UCU Alternative Education Loans*
Features
- Fills the gap between the cost of school attendance and traditional funding sources (Scholarships, Grants, Stafford and PLUS Loans)
- 0 % Origination Fee
- 0% Default Fee
- No prepayment penalty
- Flexible Repayment Options*
- Option A: Deferred Payment: Does not require any payments while in school
- Option B: Interest Only: Requires interest only payments while in school
- Option C: Immediate Repayment: Requires immediate repayment of principal and interest while in school
- Maximum repayment period of 144 months and is based upon aggregate loan balances as of the end of the interim period
- Loans are serviced in Maine
- Manage your account 24/7 at http://www.fiscsolutions.com
Eligibility
- Available for full and half-time graduate and undergraduate students
- Student must be a Maine resident, or attend college in Maine
- Student must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen
- Student must be enrolled in a degree program and in attendance at least half-time as determined by the school
- Student must maintain satisfactory academic progress, which is determined by the school
- Students must be eligible for Title IV Programs
- Student/Guarantor must be a University Credit Union member in good standing.
- Funds must be paid directly to the school
- The student and guarantor must meet credit requirements
Interest
- Variable interest rate based upon an index of the Wall Street Journal (WSJ) Prime Rate plus a specified margin depending on repayment terms and underlying loan credit risk
- Interest Rate adjusts annually on July 1st of each year based upon the index value on the prior June 1st
| Index of WSJ Prime Rate plus a Margin as indicated below according to Repayment Structure | |||
| Credit Score Range | Option A | Option B | Option C |
| A+ 720-848 | +1.00% | +0.50% | 0.00% |
| A 680-719 | +1.50% | +1.00% | +0.50% |
| B 640-679 | +2.50% | +1.50% | +1.00% |
| C 600-639 | +4.50% | +3.50% | +2.50% |
| A 0.25% interest rate deduction is available for automatic repayment during the Repayment Period | |||
Loan Limits
- The minimum loan amount is $1,000 per academic year
- You may borrow up to the lesser of $15,000 or the amount of qualified educational expenses less any financial aid you are receiving
- The maximum aggregate of alternative education loans per student cannot exceed $50,000
- Your school will be required to certify this amount and the final approved loan amount could be less than the amount requested
*Other terms and conditions may apply, please review the Master Student Promissory Note for more specific information regarding UCU’s Alternative Education Loan Program.