Northwest Federal Credit Union Private Student Loan

Rating:

Website:  http://nwfcu.studentchoice.org/page.php?page=85

Phone number for New Applicants:  800-349-9470

Hours of Operation: 24 hours a day, 7 days a week

Membership: Required. Eligibility details available here

• THIS IS A VARIABLE RATE LINE OF CREDIT.  Interest rates will change during the life of loan based on changes to the 1-month LIBOR rate (to see current 1-month LIBOR that applies to this loan, click here). This loan has a floor rate of 6.0% which is currently in effect.
• Maximum interest rate:  18%
  
• Current Starting Interest Rate is 6.0%.  Interest rate on this loan will be the greater of a) the LIBOR index plus your quoted Margin OR b) 6%. 
  
• Margin for all approved loans:  LIBOR + 3.75%
  

• Origination/Repayment Fees:  None
• Late Payment Fees:  5% of monthly payment amount
  • Timing:  14 days after payment due, a payment is considered late
• Returned Payment Fees:  $20
• Forbearance Fees:  None

• Standard Repayment Term:  20 years standard, 25 years for loans greater than $40,000
• Interest-only payments required while borrower is in school:  No
• Prepayment Penalties:  None

• Auto-Debit Benefit:  0.25% interest rate reduction for making automatic electronic payments from your bank account

• May be required
  
• Co-signer Release:  Yes, after 48 consecutive months of on-time payments

• Annual Minimum Loan:  $1,000
• Annual Maximum Loan:  Cost of attendance less any other financial aid
• Aggregate Maximum:  $75,000
  

• Provides immediate response to on-line loan application:  Yes
• Upon online credit approval, provides immediate "plain English" disclosure on interest rates and fees:  Yes

• Borrower may cancel the loan within 45 days of first loan disbursement to the school
• Review lender's Promissory Note for details on loan cancellation process 

• Sample Credit Union Line of Credit Agreement, June 2009

• University Accounting Systems
  

• Loan approval rates, which are not publicly available, may be low
• This loan may not be dischargeable in bankruptcy
• Credit unions have short operating history with private student loans
  

• Once you have applied for a loan, please complete this short survey to tell us about your experience

Student Lending Analytics (SLA) is an independent research and advisory firm and is not a lender.  SLA receives NO compensation from any lenders for our ratings service nor for any referrals that they may receive through this website.  While SLA has made every effort to confirm each of the lender loan terms described above, it assumes no responsibility for typographical or other errors or omissions in the information provided.   SLA makes no representations or warranties about your eligibility for a particular loan.  SLA recommends that you carefully review each lender's loan application and promissory note for final loan terms, including Savings Opportunities.   Savings Opportunities may not be automatically available and you may not be eligible for certain Savings Opportunities.