NEW YORK UNIVERSITY Federal Credit Union PRIVATE EDUCATIONAL LOANS FOR UNDERGRADUATES AND GRADUATES
Exclusively Servicing the New York University Community
We offer:
- Free checking accounts
- Low Interest Loans: Mortgages, Home Equity Loans, Auto Loans, Student Loans, Visa Credit Cards, Personal and etc.
- Lines of Credit and Overdraft Protection
Disclaimer
The New York University Federal Credit Union is a federally chartered savings and loan cooperative solely owned and operated by its membership. Savings accounts are insured by the federal government up to the same amounts as any commercial bank.
Because New York University is the sponsoring organization of the New York University Federal Credit Union, its field of membership is limited to individuals who are connected to the University (such as students or employees and their immediate families). However, New York University and the New York University Federal Credit Union are not affiliated and the New York University Federal Credit Union acts as a completely independent lender for all purposes.
As you determine the best way to finance your education, you should consider the full range of student financial aid options available to you. Private loans are often used to supplement federal student loans, when federal loans are not sufficient to cover the full cost of education.
If you don’t qualify for a Federal Education Loan or for enough financial aid to cover all your education related expenses, the New York University Federal Credit Union Private Educational Loan may be for you.
New York University Federal Credit Union Student Loan Rates
Tier |
Score |
Margin |
APR |
Fees |
A+ |
800-850 |
2.50 |
5.75% |
0% |
A |
760-799 |
4.00 |
7.25% |
3% |
B |
680-760 |
6.50 |
9.75% |
5% |
C |
640-679 |
7.00 |
10.25% |
5% |
D |
620-639 |
8.75 |
12.00% |
6% |
The “Variable Rate” Rate is equal to the Index plus a Margin. The “Index” for any calendar quarter beginning on a Change Date (or for any shorter period beginning on any Disbursement Date and ending on the last day of a calendar quarter) is based on the U.S. Prime Interest rate (“Prime”) as published on Money Rates section of The Wall Street Journal (Eastern Edition). The Variable Rate will change quarterly on the first day of each January, April, July and October if the Index changes. Rates do not include automatic payment reduction.
*FICO score based on Experian.
Benefits
- Fully disclosed interest rates and fees before you apply.
- Easy, No Hassle application process.
- No application fees or other out of pocket fees.
- Preliminary approval in as little as 1 minute when applying by web.
- Competitive interest rates tied to Prime.
- Good Student Discounts available.
- Upon Approval, funding can be scheduled as soon as we receive all required documents.
- Up to 5 year draw period, 15 years repayment terms.
- Deferred payment options available.
- Get an interest rate reduction of 0.25% after setting up automatic electronic payments from a New York University Federal Credit Union checking account with direct deposit.
Qualification Requirements
- At least half-time enrollment in a degree program.
- You must have proof of current positive income.
- 2 most recent pay stubs, last year's W-2, and the last 3 months of bank statements.
- Origination fees deducted from loan proceeds.
- You must be a U.S. citizen or permanent resident and have resided in the U.S. for the previous two years, and
- You must have resided at your most current and immediately preceding addresses for a total of at least two years.
- You must be a member of the New York University Federal Credit Union. Co-borrowers also must join the New York University Federal Credit Union.
- International Students: Currently the New York University Federal Credit Union doesn’t offer loans to international students.
Most full-time students need a creditworthy co-borrower to qualify. You may borrow a minimum of $1,000 and up to the cost of attendance minus other aid as certified by New York University. Your student loan can cover any charge on your official New York University bill up to $30,000 annually. The aggregate student loan limit is $100,000 per student. The New York University Federal Credit Union Private Educational Loan Program rates are variable and subject to change quarterly.
Representatives are available Monday to Friday from 9 a.m. to 5 p.m. and the New York University Federal Credit Union is open on Sunday, August 30, 2009 “move-in-day" from 9 a.m. to 5 p.m.. If you have any additional questions please call at (800) 260-4602, we will return your call promptly within 24 hours.
Parents—Help your student start building a strong credit history.
Become a co-borrower on your students New York University Federal Credit Union Private Student Loan today!"
- Undergraduate borrowers may choose to defer repayment until six months after graduation or ceasing to be enrolled at least half time in school.
- The 0.25% interest rate reduction is available for borrowers who elect to have monthly principal and interest payments transferred electronically from a New York University Federal Credit Union checking account with direct deposit. The interest rate reduction will begin when automatic payments start, and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate will return to contract rate if automatic payments or direct deposits are cancelled, rejected or returned for any reason.
- Good Student Discount provides an interest rate reduction for the following: students graduating with a GPA of 3.0-3.49, reduction in interest rate of .25% at time of repayment graduating with a GPA of 3.5-4.0, reduction in interest rate of .5% at time of the repayment.
- All disbursements made payable to New York University.
- Maximum interest rate ceiling of 18%, and a floor of 5.75%.