Parent Student Loan - Harvard University Employees Credit Union
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Help finance your student’s undergraduate education.

The HUECU Parent Loan allows family members to help students cover education-related expenses.

 

Benefits include:

  • 0.25% interest rate reduction for automatic recurring payments2, automatically applied after the first payment has cleared.
  • 0.25% interest rate reduction for qualifying relationships3, applied after the loan is disbursed. Contact us to receive the benefit.
  • No application or origination fees.
  • Zero pre-payment penalty.
  • Funds sent directly to your student’s school.

Covered costs include:

  • Tuition
  • Books and supplies
  • Living expenses (minus other aid)
  • If you are receiving a refund above and beyond tuition and fees, the funds will be posted directly to the student’s account.

 

Key Features:

  • Rates1 starting at 3.75%.
  • As low as 3.75% APR1
  • 10 & 15 year repayment options.

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Explore why this is a better alternative to the Federal Direct Plus Loan

Rate1 APR1 Est. Monthly Payment Federal Parent PLUS Loan
Origination Fee 0% 4.228%*
10 Year Fixed 3.75% to 6.00% 3.75% to 6.00% $100.06 to $111.02 7.08%
15 Year Fixed 4.25% to 6.50% 4.25% to 6.50% $75.23 to $87.11 This repayment option is not available for the Federal Parent PLUS Loan.
FAFSA Not required, but encouraged. Required.

*For loans disbursed on or after Oct. 1, 2020, and before Oct. 1, 2021.

Please review the program Application Truth in Lending Disclosure for further information on loan rates and cost.

Frequently Asked Questions

How much can I borrow with a HUECU Parent Loan?

You may borrow up to $50,000 per academic year, and $200,000 in total.

Can the HUECU Parent Loan pay for a student’s books and personal expenses while in school?

A parent or family member can borrow to cover all education related expenses up to the cost of attendance, which is determined by the school’s financial aid office. This includes indirect costs such as room and board, transportation, and books.

How do I apply for a HUECU Parent Loan?

To apply, all you need to do is fill out the online application. You will need the following information:

  • Student’s Name, Date of Birth and Social Security Number
  • School the student is attending, graduation date, loan period and the loan amount
  • Cost of attendance and any financial aid, which can be found on the financial aid award letter provided by the college or university

You will also be asked to upload certain documents including:

  • Recent pay stub (no more than 30 days old) or other proof of income and
    monthly housing payment.
  • Proof of identification, driver’s license or government issued ID

What are the credit requirements for the Parent Loan?

We will need to see a reasonably strong credit score and established credit history, including on-time monthly payments.

What if I am not approved for the HUECU Parent Loan?

If you are denied, it may be due to your credit history. Consider obtaining a co-signer for your Parent Loan application, or speak to the financial aid office at your school about the Federal Direct PLUS Loan.

Are there any penalties for paying off the HUECU Parent Loan early?

There are no prepayment penalties.

Terms and Conditions Apply. In order to qualify, a borrower must be a U.S. Citizen or permanent resident, and meet HUECU’s underwriting requirements. Applicants must have a responsible financial history, and meet other conditions.

1. Interest Rate & APR. The rate you receive is based upon the length of your repayment term, your credit score and history, length of employment, and you must meet income requirements. Not all borrowers receive the lowest rate. The APR assumes your loan will enter immediate repayment after first disbursement. Interest is charged daily throughout the life of the loan, beginning the first date of disbursement, through any deferment period, and ending when the loan is paid in full. Rates and terms are subject to change without notice. Such changes will only apply to applications taken after the effective date of the change.

Loan Example: Borrowing $10,000 at 3.75% and 10 year term, results in 3.75% APR, monthly payment of $100.06, finance charge of $2,007.20 and total repayment of $12,007.20.

2. AUTO-PAY. In order to be eligible for the 0.25% interest rate reduction for automatic payments, you must be signed up for automatic payments through University Account Service (UAS). Payment must be set-up from a U.S. bank account. If at any-time automatic payments are stopped, the rate discount will not be applied. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. Auto-pay is not required to obtain a loan. HUECU reserves the right to change rate discounts at any time.

3. RELATIONSHIP DISCOUNT. A qualifying relationship discount is considered an active checking account for a minimum of 12 months, or any non-education HUECU loan product. Discount to be applied after the loan is disbursed, if applicable. Member must contact the credit union to receive the discount. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. HUECU reserves the right to modify or discontinue relationship benefits at its discretion without notice.

4. PRIME RATE. All current HUECU products offer a fixed interest rate. However, if you previously borrowed a hybrid or variable rate loan with the credit union, the current education loan prime rate is 3.25%

5. MEMBERSHIP. Membership in the Credit Union requires a $5 minimum deposit in a Share Savings Account.

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