Help finance your student’s undergraduate education.
The HUECU Parent Loan allows family members to help students cover education-related expenses.
Benefits include:
|
Covered costs include:
|
Key Features:
- Rates starting at 5.00%.
- 10 & 15 year repayment options.
Explore why this is a better alternative to the Federal Direct Plus Loan
| HUECU Parent Loan | Federal Parent PLUS Loan | |
| Origination Fee | 0% | 4.228%* |
| 10 Year Fixed | 5.00% to 7.25% | 7.08% |
| 15 Year Hybrid | 5.50% to 7.00% for the first 60 months. After 60 months, variable rate Prime +1.00% to 2.50%. | 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.
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.
