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Important Disclosures

Undergraduate

Variable Rate Solution

The Annual Percentage Rate (APR) is variable1 and is based on the Prime 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 4.75% and 5.75% 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 5.50% and 6.50% 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 6.00% and 7.00% 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 (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 July 1st, 2021, is 3.25%, which was the Prime index published in the Wall Street Journal on the first business day of June 2021.

  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 18.00%, 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 Payment Option:
    5.44% APR, the monthly payment will be $25 during school (54 months) and $214.38 after graduation or separation (60 months). Finance charges will be $4,212.80.

  • Interest-only Payment Option:
    5.64% APR, the monthly payment will be $47.08
     during school (54 months) and $191.53 after graduation or separation (60 months). Finance charges will be $4,034.12.

  • Full Principal and Interest Payment Option:
    5.65% APR, the monthly payment will be $191.7. Finance charges will be $1502.

10-year Variable Interest Rate Solution

  • Fixed Interim Payment Option:
    5.72% APR, the monthly payment will be $25
     during school (54 months) and $124.84 after graduation or separation (120 months). Finance charges will be $6,330.80.

  • Interest-only Payment Option:
    5.89% APR, the monthly payment will be $49.17
     during school (54 months) and $110.41 after graduation or separation (120 months). Finance charges will be $5,904.38.

  • Full Principal and Interest Payment Option:
    5.90% APR, the monthly payment will be $110.52. Finance charges will be $3262.4.

15-yearVariable Interest Rate Solution

  • Full Principal and Interest Payment Option:
    6.15% APR, the monthly payment will be $85.14. Finance charges will be $5336.

 

 

Graduate

Variable Rate Solution

The Annual Percentage Rate (APR) is variable1 and is based on the Prime 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 4.50% and 5.50% 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 5.25% and 6.25% 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 5.75% and 6.75% 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 July 1st, 2021, is 3.25%, which was the Prime index published in the Wall Street Journal on the first business day of June 2021.

  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 18.00%, 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:
    5.44% APR, the monthly payment will be $25 during school (54 months) and $214.38 after graduation or separation (60 months). Finance charges will be $4,212.80.

  • Interest-only Repayment Option:
    5.64% APR, the monthly payment will be $47.08
     during school (54 months) and $191.53 after graduation or separation (60 months). Finance charges will be $4,034.12.

  • Full Principal and Interest Repayment Option:
    5.65% APR, the monthly payment will be $191.7. Finance charges will be $1502.

10-year Variable Interest Rate Solution

  • Fixed Interim Repayment Option:
    5.72% APR, the monthly payment will be $25
     during school (54 months) and $124.84 after graduation or separation (120 months). Finance charges will be $6,330.80.

  • Interest-only Repayment Option:
    5.89% APR, the monthly payment will be $49.17
     during school (54 months) and $110.41 after graduation or separation (120 months). Finance charges will be $5,904.38.

  • Full Principal and Interest Repayment Option:
    5.90% APR, the monthly payment will be $110.52. Finance charges will be $3262.4.

15-year Variable Interest Rate Solution

  • Full Principal and Interest Repayment Option:
    6.15% APR, the monthly payment will be $85.14. Finance charges will be $5336.

 

 

Student Loan Refinance

Variable Rate Solution

The Annual Percentage Rate (APR) for our student loan refinance program is variable1 and is based on the Prime index2 plus a margin. The rate you receive depends upon the credit qualifications of the borrower or cosigner (if applicable) and the repayment term selected. 

The current offered rates are3:

  • 5-Year Repayment Term:     between 4.50% and 5.00% APR

  • 10-Year Repayment Term:   between 4.75% and 5.25% APR

  • 15-Year Repayment Term:   between 5.00% and 5.50% APR

Your interest rate is calculated by adding the Index in effect plus a Margin4.

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

 

Fixed Rate Solution

The Annual Percentage Rate (APR) for our student loan refinance program is fixed5 for the life of the loan. The rate you receive depends upon the credit qualifications of the borrower or cosigner (if applicable) and the repayment term selected. 

The current offered rates6 are:

  • 5-Year Repayment Term:     between 5.25% and 5.75% APR

  • 10-Year Repayment Term:   between 5.50% and 6.00% APR

  • 15-Year Repayment Term:   between 5.75% and 6.25% APR

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

All loans are subject to approval and restrictions may apply. We reserve the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required.
 

Important:  Please remember that federal loans do offer certain benefits and protections that do not transfer to a private loan. By refinancing your federal student loans to a private loan you will lose any federal benefits that may apply to you. Please review this important disclosure for more information.

 

  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 (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 July 1st, 2021, is 3.25%, which was the Prime index published in the Wall Street Journal on the first business day of June 2021.

  3. Current offered rates are calculated 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 borrowers or cosigner (if applicable). Applicants 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 18.00%, regardless of the index.

  5. Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or cosigner (if applicable). 

  6. Your actual rate within the range stated will be disclosed upon approval. Student borrowers may apply with a creditworthy cosigner which may result in a better chance of approval and/or 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 $50,000 loan amount. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.  

Variable Interest Rate Solution

  • 5 year loan term: with a 5.00% APR, the monthly payment will be $943.56. Finance charges will be $6,613.70.

  • 10 year loan term: with a 5.25% APR, the monthly payment will be $536.46. Finance charges will be $14,375.02.

  • 15 year loan term: with a 5.50% APR, the monthly payment will be $408.54. Finance charges will be $23,537.51.

Fixed Interest Rate Solution

  • 5 year loan term: with a 5.75% APR, the monthly payment will be $960.84. Finance charges will be $7,650.30.

  • 10 year loan term: with a 6.00% APR, the monthly payment will be $555.10. Finance charges will be $16,612.30.

  • 15 year loan term: with a 6.25% APR, the monthly payment will be $428.71. Finance charges will be $27,168.06.

 

 

Important Refinance Disclaimers

You are eligible to refinance private student loans (including institutional loans) and government loans with this Student Loan Refinance. If any of the loans that you are refinancing are government loans, you should be aware of the following important facts about how refinancing may affect your rights.

  • A government loan is made according to rules set by the U.S. Department of Education. Many government loans have fixed interest rates, meaning that the interest rate on such a government loan will never go up or down.

  • Government loans also permit borrowers in financial trouble to use certain options, such as income-driven repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.

  • Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty servicemember and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.

  • If you are unable to pay your government loan, the government may refer your loan to a collection agency or sue you for the unpaid amount. In addition, the government has special powers to collect the loan, such as taking your tax refund and applying it to your loan balance.

  • A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.

  • If you refinance your government loan, your new lender will use the proceeds of your new loan to pay off your government loan. Private student loan lenders do not have to honor any of the benefits that apply to government loans. Because your government loan will be gone after refinancing, you will lose any benefits that apply to that loan. If you are an active-duty servicemember, your new loan will not be eligible for certain servicemember interest rate and repayment benefits. Most importantly, once you refinance your government loan, you will not able to reinstate your government loan if you become dissatisfied with the terms of your private student loan.

  • Your private student loan will have either a fixed interest rate that will never change or a variable interest rate that will go up or down with the market. In either case, the interest rate of your private student loan may be less than the rate of your government loan. If your new private student loan has a fixed interest rate that is less than the interest rate on your government loan, your payments may be less if you refinance. If your new private student loan has a variable interest rate that currently is less than the interest rate on your government loan, your payments may be less now. If rates go up in the future, however, the interest rate and the payments on your private student loan could eventually be greater than the interest rate and payments on your government loan.

  • If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of government loans, a refinance of your government loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.

  • If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.

  • Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.

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