Student Loan Refinance Disclosures

1To qualify, the loan application must be started between 01/03/2022 and 03/31/2023 and the selected repayment term must be 10 years or less. Upon disbursement of your refinance loan, no payments will be required and no interest will accrue during a three-month promotional period. After this three-month promotional period ends, this loan requires full payments of principal and interest. The credit union reserves the right to modify the terms of this offer at any point in the future for new applications.

2To qualify, the loan application must be started between 10/01/2022 and 03/31/2023. Upon approval and disbursement of your refinance loan, the primary borrower will receive a cash deposit of $250. The cash deposit will be awarded in the form of a deposit to your credit union checking or savings account within 90 business days from the funding date of the loan. The primary borrower must be a credit union member in good standing at the time of deposit. Limit one cash award per borrower. The credit union reserves the right to modify the terms of this offer at any point in the future for new applications. Recipient is responsible for any applicable federal, state, or local taxes associated with receiving the cash deposit; consult your tax advisor to determine applicable tax consequences.

NOTE: Please review carefully if you are considering refinancing your federal student loans. By refinancing federal student loans, you may lose certain borrower benefits from your original loans. These may include interest rate discounts, income-driven repayment options, principal rebates, or some cancellation benefits that can significantly reduce the cost of repaying your loans. With the August 2022 announcement from the Biden administration, it’s more important than ever to evaluate your options if you have federal student loans. Explore all available resources by visiting the Department of Education’s website at www.studentaid.gov or contacting your federal student loan servicer to understand how any federal student loan proposals may impact you, and determine whether having access to federal student loan benefits outweigh the benefits of refinancing your loans.

Variable-rate loans are subject to approval. Rates, terms and conditions are subject to change without notice. Variable rate is based on the prime index plus or minus a margin. The current prime rate is 7.50%. The interest rate is based upon your (or your cosigner’s, if applicable) credit history and the repayment term you select. The rate will not increase or decrease more than once a quarter, but there is no limit on the amount the rate could increase at one time. If the interest rate increases, your monthly payments may be higher. Although the rate will vary after you are approved, it will never exceed 18.00% (the maximum allowable for this loan). A 0.25% discount on rates can be obtained by enrolling in automatic recurring payments.

Fixed-rate loans are subject to approval. Rates, terms and conditions are subject to change without notice. Fixed rate will be set when the loan is conditionally approved and will not increase above that rate before the loan is paid in full. The interest rate is based upon your (or your cosigner’s, if applicable) credit history and the repayment term you select. A 0.25% discount on rates can be obtained by enrolling in automatic recurring payments.

Your existing student loan(s) must total a minimum of $5,000 to be eligible for refinance. The maximum amount you may refinance is $150,000.

To qualify, you must be eligible for Credit Union membership, at least 18 years old, a U.S. citizen or permanent resident, have graduated from an approved public or private not-for-profit school, and continue to meet UMassFive College Credit Union’s underwriting criteria.

To apply for this loan, complete the online application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market).

Student Loan Refinance and underwriting is provided by UMassFive College Credit Union. Application processing is provided by Credit Union Student Choice on behalf of UMassFive College Credit Union. Loan servicing and repayment is provided by University Accounting Service, LLC on behalf of UMassFive College Credit Union.