Introducing Student Loans from Providence FCU!
Apply for a student loan or refinance your current loans
We'll guide you to borrow responsibly and make a money smart choice about refinancing. Because at Providence Federal Credit Union, we care about your financial health.
LEARN ABOUT YOUR STUDENT LOAN OR REFINANCING OPTIONS
Deciding how to pay for college is often the first real financial hurdle you’ll face as a young adult. Once you graduate, you’ll have another important decision to make – to refinance or not to refinance.
Providence Federal Credit Union wants to help you borrow responsibly – and be smart about paying off debt. That’s why we now offer private student loans and education refinancing options.
Based on where you are on your financial journey, ask yourself:
- Do I need a private student loan? If you’ve: exhausted all financial aid and scholarship options; calculated how much you can earn on your own; and taken advantage of federal student loans – but still need money to pay for your first-choice college – a private student loan may help you fill the financial gap.
- Should I refinance my current student loans? If you: no longer need the protections federal student loans offer and you may be able to get a lower interest rate, consider refinancing.
See if refinancing your student loans can save you money. For loans in process call 866-791-6432
CHECK OUR LIST OF ELIGIBLE COLLEGES
Providence Federal Credit Union’s college loan options are offered to help cover the costs of hundreds of schools. Check to see if the college of your choice is on the list.
LEARN ABOUT YOUR STUDENT LOAN OPTIONS
When you’re looking at ways to pay for college, start by maximizing your savings and free financial aid. Also consider a part-time job or paid work-study. If these financial sources aren’t enough, a student loan may be a smart option.
Student loans can come from:
- The federal government.
- Private sources, like a credit union or bank.
Here are some need-to-knows about each.
- Federal Direct Student Loans: Must be enrolled in college at least half time. Loans offer low, fixed rates and multiple payment options, but there are fees to get a loan and limits on the amount you can borrow.
- Federal Parent PLUS Loan: Parents can borrow up to the cost of attendance, minus other aid received. Interest rates and fees are generally higher than Federal Direct Student Loans, and the parent assumes all responsibility for repayment.
- Cover up to 100% of what isn’t covered in your financial aid package
- Choose a fixed or variable rate.
- Have a cosigner, which could help you qualify for the loan.
- Enjoy rates and fees that may be lower than a federal student loan, based on your (or your cosigner’s) solid credit score.
LEARN ABOUT YOUR REFINANCE OPTIONS
Refinancing lets you combine all of your student loans – including undergrad and graduate, and federal and private – into one new refinance loan. One loan means just one monthly payment and can result in a lower monthly payment overall.
3 REASONS YOU MAY WANT TO REFINANCE NOW:
The main reasons graduates refinance their student loans are to:
1. Save money with lower interest rates. Lower interest rates can mean lower monthly payments. More money for your monthly budget.
2. Take advantage of flexible loan repayment options. Providence Federal Credit Union offers:
- Immediate repayment of principal and interest: Begins 30 to 60 days after the loan is finalized and all underlying loans are paid off, then continues for the repayment period.
- Graduated repayment of principal: Offers lower payments in the first two years and a higher payment for the remaining term of the loan.
3. Choose a fixed or variable rate:
- Fixed: Rate never changes so your payment stays the same.
- Variable: Lower rate up front that could increase or decrease quarterly.
A Providence Federal Refi Loan makes refinancing simple and easy – and there are no origination fees.
OTHER THINGS TO KEEP IN MIND
After reviewing the reasons to think about refinancing now, ask yourself the following questions before making your final decision.
DO MY FEDERAL STUDENT LOANS HAVE OPTIONS I STILL NEED?
Your federal student loans may have certain repayment options or loan forgiveness plans that you may no longer have if you refinance. Example: If you have a lower income or lose your job, you may be eligible for plans that cap what you have to pay each month.
DO I HAVE A STEADY INCOME AND GOOD CREDIT?
If you have a job and have been responsible with your finances and paying down debt, lenders may see that you have a track record of handling money wisely. With a credit score of about 660 or higher and a steady income to support your loan repayment, you may be a good candidate for refinancing.
DO I HAVE A PLAN FOR THE MONEY I MAY SAVE?
Refinancing may save you a lot of money over the term of a loan. Having a plan for those extra dollars can help you find financial balance in this new stage of your life. When you think intentionally about every dollar, you can do more with what you have!
LET YOUR GOALS - AND OUR EXPERIENCE - BE YOUR GUIDE
We’ll help you borrow responsibly – not too much; not too little. So you can breathe easier now and minimize your payments after graduation.
You can look to us as your go-to guide for refinancing, too. If we can save you money, we’ll show you how much and walk you through the process to keep things simple for you. If refinancing isn’t a good fit, we’ll let you know that upfront. It’s all part of putting people before profits.
At Providence FCU, your goals and financial health come first – always.
Credit Union membership is required before utilizing any product/service by establishing a savings account with $5.00. Loans are subject to credit approval. Rates are determined by an evaluation of applicant’s credit and may vary. Other restrictions may apply. Contact credit union for details.
*APR (ANNUAL PERCENTAGE RATE). Rates start at 3.10% variable and 2.99% fixed. Our rate is based on your credit history and may be higher. Loan rates are determined by the board and are subject to change without notice. Loans are subject to credit approval. Other restrictions may apply. Credit Union membership is required before utilizing any product and/or service by establishing a savings account with $5.00.