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Alternative Student Loans
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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: Required 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
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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 student 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 Promissory Note for more specific information regarding UCU's Alternative Student Loan Program.
