Interest Rates
Variable Rates
5.50% – 13.75%
Fixed Rates
6.75% – 13.25%
Borrow up to
$100,000.00
Rates shown eligible for 0.25% discount.**
Variable Rates
6.25% – 13.75%
Fixed Rates
6.00% – 13.25%
Borrow up to
$130,000.00
Rates shown eligible for 0.25% discount.**
Typical Application & Funding Timeline
Application processing time can take up to 45 days. Don’t worry – we will keep you updated throughout the process.
Frequently Asked Questions
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-applicant (if applicable)
- School enrollment information, if known
- Amount needed for your current school term
- If applying with a co-applicant, you’ll want to have them present. The co-applicant 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.
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.
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.
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.
Should you 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.
Undergraduate enrollment:
- For fall and spring terms, you must be enrolled at least half-time.
- For summer term, you may be enrolled less than half-time.
Graduate enrollment:
- For fall and spring terms, you must be enrolled at least half-time.
- For summer term, you may be enrolled less than half-time.
You may choose to make interest-only payments while in school; defer both principal and interest payments until six months after graduation; or make full payments while in school. If you defer both principal and interest payments during school, interest begins accruing at disbursement and will be capitalized when you enter repayment.
Please log in to your account or contact UAS at 877-530-9782 to set up automatic debit for your student loan payments.
University Accounting Service (UAS) will service your loan. Once your loan has been disbursed or entered repayment, you may contact UAS with questions at 877-530-9782. You can also manage your account at any time via our login page.
The maximum loan amount will be the certified need determined by your school for the remainder of your currently enrolled higher education. The certified need is typically the Cost of Attendance (COA) less other financial assistance and aid received. For more information on the maximum loan amount we offer, please view our rates.
Please note that the undergraduate maximum co-applicant aggregate amount for borrowing (across multiple lines of credit for multiple borrowers) is $.
Please note that the graduate maximum co-applicant aggregate amount for borrowing (across multiple lines of credit for multiple borrowers) is $.
With our unique education line of credit, you will not need to reapply each year (assuming there are no significant changes to the borrower or co-applicant credit scores). Each year, you will simply request additional funds (called a “draw”) for the amount you wish to have disbursed to your school (based on your school’s certified amount). Funds are disbursed to your school based on the school’s disbursement cycle. You will request the specific draw amount from your line of credit each year.
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.
A borrower is not required to apply with a co-applicant. However, applying with a credit worthy co-applicant may improve a borrower’s chance of meeting the credit union’s approval criteria and potentially qualify for a lower interest rate.
* 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.
† APR = Annual Percentage Rate.
‡ Approved schools subject to change without notice.
◊ 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.
