A smart way to finance your educational dreams.
These days, higher-education costs just keep climbing. MECU private student loans allow members to more easily finance the expenses of pursuing a college education — without pledging collateral.
An MECU private student loan is a variable-rate line of credit that can be used for paying college expenses as needed. The proceeds of each advance are first forwarded to the member’s educational institution.
MECU private student loans feature:
At MECU, we make repaying your loan hassle-free with automatic transfers that:
- Transfer funds automatically from one MECU account to another
- Ensure each payment is made on time
- Save the time and expense of going to the credit union or mailing your payments
- Avoid deposit withdrawal fees
- For more information on student loans, click here
For a list of our fees, please check our fee schedule.
|Loan Type||APR As Low As|
|Private Student Loans||6.00%|
APR = Annual Percentage Rate. This is a variable rate loan available to qualified borrowers. The APR will vary quarterly based on the One Month Libor as published in The Wall Street Journal. The borrower must be a U.S. citizen or legal resident. Loan terms up to 20 years. The minimum loan amount is $1,000 and the maximum cumulative loan amount (per membership account) is $40,000. Loan may not be used to consolidate other student loan debt. Loan proceeds may not exceed the total amount needed for expenses associated with attending school. These include, but are not limited to: tuition, books, school fees, room and board, transportation and supplies. Grants, scholarships and other student loans may reduce the amount you may be eligible for, regardless of creditworthiness and ability to repay. Borrower must submit acceptable proof of enrollment. Loan disbursement check or EFT will be sent directly to the educational institution. Repayment term begins within 45 days of the disbursement. Minimum payment amount is $50 per month, per loan. The maximum rate is 18%. Rates, terms and conditions are subject to change.
Plan for your future and learn more about student loans.
We have compiled a list of helpful Web sites that can provide you a wealth of information and tools to aid you in the process of choosing a student loan. All of these Web sites open to a third party site.