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 4.00% and 10 year term, results in 4.00% APR, monthly payment of $101.25, finance charge of $2,150.00 and total repayment of $12,150.00.
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. Variable and hybrid rate education loans reprice quarterly in January, April, July, and October based on the prime rate published on the 1st of the preceding month. The prime rate of the last repricing was 5.50 %, adjusted on October 1, 2022.
5. MEMBERSHIP. Membership in the Credit Union requires a $5 minimum deposit in a Share Savings Account. Education Loan borrowers must be the primary accountholder to meet the membership requirement.