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Undergraduate

Private Education Loan

Our innovative Student Choice private student lending solution is designed to help you responsibly fill funding gaps that may remain after you've exhausted lower-cost sources of aid.

✔ Competitive Rates

✔ Online Application

✔ Personalized Support

Current Rates

Variable Rate Solution

Variable Rate icon

Interest rates and monthly payments rise and fall according to the Prime index. Learn More

Rate Ranges: 10.25% - 12.50% APR†

Borrow up to $75,000.

 

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Important Disclosures and Rate Details

DID YOU KNOW?

You can potentially reduce your rate by 0.25% by enrolling in automatic electronic payments during full repayment**

WEBINAR RECORDING: Completing the New FAFSA

Everything you need to know about the changes coming to the 2024-25 FAFSA under the FAFSA Simplification Act, including the simplified process, important deadlines, FSA ID for students and parents, and how to complete the FAFSA.

Listen Now

Eligibility Requirements

To be eligible for our private education loan, you must be enrolled in a degree-granting program at an approved school‡ and be a member of University of Michigan Credit Union. You may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded. Be sure to review all eligibility requirements.

Read More FAQs

Typical Online Application and Funding Timeline

Step 1

Start Your Online Application

Step 2

Submit Your Documents for Verification

Step 3

Loan is Certified by Your School

Step 4

Funds are Disbursed Directly to Your School

 

View Timeline Details

View Rates & Get Started

Personalized Support

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* Subject to annual review and credit qualification. Must meet school's Satisfactory Academic Progress (SAP) requirements.
** The APR will not fall below the floor rate regardless of the index or any additional rate discount
† APR = Annual Percentage Rate
‡ Approved schools subject to change without notice.
◊ Variable Rate Option: the repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000.
 ◊◊ Fixed Rate Option: the repayment schedule is fixed at 10 years regardless of the amount you borrow. Full repayment begins at the end of the grace period, unless full repayment is selected during enrollment.

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