Almost every student is going to need to take out loans to help pay for school. At SVFCU, we’ll make sure you get the loans you need to continue your education without setting you up for massive debt when you graduate. We have different options to be sure you receive the funds you need. Student Loans provide an opportunity to build your credit. For additional free College Resources regarding saving, planning, finding a career, etc. You can also read about repaying student loans.
SoundView Student Loans
We offer an affordable variable-rate loan, serviced in house. The rate is repriced quarterly, based on the Prime Rate (as published in the Wall Street Journal) plus a 3.00% margin with a lifetime cap of 18.00%. The applicant must be a SVFCU member and enrolled in a full or part time program at an institution of higher learning including undergraduate, graduate, and vocational schools.
If qualified, one may borrow up to $10,000 annually to an aggregate of $50,000 over five years. Loan proceeds are restricted to school related costs. A copy of the tuition bill, course schedule, and verification of address are required once per year. Loan amounts for part time and vocational programs will be determined by the tuition bill less any financial aid received.
Sufficient income is needed to meet the loan obligation or a co-signer will be required.
Interest only payments are required until six months after graduation or 30 days after leaving school prior to graduation. The loan will then convert to a repayment of principal plus interest. The entire loan term cannot exceed twelve years. Our student loan options conveniently have no prepayment penalty.
The Smart Option Student Loan® for SVFCU by Sallie Mae®*
For borrowers attending degree-granting institutions
Now you can pay for college the smart way with three great repayment options and competitive interest rates!