Loan Details

Qualifying Expenses

A Union Federal® Private Student Loan may cover up to 100% of school-certified costs1 which could include:

  • Tuition and fees
  • Room and board
  • Books and supplies
  • Transportation
  • Personal expenses
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Eligibility

To be eligible for a Union Federal Private Student Loan,2 you must:

  • Be enrolled at an eligible institution in a degree-granting or graduate certificate program
  • Be the legal age of majority or at least 17 years of age at the time of application if applying with a cosigner who meets age of majority requirements in the cosigner’s state of residence
  • Be a U.S. citizen, permanent resident alien or an Eligible Non-Citizen (DACA recipient) applying with an eligible cosigner who is a U.S. citizen or permanent resident alien, or an international student applying with an eligible cosigner who is a U.S. citizen or permanent resident alien
  • Remember, having a cosigner (parent, grandparent, aunt or uncle, guardian, friend, or mentor) could improve your chances of approval
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Fixed Rates vs. Variable Rates

The difference between a fixed rate and a variable rate student loan.

The benefit of a fixed rate is that it won’t change.10 Your payments will stay the same over the life of the loan.

With a variable rate loan, the rate fluctuates with market interest rates. As a result, your loan payment amounts may go up or down too.

Fixed Rates

2.85% – 15.61% APR3,4

Variable Rates

3.53% – 15.91% APR3,4

Lowest APRs shown include a 0.25% interest rate reduction for customers who elect auto pay.7

Loan Limits & Maximums1

How much can you borrow with Union Federal private student loans?

$1,000 minimum loan amount

$225,000 aggregate student loan limit (total amount of outstanding student loan debt)

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Flexible Repayment Options & Loan Terms5,6

Immediate

Start paying right away.

  • Lowest cost option overall
  • Highest monthly payments while in school
  • Fastest way to pay off your loan
Interest Only

Pay interest only right away.

  • Reduces overall loan cost
  • Moderate monthly payments while in school
Flat Payments

Make small monthly payments right away.

  • Minimally reduces overall loan cost
  • Low payments while in school
Full Deferment

No payments of principal and interest until after you graduate.

  • No reduction of overall loan cost
  • No payments while in school

In-School Default Protection8

If you elect interest-only or flat payments during school and have trouble keeping up, In-School Default Protection automatically shifts you into a deferred payment option so you can stay on track.

In School Default Protection

Choose the duration (term) of your loan: 5, 7, 10, 15, or 20 years.6

Terms and payment amounts also vary with the length of the loan.

Lower the cost of your loan with:

0.25% rate reduction with auto pay7

0.25% for every six months of on-time principal and interest payments, lower your rate by 0.05%— for a total reduction of up to 0.25%9