Loans » Student Loans » Variable Rate Private Student Loan

Variable Rate Private Student Loan

When federal student loans are not enough, get a Private Student Loan. Borrow up to $12,500 annually, minus other financial aid received, to achieve your educational goals.

Our Variable Rate Private Student Loan features rates as low as 3.78%.* This is a variable rate, which can change quarterly.

Your interest rate will be determined by your credit score or your cosigner's, whichever is greater. It is based on the 3-month LIBOR rate plus a margin.

All Private Student Loans Feature:

Student Savings

Take advantage of these affordable features:

• No Origination Fee
• No Repayment Fee
• No Insurance Fee
• No Prepayment Penalty
• 0.25% interest rate reduction with automatic payments¹

Student Benefits

Get the flexibility you need:

• Option to make interest-only payments during first 2 years of repayment
• Take up to 12 years to repay
• Cosigner release option after 36 consecutive, on-time payments
• Deferred payments while in school half-time
• 6-month grace period before repayment begins
• 10-day grace period after payment due date

Eligibility & Loan Limits

Know if you're eligible before you apply by following these guidelines:

• Borrow up to $12,500 annually; $40,000 lifetime (limits for all UW Credit Union private student loan programs combined)
• Minimum loan amount of $1,000
• Age 18 or older
• Enrolled at least half-time
• Attend a UW System school, Madison College or Edgewood College
  Note: If you attend a school other than the ones listed, contact your financial aid office for your loan options.
• Must be in a degree-seeking program
• Must meet Satisfactory Academic Progress requirements, as defined by your school
• You must have:
  • A satisfactory credit score
  • At least 2 years of credit history
  • Income sufficient to make payments
  • U.S. citizenship or Permanent Alien status OR a cosigner that meets these conditions

Before Applying

Before applying for a Private Student Loan, we recommend that you first consider your lowest cost options. For instance, a federal Stafford Loan.

Learn more about the costs of a Private Student Loan by viewing the Application Truth in Lending Disclosure. Contact us if you need help deciding.

* 6.69% annual percentage rate (APR). The APR assumes that you will be in school for 4 years and have a 6-month grace period before repayment begins. Borrowing $10,000 at 3.78% accrues $1,701.00 in interest during 4 years in school and the 6-month grace period, resulting in 6.69% APR. The APR can differ from the interest rate as it considers fees paid to obtain the loan, your interest rate, if payments are deferred and reflects the cost of the loan as a yearly rate. You are not required to make payments on your loan while in school, although you may make principal and interest payments any time. Making payments while attending school will lower your APR. The minimum loan amount is $1,000. Your interest rate will be determined by your credit score or your cosigner’s, whichever is greater. Rate is variable and can change quarterly. For further information on rates and costs, see the Application Truth in Lending Disclosure. You will be required to review the Application Truth in Lending Disclosure prior to submitting an application.

¹ To be eligible for the interest rate reduction for automatic payments, you must be signed up for automatic payments through Great Lakes Educational Loan Services. If at any time automatic payments are stopped or the loan is not in repayment status, the rate discount will not be applied. UW Credit Union reserves the right to modify or discontinue benefits at its discretion and without notice.