Does Farmers Insurance Federal Credit Union offer student loans? Yes we do! Simply go to our website to review the options and apply. For more information, call 800.877.2345.
Is a co-signer required? A co-signer is not required, but strongly recommended because it gives you the best chance for loan approval and to secure optimal pricing.
What is the minimum loan amount? The minimum loan amount is $1,000.
What is the maximum loan amount? The maximum loan amount is cost of attendance less other aid, not to exceed $45,000 annually for an Undergraduate Loan and $60,000 annually for a Graduate Loan.
What is the aggregate loan limit?
The lifetime aggregate loan limit is $75,000 for an Undergraduate Loan and $150,000 for a Graduate Loan.
What is the loan term? The maximum loan term is 15 years.
What is the fee? The fee for all loans ranges from 0.0% to 6.0% of the loan amount.
How are the rates and fees determined? The interest rate and fee for the loan are based on a review of both credit history and debt-to-income. The index used to determine the interest rate is the 3 Month LIBOR index + a spread, and it adjusts quarterly.
Is there an income or employment requirement? Income must be verified but there is no minimum income requirement.
How long is the credit approval valid? The credit approval is valid for 90 days from the date of the credit pull.
What are the repayment options?
- Repayment of principal and interest begins the day after the 6 month Grace Period ends (after enrollment terminates or falls below half time) and continues until the date that is 15 years after the date the first disbursement was made. The first payment of principal and interest will be due approximately 30 to 60 days after the Grace Period ends.
- Maximum allowable in-school deferment period of principal and interest payments of up to 5 consecutive years from the date of the first disbursement for students enrolled in an undergraduate program for at least half-time. The in-school deferment period is in addition to the 6 month Grace Period.
Interest-Only Payments (available during in-school period only)
- The Repayment Period under the Interest-Only option begins within 60 days after disbursement. The first payment of interest-only will be due approximately 65 days after disbursement.
- Maximum allowable in-school deferment period of principal payments (paying interest-only) of up to four (4) to seven (7) consecutive years (depending on loan program) from the date of disbursement for at least half time. The in-school deferment period is in addition to the six (6) month Grace Period.
- Repayment of principal and interest begins thirty (30) to sixty (60) days after six (6) month Grace Period ends (after enrollment terminates or falls below half time).
Full Principal and Interest Payments (full repayment begins immediately)
- The Repayment Period under the Full Principal and Interest option begins 30 to 60 days after disbursement.
Is the program available to students obtaining certificates and degrees? Students must be enrolled in an approved two or four year public or private degree-granting institution.
Can someone besides the student be the borrower? No. The student must always be the primary borrower on the loan.