Undergraduate 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 5.952% and 6.723% 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 6.239% and 6.971% 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 6.721% and 7.222% 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 on each January 1, April 1, July 1, and October 1 (Change Date) based on the 1-month LIBOR index as published on the 5th business day prior to the Change Date. Any increase in the Index may increase the APR and may increase the amount of your monthly payment.

  2. As of July 1st, 2017, the 1-Month LIBOR index (Index), as published in the Wall Street Journal, used is 1.22%. For new variable interest rate loans, the Index used is the rate as published five days prior to each new quarter. The interest rate will not exceed 18.00% regardless of the Index.

  3. Margin will be disclosed upon approval. This Margin is added to the Index to determine the calculated interest rate.

  4. Current offered rates are calculated using the Index and Margin. Your specific Interest Rate, Margin, and/or credit approval will depend upon the student borrower’s and cosigner’s (if applicable) credit qualification. Applicants may apply with a creditworthy U.S. cosigner which may result in a better chance of approval and/or lower interest rate.

 

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 Payment Option:
    6.390% APR, the monthly payment will be $25.00 during school (54 months) and $229.51 after graduation or separation (60 months). Finance charges will be $5,120.60.

  • Interest-only Payment Option:
    6.714% APR, the monthly payment will be $55.89
     during school (54 months) and $196.69 after graduation or separation (60 months). Finance charges will be $4,819.40.

  • Full Principal and Interest Payment Option:
    6.723% APR, the monthly payment will be $196.69. Finance charges will be $1,801.40.

10-year Variable Interest Rate Solution

  • Fixed Interim Payment Option:
    6.688% APR, the monthly payment will be $25.00
     during school (54 months) and $136.60 after graduation or separation (120 months). Finance charges will be $7,742.00.

  • Interest-only Payment Option:
    6.965% APR, the monthly payment will be $57.95
     during school (54 months) and $115.95 after graduation or separation (120 months). Finance charges will be $7,043.12.

  • Full Principal and Interest Payment Option:
    6.971% APR, the monthly payment will be $115.95. Finance charges will be $3,914.00.

15-yearVariable Interest Rate Solution

  • Full Principal and Interest Payment Option:
    7.222% APR, the monthly payment will be $91.12. Finance charges will be $6,401.60.