Frequently Asked Questions
How do I apply for a private student loan?
Click here to apply for a student loan online today.
Follow the directions to see if you qualify to apply for a private student loan. If you are a RCU Member or qualify for membership, you will be able to apply online.
How will I know how much my loan amount will be?
Your school will be responsible for determining the loan amount for which you are eligible, provided it is not greater than the annual limit of $10,000 or more than you requested.
What is the minimum loan amount I can borrow?
There is a minimum loan of $1,000.
What is the maximum amount I can borrow each year?
You can borrow up to $10,000 each year.
How much can I borrow in my lifetime?
There is a $40,000 lifetime maximum.
How do I know if I'm eligible to apply for the private student loan?
In addition to being a RCU Member, you must meet credit requirement qualifications applicable at the time the loan is reviewed. In addition, you must:
- be enrolled, will enroll, or admitted to an eligible school as defined for the particular loan program the application was submitted under
- be in a program which is eligible for Federal financial aid
- be enrolled or will enroll at least half-time
- be of the age of majority for the state in which they reside
- be a US citizen, national, or eligible non-citizen. If the borrower is a foreign student, the borrower must have a cosigner who is a US citizen or permanent resident with a mailing address is the US and a valid Social Security number
If I need a co-signer, who is eligible to be a co-signer?
A cosigner is eligible if the cosigner:
- is the age of majority at the time of the application based on his/her state of permanent residence
- is a US citizen or permanent resident
- has satisfied the credit requirements described in the Credit Guidelines applicable at the time the loan is reviewed.
How will my funds be disbursed?
Funds will be disbursed directly to your school.
What will my repayment terms be?
You may take up to 12 years to repay your Private Student Loan.
What will my interest rate be?
Private student loan rates are variable, and they could adjust quarterly.
Is there a deferment period on the private student loan?
You are not required to make payments while you are in school at least half-time (for up to 60 months). Your first payment will not be due until six months after graduation or a drop below half-time status unless you choose a different repayment option.
Is there a grace period on loan payments?
There is a 10-day grace period after the payment due date.
Is it possible to have my co-signer removed/released from the loan?
Yes, your co-signer can be removed after 36 consecutive months of on-time payments.
Is there an interest rate reduction for automatic payment?
Yes, you can receive .25% percent APR reduction if you have your payments automatically deducted.
What fees will I have to pay to apply for the loan?
There are no fees for you to apply.
Can I make pre-payments?
Yes, and they can be helpful to you in the long run to lower future payments, as well as the total interest cost for your loan.
Are there any penalties for pre-paying my loan or paying it off early?
No, there are no penalties for paying off your loan early.
What schools are eligible?
View the list of eligible schools.
In addition, a list can be found within the online application.
What information will I need to apply?
Initially, both you and your co-signer will need the following information to apply.
- Identification and contact information:
Social Security number and driver's license number
- Employment information:
Annual salary and employer's name, address, and phone number
- Contact information for nearest adult relative:
Name, address, and phone number of relative not at same address
During the application process, you will be required to provide other information.
What if I run into a problem when I'm in the online loan application?
There is help available throughout the online loan application. If the help available does not answer your questions, please contact us at 1-877-526-6765.
Can I review my information before submitting the online application?
You will be able to review the information you have provided on a confirmation screen. Some of the fields will be editable.