Let GHS Help Make Your College Dreams Come True.
We want to help make financing your education easier and repaying your student loans better! Through our partnership with LendKey, we are proud to offer financing options for both current students and those who have graduated.
Click below for the GHS Federal Credit Union Student Loan that fits your needs.
Private Student Loans
A low rate student loan offers a range of benefits to students looking for help with the cost of attendance.
- Be enrolled half-time (at a minimum) at an approved school
- Must be enrolled in a degree-granting program
- Steady source of income
- Established credit history
- Must be a US citizen or permanent resident
- Be the age of majority in your state of residence
- Ability to secure better loan terms with a cosigner if your credit is poor or hasn’t been established
- Potential to borrow up to 100% of school-certified expenses, including tuition, room and board, and books
- Conditional approval may be available soon after applying
- Competitive interest rates
- Smooth, user-friendly application process
Student Loan Refinancing
Refinancing your student loans for a lower interest rate can save you thousands. Multiple repayment options mean you can find something that fits your situation.
- Ability to release any cosigners, eliminating their liability
- Enables you to combine multiple loans into one
- Refinance federal and private student loans together
- Option to refinance only those loans with high interest rates
- A new loan means you have a chance to save money with new terms–if you qualify for a lower interest rate or reduce the repayment term, it can save you thousands
- Choose a variable or fixed interest rate
- Minimum loan amount of $5000 (or more in Arizona, Connecticut, and Massachusetts)
- Maximum loan amount of $125,000 for undergraduate degrees; graduate students can borrow up to $175,000, and select medical degrees eligible to borrow up to $300,000
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What is the difference between a federal student loan and a private one?
One main difference between the two types of loans is the accessibility of federal loans. Government loans are available to students regardless of whether they have a cosigner or a good credit history. Federal loans’ repayment plans can differ from private student loan options. However, due to borrowing limits on federal student loan amounts, student borrowers can have to seek out supplemental financial aid.
Private student loans can fill the gap between tuition costs and the amount of government aid in the form of grants, loans, and scholarships a student has. Applicants often need to have a desirable credit score, or a cosigner who does.
Do I still need to complete a Free Application for Federal Student Aid (FAFSA) if I’m applying for a private student loan?
By starting a student loan application, you can check your eligibility for a LendKey private student loan through its network of private lenders.
Do private student loans have an application deadline?
Additionally, more time may be added to the application process as your school certifies your loan. Institutions can typically process and certify loans in under thirty days, you may need to allow several weeks for everything.
Should I have a cosigner for my private student loan?
In most cases, a cosigner with an established credit history can help you. If your cosigner has an established credit history, you can usually qualify for better terms, which means long-term savings when it comes to your loan repayments.
Can I repay my private loans while still in school?
- Reduce post-graduation debt load
- Develop good financial habits
- Build a credit history that will help you after graduation as you apply for jobs and places to live
Why should I consider refinancing my student loans?
How do I get started refinancing my student loans?
Typically, borrowers refinance student loans through the government’s Federal Direct Consolidation Loan Program. Be aware that privately refinancing a federal loan takes away its benefits.
Private Student Loans
To refinance your private loan, borrowers go through their lending institution, such as a bank or credit union. Private lenders can also combine federal and private loans into one easy-to-manage loan with better rates.
LendKey offers a user-friendly student loan calculator. Simply fill in your remaining balance monthly payment amount to see if refinancing is right for you.
Variable vs. Fixed Rate: What’s the Difference?
Here’s a quick explanation of the difference between the two rates.
The interest rate on the loan stays the same throughout the life of the loan. While rates vary, the typical fixed rate for a borrower with excellent credit without a cosigner is around 7%.
Variable rates mean your student loan’s interest rate can adjust each month, depending on changes in interest rates. When interest rates are extremely low, variable rates are good for borrowers.
However, interest rates change. That means variable rate student loans carry some risk – your payments can go up if interest rates do.
Will Loan Refinancing Affect My Credit?
However, you can check your rate in advance with LendKey’s Refinancing Calculator to see if refinancing is worthwhile before you begin.