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Who is eligible for a graduate student loan?
Graduate students who are:
U.S. citizens or permanent residents (non-resident students are NOT eligible)
Continually enrolled in a degree-granting program and meeting the school's minimum Satisfactory Academic Progress (SAP) criteria. For fall and spring terms, you must be enrolled at least half-time. For summer term, you may be enrolled less than half-time. (Should you drop below half-time in the fall or spring, withdraw during any term, or fail to meet SAP requirements, your funding request can be denied, your line of credit may close, and you may enter repayment.)
Before applying, make sure to check that your school is included in our listing of approved schools
Able to meet XYZ Federal Credit Union's standard underwriting criteria (a cosigner may be necessary and may also help your qualify for a lower rate)
Eligible for credit union membership (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)
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What if my school is not on the list of eligible schools?
Our private education line of credit solution is available to thousands of public and private non-profit, degree-granting schools nationwide. Unfortunately, if your school is not included in our approved list, then you are not eligible at this time. However, you may wish to contact the credit union for other possible loan options. Please note that the eligible schools list is subject to change without notice.
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Are there out-of-pocket fees I have to pay?
No. This private education line of credit does not have origination or other application fees. In addition, there are no prepayment fees.*
*See rates page for additional information, repayment examples, and important disclosures.
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When completing the application, what is the difference between "line of credit amount" and "loan amount"?
When you first complete the application, your line of credit amount will prefill. This amount is based on your school's cost of attendance and number of years you have remaining.
You will need to select a loan amount, which is the amount you personally need to borrow for the upcoming term. For future academic terms, you will be able to request additional funds from your line of credit (called a "draw"), up to your line of credit amount (subject to annual credit review and satisfactory academic progress). Please note that draws can never exceed your school's cost of attendance for the specified term.
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If the loan amount is certified by my school, why do I need to enter a requested loan amount on the application?
Some borrowers have additional funds they will contribute to their education. For example, your school may certify $10,000, but you only need to borrow $5,000 because you have other funds (such as savings) to pay the remaining cost.
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To apply, do I have to know my enrollment status?
Yes. You must be continually enrolled in a degree-granting program and meet your school's minimum Satisfactory Academic Progress (SAP) criteria to be eligible. For fall and spring terms, you must be enrolled at least half-time. For summer term, you may be enrolled less than half-time. Should you drop below half-time in the fall or spring, withdraw during any term, or fail to meet SAP requirements, your funding request can be denied, your line of credit may close, and you may enter repayment.
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Do I and my co-borrower (if applicable) need to be members of the credit union in order to be eligible?
In order to fund the loan, the borrower must be a member of the credit union. To expedite funding, visit your credit union branch or website to open your membership account while we are processing your loan.
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Why do I need to answer multiple personal questions in order to eSign?
We partner with the credit bureaus to provide a secure form of identity verification. By validating your identity through this process, we can forego extra identity verification in many cases.