Higher Education Loan

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 Higher Education Loan!


Student Advantages


For member support with application issues please call 1-800-897-5918, if a representative is unavailable please leave a message and they will return your call within 24 hours.

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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.



Program Details

Disclosure


Borrowing Limit

  • 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 Higher Education Loan application based on your Cost of Attendance (COA) and financial aid received.


Interest Rate

  • 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 LIBOR¹with a maximum rate of 15%.


Fees

  • 0% Origination Fee
  • 0% Repayment Fee
  • 0% Disbursement Fee


¹Variable 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.


Repayment Terms


Terms

  • Borrowers receive a six-month grace period after they graduate or drop below half-time status²prior to repayment
  • $50 minimum monthly payment
  • Maximum 10 year repayment term


Repayment Options

Borrowers have the flexibility to choose from three different repayment options:

  • Deferred repayment ²
    for borrowers who choose not to make payments on the principal or monthly accrued interest.
  • Interest only repayment ²
    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.


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.


Borrower Benefit

Once in full repayment, borrowers can sign up for monthly Auto Debit Payments and receive an immediate 0.25% interest rate reduction.³


³Borrowers 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 Higher 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.


Eligibility Requirements

To be eligible for a Higher Education Loan, applicants must meet the following requirements:

  • Be a primary member of Greater Texas Federal Credit Union or Aggieland Credit Union or complete the membership process
  • Be at least 18 years of age
  • Enrolled at least half-time or greater
  • Attending or scheduled to attend an Eligible School
  • Be a U.S. citizen or have Permanent Resident Status
  • Must be creditworthy
    • Have at least 5 years of established credit history
    • Have a minimum income of at least $20,000 per year
    • Or add a creditworthy cosigner


Personal Information

The applicant and cosigner, if applicable, will need the following information to complete the loan application:

  • Identification Details
    Name, Social Security number, drivers license number, date of birth and citizenship status
  • Contact Information
    Current address and phone number(s)
  • Email Address
    Both the applicant and cosigner must provide valid email addresses, which will be used as the login username for the loan application as well as means to contact the applicant and/or cosigner
  • Membership Identification
    The applicant will need to enter their credit union membership identification number
  • Employment & Income Employer
    name, phone number(s), and monthly income information
  • Academic Information School
    name, academic year, enrollment status, academic program and expected graduation date


Cosigner 

A creditworthy cosigner may help you get approved and may qualify you for a better interest rate.


Are you ready to cosign a loan?

If you have been invited to cosign a loan, please click here or use the link provided in your email notification.


*This is a Variable Rate and is calculated by adding a margin to 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. The Interest Rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable. Most of our loans allow you to apply with a cosigner, which can help you to qualify and may reduce your interest rate. Approval is subject to credit qualification, completion of an online application, verification of information provided and the completion of a Promissory Note. All rates subject to change. Please call the credit union for complete rate details.The Fixed Interest Rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable. Most of our loans allow you to apply with a cosigner, which can help you to qualify and may reduce your interest rate. Approval is subject to credit qualification, completion of an online application, verification of information provided and the completion of a Promissory Note. All rates subject to change. Please call the credit union for complete rate details.