private student loans 
Helping your students succeed

​Student Loans

Variable Rate Private Student Loan

As low as 3.78% APR*
Apply Today! 


Fixed Rate Private Student Loan

As low as 5.95% APR*

Apply Today! 

When federal student loans are not enough, CoVantage Credit Union can help members or individuals who qualify for membership with a Private Student Loan to cover the cost of education at eligible schools,** which may include the following:

  • Tuition and fees. 
  • Books, supplies, and miscellaneous personal expenses as determined by the school.
  • Room and board.
  • Dependent care as approved by your school.
  • Loan amount certified by school will not exceed your cost of attendance less other financial aid.

 

We recommend that you take advantage of other options for education funding, in addition to private student loans. Federal financial aid, provided by the U.S. Department of Education, may be your lowest cost option. For more information regarding federal student loans, contact your school’s financial aid office or go to the Department of Education website. (By clicking on this link, you will be leaving our website.)  

 

Benefits

  • Fixed and variable interest rate options  

  • Borrow up to $12,500 annually; $40,000 lifetime  

  • No origination, repayment, disbursement, or insurance fees  

  • No prepayment penalty

  • .25% interest rate reduction with automatic payments***

  • Several repayment options including deferred payments while in school at least half-time

  • 6-month grace period before repayment begins

  • 10 year repayment term

 

Timeline

​ Private student loans can take 4-6 weeks to process. The timeline consists of:​
Day 1​You complete the online application
Days 2-7​Cosigner Signs Application (if applicable)
​Days 8-9​Application Reviewed
Day 10​Certification Request Sent to Your School
Day 30 School Certification Received
Day 31​Approval Disclosure to Student
Day 34​Final Disclosure to Student
Day 42​First Disbursement Sent to School
 

 

  

Need assistance with your student loan application?

Phone:  877-717-3601

Fax:        877-801-5945

Email:    covantagecu@cology.com

  

 

Related Pages

​*Your interest rate will be based on you and/or your cosigner’s credit worthiness. The variable rate may vary based on the 1 Year Treasury Bill and may change quarterly. Student loans are available to borrowers who meet CoVantage’s membership, credit requirements, and attend an eligible school. Variable Rate: 3.78% 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 4.06% accrues $4,182.37 in interest during 4 years in school and the 6-month grace period, resulting in 3.78% APR. Repayment term is 10 years. Rate is variable and can change quarterly. For further information on rates and costs for the Variable Rate Private Student Loan, see the Application Truth in Lending Disclosure [PDF]. Fixed Rate: 5.95% 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 5.91% accrues $4,216.40 in interest during 4 years in school and the 6-month grace period, resulting in 5.95% APR. Repayment term is 10 years. For further information on rates and costs for the Fixed Rate Private Student Loan, see the Application Truth in Lending Disclosure [PDF]. 

 **Eligible schools include all 4-year, public, private or not-for-profit schools in Wisconsin, Michigan, Minnesota, and all colleges in the University of Wisconsin system.
 
***If at any time automatic payments are stopped or the loan is not in repayment status, the rate discount will not be applied. CoVantage reserves the right to modify or discontinue benefits at its discretion and without notice.