Consolidation Student Loans

There is a 10-day grace period after the due date.

You can refer to your Approval or Final Truth in Lending disclosures for your estimated payment. CEFCU will send you a letter after funds have been disbursed. The letter will show your starting balance, monthly payment amount, and when it is due.

The maximum repayment term is 12 years and a minimum monthly payment of $75. There is no penalty for paying your loan early. Have your payments automatically deducted, and you can receive 1/2 percent discount.

You can borrow a minimum of $5,000 and a maximum of $80,000.

You can consolidate any private and federal student loan in your name.

No, only those who are no longer students are eligible to apply.

The process can take several weeks.

1. Provide statements for the loans you want included in the consolidation loan. You will receive an email or letter describing what is needed.
2. Review and accept the Approval Truth in Lending Disclosure, which is sent when loan statements are received and processed. Then you will receive a Final Truth in Lending Disclosure with a three-day Right of Rescission. When this period has elapsed, we will send the payoffs to your current loan holder(s).

Then payoffs will be sent to current loan holder(s), and CEFCU will send you a letter letting you know when/where your first payment is due.

Consolidation Student Loan rates are variable, and they could adjust quarterly. They are risk-based, so the rate depends on your credit score.

Your rate is found on your Truth in Lending disclosures.

It depends on how quick you complete your application and provide required documentation. Once all documents are signed and supporting documentation is provided, the application will be processed in 24 to 48 hours.

You will need to provide a current statement for each of the loans you wish to consolidate. We also may request a copy of documents, such as a driver's license or your last two pay stubs.

You will sign your promissory note electronically.

Your cosigner will receive an email with a link to the application. From that link, the application can be completed and signed.

Use the help available throughout the online loan application or contact us at 1-800-897-5918.

In addition to being a CEFCU member, you must meet credit requirement qualifications applicable at the time the loan is reviewed. In addition, you must be a U.S. citizen/national or eligible non-citizen.

If you are a foreign student, you must have a cosigner who is a U.S. citizen or permanent resident with a mailing address in the United States and a valid Social Security number.

Yes, if you qualify, your cosigner can be removed after 48 consecutive months of on-time payments.

No, deferment is not an option on a Consolidation Student Loan.

Interest begins to accrue as soon as funds are disbursed.

CEFCU will send you a letter after the funds are disbursed. Your first payment will be due 30 to 45 days after the payoffs are sent.

Log in to Online Banking to access information on your new loan and eStatements. If you haven't signed up for eStatements, get started today.