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%

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%

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.