The cost of college continues to rise, forcing many students and families to resort to higher-cost private student loans to fill funding gaps. As a not-for-profit lender, MembersAlliance Credit Union has a unique ability to help members and families by offering our Student Choice private lending solution. Zero origination or prepayment fees, lower interest rates and a simple one-time online application. Deferment of principal and interest while in school. Flexible repayment terms including graduated repayment for two years. Convenient line of credit structure that lets you apply once and secure financing for your entire college career.
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There are two different types of student loans: federal and private. Most experts agree that the best student loans come from the federal government. These fixed-rate loans usually offer lower interest rates and greater borrower protections than private loans. When you choose a private loan, your credit score (and that of your co-signer, if you have one) will impact the student loan interest rates you’re offered.
This is how long you have to pay back your loan. Usually, this term is between five and 20 years. A shorter term means higher monthly payments, but you’ll usually pay less in interest fees and be debt-free sooner.
A fixed rate student loan locks in the rate that will be applied to your loan through your entire loan term. The rate will not change.