What are private student loans for?
A private student loan picks up the additional costs that federal and state funding do not cover. Also, scholarships don’t always cover the full cost of education. A private student loan helps bridge the gap between the financial aid you’ve received and the final cost for all educational expenses.
How do student loans work?
We always recommend taking the free money (scholarships and grants) and less expensive state and federal student aid money first. If federal direct loans, scholarships, and school grants do not cover your educational expenses, a private student loan is used in conjunction to pay the rest of your college expenses.
Student loans are privately funded loans. These loans are to borrow money from the credit union for college costs. Use your funding to pay for student housing, tuition, books, school supplies, and more. The lender provides a set amount of money upfront to the borrower. In turn, the borrower agrees to a repayment plan with a manageable monthly payment. Money FCUs student loan interest rates are a variable rate for undergraduate student loans and a fixed rate for student loan refinancing.
View the Student Choice National Webinar Series. These webinars provide helpful guidance in many areas of college preparation and financial aid assistance. These webinars for both students and parents assist with many of the higher education readiness steps. Topics include everything from planning for college, filling out the FAFSA, deciphering financial aid, refinancing student loans, and more. Also, you can visit studentaid.ed.gov for additional help with the financial aid process, finding grants and scholarships, and completing the FAFSA (Free Application for Federal Student Aid.) Parents and students may also feel free to browse our frequently asked questions page to answer most of your questions ahead of time.