Private Student Loan Programs

Private Student Loan

The Family Credit Union also offers The Family Credit Union Private Student Loan Program.

This private student loan is designed to supplement – not replace - federal, state and institutional financial aid to cover your expenses. It is available to students attending any eligible college or university provided all other eligibility requirements are met.

The Family Credit Union requests that you and your parents work with financial aid professionals at your respective college or university to ensure that you have first applied for all applicable forms of federal, state and institutional financial aid for which you are eligible, including federal student loans, prior to obtaining a private student loan. Accepting a private loan before utilizing other types of aid available may decrease your eligibility for federal, state and institutional aid.

General Guidelines for The Family Credit Union Private Student Loan Program

All applicants must:

  • Be a member or become a member of The Family Credit Union. Visit The Family Credit Union at www.familycu.com/become-a-member for more details.
  • Be at least 18 years of age at the time of application.
  • Not have defaulted on any private or government student loan.
  • Be attending any nonprofit, Title IV eligible, degree-granting, regionally accredited college or university or nonprofit school of nursing on at least a half-time basis.
  • Have applied for all applicable forms of federal, state and institutional financial aid for which the applicant is eligible, including federal student loans.

Cosigner Loan (Option 1)*

Applicants and/or a proposed cosigner must:

  • Have continuous employment for the past two years.
  • Have an annual income of at least $15,000.
  • Meet the debt-to-income ratio requirement.
  • Meet the prescribed credit criteria.

*Note: Applicants who meet underwriting and credit criteria are not required to provide cosigner(s).

No-Cosigner Loan (Option 2)

Applicants must:

  • Meet the prescribed credit criteria (no credit is considered good credit).

Please note that the list of criteria above may not be exhaustive and you or your cosigner(s) may be required to meet additional criteria in order to qualify for a loan. The Family Credit Union reserves the right to change the list of criteria in any way from time to time.

Applying for The Family Credit Union Private Student Loan Program

The Family Credit Union members can apply online for a private student loan. If you are not a member of The Family Credit Union you will need to become a member to qualify for the loan program. Our loan servicer, Iowa Student Loan®, will handle the processing of your Family Credit Union Private Student Loan application.

For more information or questions, contact Iowa Student Loan at (800) 542-6005.

Additional College Planning Assistance

If you are looking for information on planning for, paying for and succeeding in college, The Family Credit Union recommends the Iowa College Access Network® (ICAN). ICAN offers free services, including assistance with completing the FAFSA, to students and their families. Visit www.ICANsucceed.org or call (877) 272-4692 for more information about ICAN.

*The credit union is not necessarily endorsing the contents of these sites. The linked third party websites may provide less security than your credit union’s website.