Higher Education Loans
The Essential Alternative
Tuition, lab and course fees, a never-ending list of required books and supplies…
The list of college costs goes on and on, and we understand that sometimes students
struggle to keep up with these rising costs, even after exhausting all federal financial aid options.
This is why we offer the Greater TEXAS Federal Credit Union Private Education Loan!
Please make sure you, as a student, have filled out the FAFSA, applied for scholarships
at your school of choice, and exhausted all Federal Aid options before applying.
• The maximum annual/lifetime loan amount is $50,000
• The minimum annual loan amount is $1,000
The Financial Aid Office at your institution will review and certify your Private Education Loan application based on your Cost of Attendance (COA) and financial aid received.
Interest rates are based on the applicant’s or cosigner’s creditworthiness.
Rates vary between 3.99% + 3-month LIBOR1 and 11.99% + 3-month LIBOR1 with a maximum rate of 15%.
• 0% Origination Fee
• 0% Repayment Fee
• 0% Disbursement Fee
• Borrowers receive a six-month grace period after they graduate or drop below half-time status2, prior to repayment
• $50 minimum monthly payment
• Maximum 10 year repayment term
Borrowers have the flexibility to choose from three different repayment options:
• Deferred repayment2 for borrowers who choose not to make payments on the principal or monthly accrued interest
• Interest only repayment2 for borrowers who elect to pay their monthly interest
• Immediate repayment for borrowers who wish to pay their principal and accrued interest while in school
Once in full repayment, borrowers can sign up for monthly Auto Debit Payments and receive an immediate 0.25% interest rate reduction.3
1. Variable rate, based on the three-month London Interbank Offered Rate (“LIBOR”) as published in The Wall Street Journal on the fifteenth day of each December, March, June and September.
2. Borrowers are allowed four and one half years of deferred or interest only repayment from the time of first disbursement (this period, as well as the six-month grace period received once the borrower graduates or drops below half-time, are not considered part of the repayment term); after this period the borrower will be placed in full repayment. Borrower must be continuously enrolled at least half-time to remain eligible for deferred or interest only repayment.
3. Borrowers are eligible for 0.25% interest rate reduction if they elect to sign up for Auto Debit Payments through Greater TEXAS Federal Credit Union’s Private Education Loan servicer, Higher Education Servicing Corp. Periods of deferred and interest only repayment do not qualify for this interest rate reduction. If at any time automatic payments are stopped or the loan is not in repayment status, the rate discount will be canceled. Greater TEXAS Federal Credit Union reserves the right to modify or discontinue benefit(s) at its discretion and without notice.