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Rutgers USA FCU Private Educational Loans for Undergraduates and Graduates
If you don’t qualify for a Federal Education Loan or for enough financial aid to cover all your education related expenses, the Rutgers USA FCU Private Educational Loan may be for you.
As you determine the best way to finance your education, you should consider the full range of student financial aid options available to you. Private loans are often used to supplement federal student loans, when federal loans are not sufficient to cover the full cost of education
Benefits
- Fully disclosed interest rates and fees before you apply
- Easy, No Hassle application process
- No application fees or other out of pocket fees
- Preliminary approval in as little as 1 minute when applying by web.
- Competitive interest rates.
- Good Student Discounts available3
- Upon approval, funding can be scheduled in as few as five business days after we receive all required documents
- Up to 5 year draw period, 20 years repayment terms
- Undergraduate students have several repayment options. Graduate students must begin repayment 6 months after graduation or ceasing to be enrolled at least half-time in school.
- Use the loan for tuition, books, room and board or a computer.
- Get an interest rate reduction of 0.25% after setting up automatic electronic payments from a Rutgers USA Federal Credit Union checking account.2
- Cosigners can be released from responsibility under certain conditions3
Qualification Requirements
- At least half-time enrollment in a degree program.
- You must have proof of current positive income (if you are self-employed, your business must also have a net positive income for the last 2 years),
- 2 most recent pay stubs, last years W-2, last 3 months of bank statements.
- Origination fees deducted from loan payments.
- You must be a U.S. citizen or permanent resident and have resided in the U.S. for the previous two years, and
- You must have resided at your most current and immediately preceding addresses for a total of at least two years.
- International Students: You may apply with a qualified, creditworthy US citizen or permanent resident cosigner
Most full-time students need a creditworthy cosigner to qualify. You may borrow a minimum of $1,000 and up to the cost of attendance minus other aid as certified by the school. The Rutgers USA FCU Private Educational Loan Program rates are variable and subject to change quarterly.
Fax completed application to: 1-(732)932-7968
Or call 1-(732)-932-8117
Representatives are available Monday-Friday 9am-4pm EST.
Parents—Help your student start building a strong credit history.
Cosign your students Rutgers USA FCU Private Educational Loan today!
The lender for the Rutgers USA FCU Private Educational Loan is PNC Bank, Member FDIC and Equal Opportunity Lender.
1. Undergraduate borrowers may choose to defer repayment until six months after graduation or ceasing to be enrolled at least half time in school. Interest only and immediate repayment options are also available.
2. The 0.25% interest rate reduction is available for borrowers who elect to have monthly principal and interest payments transferred electronically from a Rutgers UASFCU checking account. The interest rate reduction will begin when automatic payments start, and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate will return to contract rate if automatic payments are cancelled, rejected or returned for any reason.
3. Good Student Discount provides an interest rate reduction for the following:
Graduate w/GPA of 3.0-3.49, reduction in interest rate of .25% at time of repayment
Graduate w/GPA of 3.5 - 4.0, reduction in interest rate of .5% at time of repayment
4 All disbursements made payable to Rutgers University
5. Home Equity Second Option loans require a mortgage lien be placed on a eligible property with RUtgers USAFCU listed as a second lien holder or greater. Interest on the loan may be tax deductible, consult with your tax advisor.
6. Maximum interest rate cap of 18%.
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