School daze?

We can help you see your way clear with our college financing options.

College can be crazy enough – figuring out how to pay for it shouldn’t be. If you're a Member of Royal Credit Union, you have options! (And if you're not yet a Member, please join us!) 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, Visit the Department of Education website.

Apply Now

Royal Credit Union | Benefits
  • Competitive interest rates
  • No processing or origination fees
  • Funds are disbursed directly to your school
  • No payments due until after you graduate or drop below half-time status
  • Multiple repayment options and terms
  • Rate reduction of .25% with automatic payment deduction
  • Cosigner release option after 36 consecutive on-time payments
  • 12 year repayment term
How to Apply

To apply for a private student loan you must be an Royal Credit Union Member and attend an eligible school at least half time. We are here to help answer your questions! (If you are not yet a Member, just stop on in to an office or call 1-800-341-9911 option 5 to become one.)

A couple of quick tips:

  • When applying, please have income and other personal information readily available.
  • 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.
Royal Credit Union | Rates
  • Prime Rate + a margin, subject to change quarterly
  • Range between 3.5% and 8.5% APR* This is a variable rate loan which is subject to change.
  • Subject to credit approval.
Royal Credit Union | Limits
  • $1,000 Minimum Amount
  • $10,000 Annual Limit
  • $40,000 Student Aggregate Limit (for Royal Credit Union private loans only)
  • $80,000 Cosigner Aggregate Limit (for any loan identified as a student loan)
Sample Timeline

Private student loans require a longer processing time. Here's what you might expect:

Day 1 - Complete the online application!

Days 2-7 - Cosigner signs application (if applicable)

Days 8-9 - Application reviewed.

Day 10 - 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.)

Day 30 - Certification received.

Day 31 - Approval disclosure to student.

Day 34 - Final disclosure to student.

Day 42 - First disbursement sent to school.

More Information

Application Process:

Existing Royal Credit Union Private Student Loans:
University Accounting Services

Mail Payments To:

University Accounting Services
PO Box 5865
Carol Stream, IL

The Fine Print
Royal Credit Union | Fine Print

*APR is Annual Percentage Rate. At 3.5% APR, 180 monthly payments of $9.28 per $1,000 borrowed.

View our student loan disclosures.

Transfer funds to/from your Royal Credit Union account to/from your other financial institution - Direct Payment Authorization

View our disclosures and service fees.