Compare Loan Options
There are a variety of ways to pay for college. Explore some of the most popular options below to help decide what's right for your family.
|
UWCU Family Student Loan |
UWCU Home Equity Loan or Line of Credit |
Federal Direct PLUS Loan |
|---|---|---|
|
At a Glance |
||
|
Fixed- or variable-rate loan that a family member borrows on behalf of the student. |
Fixed- or variable-rate loan or line of credit where a homeowner borrows from their home equity. |
Fixed-rate loan offered by the government to parents and graduate students. |
|
Maximum Term |
||
|
15 years* |
15 years |
10 years |
|
Minimum Loan Amount |
||
|
$1,000 |
$5,000 |
None |
|
Maximum Loan Amount |
||
|
$15,000 per school year |
Available home equity |
Cost of attendance |
|
Type of Borrower |
||
|
Credit-worthy person |
Homeowner |
Parent |
|
Fees |
||
|
No hidden fees, annual fees or prepayment penalties. |
No annual fees, no prepayment penalties, or no or low closing costs1 |
A 4.228% fee is incurred for each disbursement after October 1, 2020. |
|
Cosigner Needed |
||
|
Sometimes (36-mo. release) |
None |
Rarely |
|
Payment Deferrals |
||
|
None |
None |
6 months (by request) |
|
Reduced Payments |
||
|
Up to 6 months of forbearance and up to 6 months of interest-only payments upon request |
Up to 15 years interest only for lines of credit |
Many options |
|
Get Started |
||
Private Student Loans
See how our student loan options for undergraduate and graduate students compare to family loans.
Home Equity Line or Loan
Explore all the ways to tap into your built-up home equity and find your best way to borrow.
More Student Resources
Check out helpful financial tips and resources to make the college years a success for students and parents.