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Overview
Why get a Student Loan from HFS?
“What does a $64,000 investment return in dividends? According to the Bureau of Labor Statistics, not only is there a $400 per week difference in earnings between those with a high school diploma and those with a bachelor’s degree, there is also a substantial difference in unemployment.” -Forbes3
Pursuing an education is not just an investment in yourself, it’s an investment in your financial future. We offer Private Student Loans to make sure you have the resources you need to graduate without delay.
- Competitive variable rates ranging from 6.00% -9.25%1
- 1% interest rate reduction once you repay 10% of the loan
- 30-day no-fee return policy lets you cancel the loan if you find a better option
- No co-signer required for creditworthy Juniors, Seniors & Graduate students
- Borrow as little as $2,000 or as much as $30,000 per academic year
Additional Info
Qualified expenses include:
- Tuition
- Room & board
- Books & computer
Choose between making interest payments or a nominal $25.00 Proactive Payment towards the loan while in school. Borrowers will enter into full repayment status six months after graduating or ceases to be enrolled at least half-time in an eligible degree-granting program. Once a borrower enters into repayment status they are responsible for making full principal and interest payments within 10 years.
For additional information, about our Student Loan program, visit https://hfsfcu.lendkey.com/ .
1This loan has a variable interest rate that is based on a publicly available index, the Prime, as published in The Wall Street Journal. Your rate may change each month and will be calculated by adding the Prime to a margin between 0.25% and 5.75%. Rates and terms based on credit criteria and are all subject to change.
2APR = Annual Percentage Rate. Rates and terms based on credit criteria and are all subject to change. Assuming a $10,000 loan amount, a 6.12% APR, and a 10-year term, you would make 54 (48 months in school + 6 month grace period) monthly payments of $25 while enrolled in school followed by 120 monthly payments of $129.62 to repay this loan. If the APR is 8.86% and the loan amount remains $10,000 you would make 54 monthly payments of $25 while you are enrolled in school followed by 120 monthly payments of $168.69 to repay this loan.
3Ebersole, John. "Why a College Degree?" Forbes. Forbes Magazine, 08 Aug. 2012. Web. 14 Jan. 2017. (Link)Subject to credit approval. Rate may vary based on individual creditworthiness and other factors set forth by Lendkey.
Membership with the Credit Union is required and open to all who live, work, worship, attend school, volunteer or participate in associations headquartered on the island of Hawaii. A non-refundable $1.00 fee is required to establish membership. A minimum opening balance of $50.00 is required to open a savings account. -
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Rates & Fees
Rates Effective as of: 09-25-2023
Student Loans
Term Fee Rate Reduction Index Interest Rate 10 years (120 payments) 2.5% upfront1 1% rate reduction after repaying 10% of the initial principal balance during the Repayment Period. Variable, based on Prime2 and may increase after loan consummation, subject to floor rate of 6.00% 6.00% -9.50%3 (6.12% APR - 9.08% APR)4 Effective Date: May 1, 2017
1Upfront fee is charged one time at loan disbursement. It is added to your principal balance, so you do not pay anything out of pocket.
2The Prime Rate for the Education Loan is equal to the average of the Prime rates as published in Wall Street Journal for the three (3) months immediately preceding each quarterly adjustment date. Interest rates will adjust quarterly on the first day of January, April, July, and October.
3Interest Rate= Index + Margin. We will show you the loan APR before you approve the loan request. The APR takes into account all the fees you pay including the upfront fee and should be used when comparing the HFS FCU Loan to other private student loans.
4Annual Percentage Rate (APR) = Interest Rate adjusted for applicable fees and discounts.Subject to credit approval. Rate may vary based on individual creditworthiness and other factors set forth by Lendkey.
Borrowers: Before considering a HFS FCU Private Student Loan, please exhaust federal loans, which in most cases will cost less. For more information on federal loans, visit www.fafsa.ed.gov.
Additional Info
Visit https://hfsfcu.lendkey.com/ for more information.
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Calculator
Calculator
Calculate your monthly payments.
Student Loan Calculator
The Calculator Tools are not guarantees of credit. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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FAQ
Frequently Asked Questions
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When do my payments start on a Student Loan?
Payments will begin immediately upon loan disbursement. Be sure to exhaust all other Federal funding options, which generally allow you to defer payments until graduation.
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How quickly can I get my Student Loan money?
After approval, HFS is required to provide a 3-day waiting period prior to loan disbursement. Please note this additional waiting period. If you should find another lending option during this time, you can still withdraw your application.
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When should I apply for a Private Student Loan?
10 to 12 weeks before the tuition bill is due is a good time to explore your options.
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Am I Eligible for a Private Student Loan?
Borrower must be a credit union member, as well as:
- US citizen or permanent resident
- Enrolled at least half-time in an eligible school
- Meet minimum credit requirements
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What is the importance of a Cosigner?
Applying with a creditworthy cosigner not only increases your chance of approval, but also may lead to a lower loan rate.
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What are some tips to keep in mind?
Remember to:
- Exhaust all federal loans
- Get started early
- Only request the amount you need for the current academic period
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When do my payments start on a Student Loan?
Helpful Links
Questions?
Drop us a message anytime with your questions about Student Loans.