Utilities Employees Credit Union Undergraduate Private Education Line of Credit Disclaimers
*Subject to credit qualification and annual review. Must continue to meet school’s Satisfactory Academic Progress (SAP) requirements. Credit union membership and minimum share deposit required. Pennsylvania residency is required for credit union membership.
**Approved schools subject to change without notice.
^The APR will not fall below the floor rate as stated in the account opening disclosure regardless of the index or any additional rate discount.
◊ Variable Rate Line of Credit 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 Line of Credit 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.
1Variable Rate Disclosures
The Annual Percentage Rate (APR) for our undergraduate private education line of credit is variable and is based on the Prime index plus a margin. The current offered rate will be between 2.25% and 9.00% APR. The Annual Percentage Rate is subject to increase after consummation. The interest rate will be adjusted quarterly, based on changes to the Index. The APR will not exceed 18.00% or fall below the floor rate regardless of the index or any additional rate discount. Any increase in the Index may increase the APR and the amount of your monthly payment. The "Index" for the quarter beginning July 1st, 2021, is 3.25%, which was the Prime index published in the Wall Street Journal on the first business day of June 2021. Current offered rate(s) are calculated by using the index, margin and floor value(s) in effect. Your specific interest rate, margin, floor, and/or credit approval depends upon the credit qualifications of the student borrower and co-borrower (if applicable). Margin will be disclosed at account opening. Student borrowers may apply with a creditworthy co-borrower which may result in a better chance of approval and/or lower interest rate.
2Fixed Rate Disclosures
The Annual Percentage Rate (APR) for our undergraduate private education line of credit is fixed for the life of the loan. The current offered rate will be between 4.25% and 11.25% APR. Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or coborrower (if applicable). Your actual rate within the range stated will be disclosed upon approval.
Student borrowers may apply with a creditworthy coborrower which may result in a better chance of approval and/or lower interest rate.
All loans subject to approval and restrictions may apply. We reserve the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required.