EDUCATIONAL LOANS

STUDENT LOANS

The New York University FCU Private Educational Loans for Undergraduate and Graduate Students. 

As you determine the best way to finance your education, you should consider the full range of student financial aid options available to you.  Private loans are often used to supplement federal student loans, when federal loans are not sufficient to cover the full cost of education.  

The New York University Federal Credit Union (NYUFCU) is a federally chartered savings and loan cooperative solely owned and operated by its membership. Savings accounts are insured by the federal government up to the same amounts as any commercial bank.

Because New York University is the sponsoring organization of the New York University Federal Credit Union, the NYUFCU’s field of membership is limited to individuals who are connected to New York University (such as students or employees and their immediate families). However, New York University and the NYUFCU are not otherwise affiliated and the NYUFCU acts independently from New York University.

If you have any questions regarding our Private Student Loans please contact us at 212-995-3171.

If you don’t qualify for a Federal Education Loan or for enough financial aid to cover all your education related expenses, the New York University FCU Private Educational Loan may be for you.

From the Office of the Attorney General: Understanding Student Lending

Benefits

  • Fully disclosed interest rates and fees before you apply.

  • Easy, No Hassle application process.

  • No application fees or other out of pocket fees.

  • Preliminary approval in as little as 1 minute when applying by web.

  • Competitive interest rates tied to Prime.

  • Good Student Discounts available.

  • Upon approval, funding can be scheduled after we receive all required documents.

  • Up to 5 year draw period, 15 years repayment terms.

  • Deferred payment options available.

Qualification Requirements

  • At least half-time enrollment in a degree program.

  • You must have proof of a current positive income

  • 2 most recent pay stubs and previous years Tax Return, or last year's W-2, previous years Tax Return and the last 3 months of bank statements for self employed.

  • Origination fees deducted from loan proceeds.

  • You must be a U.S. citizen or permanent resident and have resided in the U.S. for the previous two years

  • You must have resided at your most current and immediately preceding addresses for a total of at least two years.

  • You must be a member of NYU Federal Credit Union. Co-borrowers also must join the NYU Credit Union.

  • International Students: Currently the NYU Federal Credit Union doesn’t offer loans to international students.

Most full-time students need a creditworthy co-borrower to qualify. You may borrow a minimum of $1,000 and up to $30,000 annually - the cost of attendance minus other aid as certified by the New York University. The aggregate private student loan limit is $100,000 per student. The NYU Federal Credit Union Private Educational Loan Program rates are variable and subject to change quarterly.

TIER SCORE MARGIN APR* ORIGINATION FEE
A+ 800-850 0 5.25% 0.0%
A 760-799 3.00 8.25% 2.0%
B 680-760 5.00 10.25% 4.0%
C 640-679 7.00 12.25% 5.0%
D 620-639 8.75 14.0% 6.0%

Representatives are available Monday-Friday 9am-5pm EST. If you have any questions please call us at 212-995-3171. We will return your call promptly within 24 hours.

Parents - Help your student start building a strong credit history.

Became a co-borrower on your student's NYU FCU Private Educational Loan today!

  • Undergraduate borrowers may choose to defer repayment until six months after graduation or ceasing to be enrolled at least half time in New York University.

  • The 0.25% interest rate reduction is available for borrowers who elect to have monthly principal and interest payments transferred electronically from a NYU FCU checking account with direct deposit. The interest rate reduction will begin when automatic payments start, and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate will return to contract rate if automatic payments or direct deposits are cancelled, rejected or returned for any reason.

  • Good Student Discount provides an interest rate reduction for the following: Graduate w/GPA of 3.0-3.49, reduction in interest rate of .25% at time of repayment Graduate w/GPA of 3.5 - 4.0, reduction in interest rate of .5% at time of repayment

  • All disbursements made payable to New York University.

  • Maximum interest rate ceiling of 18%, floor of 5.25%

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.  

STUDENT LOAN CONSOLIDATION LOAN

PRIVATE STUDENT LOAN CONSOLIDATION

For more information on student loan consolidation, please read the NerdWallet article, "When to Consolidate Your Student Loans?"

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 9/27/2018, prime rate is 5.25%.

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.