Student Loans

Student Loan Help

We can help you pay your way 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.

Apply Now

plus icon
  • Competitive interest rates
  • No processing or origination fees
  • Funds disbursed directly to your school
  • No payments due until after graduation or below half-time status
  • Multiple  options and terms
  • Reduction of .25% with automatic payment deduction
  • Cosigner release option after 36 consecutive on-time payments
  • 12 year repayment term
How to Apply
How to Apply

To apply for a private student loan you must be a 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 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.
chart icon
  • Prime Rate + a margin, subject to change quarterly
  • Range between 5.25% and 10.25% APR* This is a variable rate loan which is subject to change.
  • Subject to credit approval.
astrisk icon
  • $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
check mark

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

*APR is Annual Percentage Rate. At 5.022% APR, 144 monthly payments of $9.27 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.