Graduate Student Loan Rates

Variable Rate Solution

The Annual Percentage Rate (APR) is variable1 and is based on the 1-Month LIBOR index2 plus a margin3. The rate you receive depends on your credit qualifications and the repayment term you select. 

The current offered rates are4:

  • 5-Year Repayment Term:
    Rates between 6.82% and 7.73% APR

    Repayment Options Include:
    • Fixed Interim Payment: $25 flat monthly payments during the interim* period. Any unpaid accrued interest is added to the outstanding loan amount at the end of the interim period
      *Interim period is the period during which the borrower is in school and grace (maximum in-school period of 48 months, 6-month grace).

    • Interest-only Payment: monthly interest payments during the interim period - subject to a $25 minimum monthly payment. Full payments of principal and interest begin after the interim period. Any unpaid accrued interest is added to the outstanding loan amount at the end of the interim period.

    • Full Principal and Interest Payment: full payments of principal and interest beginning after the first disbursement - subject to a $50 minimum monthly payment

 

  • 10-Year Repayment Term:  
    Rates between 7.13% and 7.97% APR

    Repayment Options Include:
    • Fixed Interim Payment: $25 flat monthly payments during the interim* period. Any unpaid accrued interest is added to the outstanding loan amount at the end of the interim period
      *Interim period is the period during which the borrower is in school and grace (maximum in-school period of 48 months, 6-month grace).

    • Interest-only Payment: monthly interest payments during the interim period - subject to a $25 minimum monthly payment. Full payments of principal and interest begin after the interim period. Any unpaid accrued interest is added to the outstanding loan amount at the end of the interim period.

    • Full Principal and Interest Payment: full payments of principal and interest beginning after the first disbursement - subject to a $50 minimum monthly payment

 

  • 15-Year Repayment Term:
    Rates between 7.72% and 8.22% APR

    Repayment Options Include:
    • Full Principal and Interest Payment: full payments of principal and interest beginning after the first disbursement - subject to a $50 minimum monthly payment

 

 

Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.

All loans are subject to approval and restrictions may apply. Members 1st Federal Credit Union reserves the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required. Contact us for membership details.

 

Important Disclosures and Repayment Examples:

  1. The Annual Percentage Rate is subject to increase after consummation. Your Interest Rate is variable and may be adjusted quarterly based on each January 1, April 1, July 1 and October 1 (Adjustment Date) based on the Prime index as published in the Wall Street Journal on the first business day of the month immediately prior to the Adjustment Date (e.g., December, March, June and September). Any increase in the Index may increase the APR and the amount of your monthly payment.

  2. The "Index" for the quarter beginning October 1st, 2018, is 2.22%, which was the 1-month LIBOR index published in the Wall Street Journal on the first business day of September 2018.

  3. Current offered rate(s) are calculated by using the Index and Margin value(s) in effect. Your specific Index, Margin, and/or credit approval depends upon the credit qualifications of the student borrower or cosigner (if applicable). Student borrowers may apply with a creditworthy cosigner which may result in a better chance of approval and/or lower interest rate.

  4. Margin will be disclosed upon approval. This Margin is added to the Index to determine the calculated interest rate. The APR will not exceed %%CBCeiling%%, regardless of the Index.

 

Repayment examples:
Examples provided use highest current offered rate in effect for each repayment term and assume a constant interest rate on a $10,000 loan amount. Assumes 48 months in-school and 6 months grace period. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.  

5-year Variable Interest Rate Solution

  • Fixed Interim Repayment Option:
    7.25% APR, the monthly payment will be $25 during school (54 months) and $243.99 after graduation or separation (60 months). Finance charges will be $5,989.40.

  • Interest-only Repayment Option:
    7.71% APR, the monthly payment will be $64.33
     during school (54 months) and $201.21 after graduation or separation (60 months). Finance charges will be $5,546.42.

  • Full Principal and Interest Repayment Option:
    7.73% APR, the monthly payment will be $201.43. Finance charges will be $2,085.80.

10-year Variable Interest Rate Solution

  • Fixed Interim Repayment Option:
    7.57% APR, the monthly payment will be $25
     during school (54 months) and $148.14 after graduation or separation (120 months). Finance charges will be $9,126.80.

  • Interest-only Repayment Option:
    7.96% APR, the monthly payment will be $66.42
     during school (54 months) and $121.04 after graduation or separation (120 months). Finance charges will be $8,111.48.

  • Full Principal and Interest Repayment Option:
    7.97% APR, the monthly payment will be $121.17. Finance charges will be $4,540.40.

15-year Variable Interest Rate Solution

  • Full Principal and Interest Repayment Option:
    8.22% APR, the monthly payment will be $96.84. Finance charges will be $7,431.20.

 

 

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