STUDENT LOAN CONSOLIDATION LOANS

PRIVATE STUDENT LOAN CONSOLIDATION

Loan Limits   NYU Student Loan Consolidation loans are limited to a cumulative total of $100,000.   Minimum loan amount is $10,000. Aggregate loan limit (including all other education debt) of $125,000   

Offered to NYU ALUMNI. 

Loan Length and Deferral Periods NYUFCU will offer up to a maximum 180 month fully amortized loan. Interest will accrue on a daily basis.  

VARIABLE RATE

The variable rate consolidation loans, indexed to the Prime Interest Rate, and adjusts quarterly.  There is an interest rate ceiling of 8.5%. Effective 12/20/2018, prime rate is 5.5%.

TERM ABOVE 800 BETWEEN 760-799 BETWEEN 700-759
5 Years Prime - 1.5% Prime - 0.50% Prime + 0.50%
7 Years Prime - 1.25% Prime - 0.25% Prime + 0.75%
10 Years Prime - 0.75% Prime + 0.25% Prime + 1.25%
12 Years Prime - 0.50% Prime + 0.50% Prime + 1.50%
15 Years Prime - 0.25% Prime + 0.75% Prime + 1.75%
FEES 0% 1% 1%

Fixed Rates

TERM ABOVE 800 BETWEEN 760-799 BETWEEN 700-759
5 Years 3.5% 4.5% 5.5%
7 Years 4.0% 5.0% 6.0%
10 Years 4.5% 5.5% 6.5%
12 Years 5.0% 6.0% 6.74%
15 Years 5.5% 6.5% 6.74%
FEES 0% 1% 1%

Loan Origination Fee  NYUFCU will charge a loan origination fee (range above) which will be added to the amount borrowed and financed over the term of the loan.  Origination fees are not refundable in the event the loan is repaid early.

Eligibility NYU Alumni with the credit score above 700 and D/I ratio up to 40%.  Must be currently employed full time.

Other requirements

  1. The applicant and the co-signers both must be a member of NYU FCU.

  2. Rates are based on credit score

Application Instructions:

NON- MEMBERS: 
Complete the Private Student Loan Application. You will receive an email with further instructions within two days of submitting your application.  

MEMBERS:  
1. Log into Online Banking
2. Click on “Self Service”, Click on “Apply for a loan” 
3. Complete the Private Student Loan Application. You will receive an email with further instructions within two days of submitting your application.