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On June 20, 2014, we launched our Private Student Loan program to help you fund the gap between the Cost of Attendance (COA) and other financial aid.  The student will be the primary borrower and will be able to borrow up to the Cost of Attendance.  Borrowers must be members of HONEA FCU and enrolled in an approved school, at least half time, in a degree granting undergraduate or graduate program.IO

The minimum loan amount is $2,000.00.  The maximum loan amount is:  COA less Financial Aid

For example:   ABC College COA: $42,000.00 
Student awarded
$35,000.00 in scholarships, grants and federal loans.
$42,000.00 - $35,000.00 = $7,000.00
School certifies private loan for $7,000.00.

The program aggregate loan limits:
Undergraduate:  $120,000.00.
Graduate: $160,000.00

Variable Interest Rate:   Base rate + Loan margin
Base rate (3 Month Libor) adjusts quarterly on the first day of January, April, July and October.  We use the average of the 3-Month Libor as reported by the Wall St. Journal on the 1st of each month, for the last three months preceding the adjustment date.

Example:  Assuming the 3-Month LIBOR base rate is 0.24%
 ACS Grade                            Loan Margin       Interest Rate        
 Platinum Honors  3.24% 3.48% 
 Platinum Plus  5.24% 5.48% 
 Gold Honors  6.50% 6.74% 
 Gold Plus  7.74% 7.98% 
 Silver Honors  8.74%  8.98%
 Silver Plus 9.24% 9.48% 
There is a 2.99% floor on the loan rate.





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