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Undergraduate

Private Education Loan

Our innovative Student Choice private student lending solution is designed to help you responsibly fill funding gaps that may remain after you've exhausted lower-cost sources of aid.

Current Rates

Variable Rate Solution

Variable Rate icon

As rates rise and fall according to the market index, your monthly payment may change over time. Learn More


5-year Repayment Term: 4.75% - 5.75% APR

10-year Repayment Term: 5.50% - 6.50% APR

15-year Repayment Term: 6.00% - 7.00% APR

Borrow up to $100,000 (up to $40,000 per academic year).

 

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

Eligibility Requirements

To be eligible for our private education loan, you must be enrolled in a degree-granting program at an approved school and be a member of Members 1st Federal Credit Union. You may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded. Be sure to review all eligibility requirements.

Typical Online Application and Funding Timeline

Step 1

Start Your Online Application

Step 2

Submit Your Documents for Verification

Step 3

Loan is Certified by Your School

Step 4

Funds are Disbursed Directly to Your School

 

Personalized Support

* 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.

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