About
Private Student Loan &
Student Loan Refinance Options
At UTFCU, we believe in empowering students to achieve their educational dreams. Our cutting-edge student loan marketplace is designed to help you find the best student loan in a matter of minutes, not months.
Discover the benefits of our student loan marketplace:
● Search for in-school and refinance loans that suit your unique situation
● Explore competitive fixed and variable interest rates for ultimate personalization
● Enjoy flexible repayment terms and options that fit your budget
● Say goodbye to origination fees and prepayment penalties
Ready to take the next step toward your education goals?
Who can benefit from our student loans?
We’re here to support students at every stage of their educational journey. Whether you’re a high school senior planning for college, an undergraduate student pursuing your degree, a graduate student advancing your education, or even a borrower seeking to refinance for better terms, we’ve got you covered. Our student loans are available to:
● Parents
● Undergraduate students
● Graduate and professional students (MBA, Law, MD, JD, etc.)
● Borrowers looking to refinance their existing student loans
What can you use our student loans for?
These student loans are specifically designed to cover all your education-related expenses. From tuition fees and room and board to textbooks, supplies, transportation, and other essential costs, we’ve got you covered. Don’t let financial barriers hold you back from achieving your dreams.
Ready to find out your personalized rates?
Discovering your pre-qualified rates has never been easier. Simply click the button below and let us guide you through the process.
University of Toledo Federal Credit Union (UTFCU), the power to do dreams…
Greg Cook, President and CEO of UTFCU has said one of his main missions is to have more products and services to better serve our members. He stated that he is impressed with the NEW Student Loan Portal, so that our members have better access to pursuing their dreams. UTFCU is committed to our members’ successes and helping them with their higher education is a major piece to that. If you are just starting your college experience or going on to pursue a higher degree, this student loan platform will help you finance your dreams. Even more impressive is that there is a variety of student loan options, for students as well as refinancing of student loans for graduates. It’s free to check what you qualify for, there is NO upfront fees, it’s quick and easy.
Student Loan FAQs
Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we always identify, all opinions are our own.
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Tired of seeing rate ranges and not knowing where you fall in the range? University of Toledo Federal Credit Union’s Student Loan Marketplace allows you to compare real student loan rates through a single form. Think of University of Toledo Federal Credit Union’s Student Loan Marketplace as the Expedia of student loans.
With University of Toledo Federal Credit Union’s Student Loan Marketplace, you can compare real repayment plans from multiple lenders side-by-side so you know exactly how each loan stacks up when it comes to APR, monthly repayment, total repayment amount, and repayment options.
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You may want to consider a private student loan for your degree after you’ve exhausted all scholarships, grants and work-study.
Following scholarships, grants and work-study, if there’s still a financial gap, you may consider applying for federal student loans and then private student loans.
Federal loans have more flexible repayment plans than private student loans. If you (and/or your cosigner) have a strong credit history and high income, you may be able to get a lower interest rate with private loans than with federal loans.
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Refinancing your student loans means you’re essentially trading in your current student loan(s) for a newer one – often with a new principal and a different interest rate. Your lender uses the newer loan to pay off the old one(s), so you’re left with just one loan and one monthly payment.
There are several reasons why you might want to refinance, including: getting out of debt faster, lowering your monthly payment, and saving on the total cost of your loan
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To determine your eligibility, complete our pre-qualification form. If you pre-qualify, you’ll receive personalized rates on your University of Toledo Federal Credit Union Student Loan Marketplace Dashboard from all the lenders with whom you pre-qualified.
A lot of undergraduate borrowers apply with a cosigner. Cosigners can increase your chances of pre-qualifying with lenders. Including a cosigner may also help you receive lower interest rates.
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Most lenders look at your credit history and income to determine your pre-qualification status. If you don’t have a strong credit history or income, you may want to consider including a cosigner to improve your chances of pre-qualifying for loans with better terms and lower interest rates.
If you don’t have a cosigner, don’t worry. University of Toledo Federal Credit Union’s Student Loan Marketplace includes several lenders that don’t require a cosigner to pre-qualify.
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After you’ve completed the FAFSA for federal student loans, secured grants, scholarships, and other financial aid, your school’s financial aid office will provide you with a summary. You may find that there’s a gap left in funding your education. Two common options to fill this gap are family savings (if available), or private student loans.
If you decide to go with private student loans, University of Toledo Federal Credit Union’s Student Loan Marketplace is the right place to begin your search. The maximum amount you can borrow from private student lenders is based on your school’s certified costs minus the amount of financial assistance you’ve already received (i.e. federal assistance, scholarships, etc.). We encourage you to reach out to your financial aid office to get more information on your school’s certified costs.
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No, you don’t need to complete the FAFSA to search for loans on University of Toledo Federal Credit Union’s Student Loan Marketplace.
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The main factors to consider when borrowing a private student loan are the: annual percentage rate (APR), principal, loan term, monthly payment, and total cost.
Annual Percentage Rate (APR): APR is the amount you’ll pay to borrow the money, including interest and fees, given as a yearly percentage. The higher the APR, the more you’ll owe in return for the loan. In general, your APR is determined by your creditworthiness. If you or your cosigner have a high credit score, you’re more likely to receive a lower APR. On the other hand, if you or your cosigner have a low credit score, you’re more likely to a higher APR.
Principal: Principal is the amount that you’re borrowing minus fees, penalties, interest and other costs.
Loan term: Loan term, also called loan duration, is the length of time you’ll have to pay off your loan.
In general, the shorter the loan term, the higher the monthly payments, but the faster the loan will be paid off. The longer the loan term, the lower the monthly payments, but the slower the loan will be paid off, meaning you’ll have to pay more interest over time.
Monthly payment: The monthly payment is the amount you owe each month. It’s made up of principal, interest, and other fees.
Total cost: Total cost refers to the total loan amount, or overall principal and interest, you’ll pay over the life of your loan.
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Your private student loan funds are sent directly to your school’s financial aid office. Your school automatically deducts your outstanding balance (if applicable). Following deductions, the remaining amount of your loan funds are sent directly to you, the borrower.
Your school sets the loan disbursement date (when you actually receive the money), which is usually a week or two prior to the beginning of the semester or quarter.
If you are refinancing student loans, a private lender pays off your existing loan(s) and gives you a new loan, ideally with a lower interest rate or shorter repayment plan. You will then make payments to the new private lender.
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You’ll need the following information to find pre-qualified rates on University of Toledo Federal Credit Union’s Student Loan Marketplace:
First name, last name, date of birth, citizenship status, physical address, email address, loan size, income, housing expenses, name of school, degree, concentration, and expected graduation date.
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When lenders assess your pre-qualification status, two of the many factors they consider are credit score and income. Since most students (especially undergraduate students) don’t have a strong credit score or high income, it can be helpful to include an eligible cosigner.
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Item descriptionA cosigner is a person who takes legal responsibility to make payments on a student loan if the borrower fails to make payments. Your spouse, relative, guardian, or friend can be a cosigner. Only one person can cosign for a private student loan.
Some lenders allow a cosigner to be released from their loan obligation after you, the borrower, have met certain requirements.
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You are not required to use a cosigner to get a private student loan. However, if you have a limited or poor credit history and minimal income, adding a creditworthy cosigner can improve your chances of pre-qualifying.
Disclosures
Borrow responsibly. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
This student loan marketplace is powered by Sparrow. These loans are made by Sparrow’s lending partners. University of Toledo Federal Credit Union is not the creditor for these loans and is compensated by Sparrow for the referral of loan customers.
Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
SPARROW RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. © 2023 Sparrow Labs Inc. All rights reserved. Sparrow, the Sparrow logo, and other Sparrow names and logos are service marks or registered service marks of Sparrow Labs Inc. All other names and logos used are the trademarks or service marks of their respective owners. Sparrow is not sponsored by or an agency of the United States of America.