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| LOAN LIMITS |
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$1,000 Minimum Amount
$10,000 Annual Limit
$40,000 Student
Aggregate Limit
(for RCU private loans only)
$80,000 Cosigner Aggregate Limit (for any loan identified as a student loan)
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| ELIGIBLE SCHOOLS |
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Chippewa Valley Technical College
College of St. Scholastica
Concordia University –
St. Paul or Wisconsin
Hamline University
Macalester College
Minnesota State University - Mankato or Moorhead
North Dakota State University
St. Catherine University
University of Minnesota – Crookston, Duluth, Morris, or Twin Cities
University of St. Thomas
University of Wisconsin –
Baraboo, Barron, Eau Claire, Fond du Lac, Fox Valley, Green Bay,
La Crosse, Madison, Manitowoc, Marathon, Marinette, Marshfield, Milwaukee, Oshkosh, Parkside, Platteville, Richland, Rock, River Falls, Stevens Point, Sheboygan, Stout, Superior, Washington, Waukesha, or Whitewater
Viterbo University
Western Wisconsin Technical College
Winona State University
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Going to college can be overwhelming, but paying for it shouldn't be! We have provided Student Loans for more than 35 years, so we know how to make financing your education easy and affordable. Reach for your degree today!
RCU offers a private student loan to assist you with paying for school tuition that may not be covered through federal aid. Your private student loan can only be used for school expenses. Before applying for a private student loan, you must first apply for federal student loans as they will be your lowest cost options. For more information regarding federal student loans contact your school’s financial aid office or go to the Department of Education website.
Visit the Department of Education website.
Benefits of an RCU Private Student Loan
Enjoy competitive interest rates and many other benefits including:
No processing or origination fees
Funds are disbursed directly to your school electronically
No payments due until after graduation or dropping below half time status
Multiple repayment options
Repayment term of up to 12 years
Rate reduction of .25% with automatic payment deduction
Co-signer release option after 36 consecutive on time payments
No prepayment penalties
10-day grace period after payment due date
View frequently asked questions.
Apply for a RCU Private Student Loan
To apply for a private student loan you must:
Be an RCU Member or qualify for membership Join RCU today.
Attend one of the eligible school listed on the left at least half time
In addition, you (or your co-signer) will need to have a satisfactory credit score, at least two years of credit history, and income sufficient to make payments.
Apply for a student loan online today.
Private student loans require a longer processing time. The timeline to process your loan consists of:
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Day 1
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You Complete the Online Application
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Days 2-7
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Cosigner Signs Application (if applicable)
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Days 8-9
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Application Reviewed
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Day 10
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Certification Request Sent to Your School
(The school must certify that the amount of the loan matches
the difference between tuition and federal financial aid.)
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Day 30
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School Certification Received
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Day 31
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Approval Disclosure to Student
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Day 34
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Final Disclosure to Student
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Day 42
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First Disbursement Sent to School
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Rates
Rates are based on Prime Rate plus a margin.
Rates are subject to credit approval.
Rates will change quarterly based on Prime Rate.
Rates will range between 4.25% and 8.25%.
Repayment Options
Choose from the following options to repay your loan:
Deferred Payments
Make no payments while enrolled in school. Interest will be charged and added to your loan.
Interest-Only Payments
Payments will begin 30-60 days after the first disbursement. Repayment of principal and interest begins 30-60 days after 6-month grace period ends.
Immediate Repayment
Repayment of principal and interest begins 30-60 days after the first disbursement.
You may take up to 12 years to repay your loan. There are no penalties for paying off your loan early. You can also make pre-payment to lower your future payments, as well as the total interest of your loan.
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