements.
Processing times vary based on time of year, document submission, and the school’s own certification process. In general, you can expect the process to take anywhere from 5-45 days, depending on the documentation available.
A borrower is not required to apply with a co-borrower. However, applying with a credit worthy co-borrower may improve a borrower’s chance of meeting the credit union’s approval criteria and potentially qualify for the line of credit at a lower interest rate.
Information you’ll need to successfully complete the application:
- Personal information (such as name, date of birth, Social Security number)
- Sufficient income information for either the borrower or co-borrower (if applicable)
- School enrollment information, if known
- Amount needed for your current school term
- If applying with a co-borrower, you’ll want to have them present. The co-borrower will also need to provide the same type of personal information as the student borrower. If they cannot be present, you should have their primary email address on hand – we’ll send them a notification to input their information.
You do not need to be a member to start the application, but you will need to be a member of the credit union before you can receive funding.
Need to find a credit union? We can match you with some options.
Guide to Financial Aid
From completing the FAFSA to repaying your student loans, cost of attendance to expected family contribution, this guide explains the financial aid process.
- The different types of student loans
- The difference between fixed and variable rates
- How to pick a lender for your student loans
- How to plan for repayment before you borrow
*APR = Annual Percentage Rate. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments. Variable rates subject to increase after consummation.
◊Subject to annual review and credit qualification. Must meet school’s Satisfactory Academic Progress (SAP) requirements.
**The APR will not fall below the floor rate regardless of the index or any additional rate discount
†Using the free student loan payment calculator does not constitute an offer to receive a loan and will not solicit a loan offer. Any payments and savings will depend on the actual amounts for which you are approved, should you choose to apply. This calculator is provided for educational purposes only and should not be relied upon as financial advice. Always consult your credit union or financial advisor when making your decision.
◊◊Variable Rate Option: the repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000.
‡Fixed Rate Option: the repayment schedule is fixed at 10 years regardless of the amount you borrow. Full repayment begins at the end of the grace period, unless full repayment is selected during enrollment..
