Credit Union EdAccess Private Student Loan
Federal loans not enough to cover the cost of your college education?
The EdAccess Loan can be the answer to your funding needs.
Main Program Features
- Borrower as little as $2,500 or as much as $30,000 per year. $120,000 lifetime maximum.
- Defer full principal and interest payments until six month after leaving school or graduation.
- Variable interst loan based upon LIBOR index plus a margin of 3.90% to 8.90% depending on creditworthiness and academics
- Interest paid on loan may be tax deductible. Please consult your tax advisor.
- Zero fees or low fees (2% - 4%) based on repayment option selected by borrower Borrower has the option to choose between making interest payments or make a nominal $25 'Good Faith' payment towards the loan.
- Use the funds for any qualified educational expense, including past due tuition bills.
- No prepayment penalty and 30-day loan cancellation policy.
- Fast pre-approval once we recieve your completed application.
Eligibility & Credit Requirements
- Credit + Academic based underwriting
We use the FACS Grade, which takes into account the credit history of the borrower/cosiger as well as the academic progress of the student. Good grades and getting closer to graduation means a lower loan rate!
- 1% Interest Rate Reduction
once you have entered repayment and repaid just 10% of the loan.
- 30 Day No-Fee Return Policy
Find a cheaper way, you can cancel the loan. No questions asked. As long as you cancel within 30 days of approval date, you owe no fees and no interest!
- Zero Fees
Borrowers that choose to pay loan interest while in school pay no loan origination fees. If you choose to make only the $25 'Good Faith' payment while in school, a small 2% - 4% fee applies.
- Cosigner release after 24 payments
The cosigner may be released from the loan once the loan is in repayment and the borrower has made just 24 ontime payments. The borrower must meet the minimum credit requirements.
- Borrower must be enrolled in an eligible school and pursuing a degree or certificate program.
- Borrower must be a member of LSFCU.
- Borrower or Cosigner must be a U.S. Citizen. Foreign students can apply with a U.S. Citizen as cosigner.
- If a borrower is applying without a cosigner, the borrower must have a credit score greater than 660, verifiable income of at least $12,000 and 21 months of credit history.
- If applying with a cosginer, the cosigner needs to have a credit score of at least 640 with no negative credit history. Applying with a cosigner is highly recommended to qualify for lower rates!