Help finance your child’s undergraduate education.

The HUECU Family Student Loan allows family members to help students cover education-related expenses.

 

Benefits include:

  • 0.25% interest rate reduction for automatic recurring payments, automatically applied after first payment cleared.
  • 0.25% interest rate reduction for qualifying relationships. Contact us to  inquire about eligibility.
  • No application or origination fees.
  • Zero pre-payment penalty.
  • Funds sent directly to your student’s school.
Covered costs include:

  • Tuition
  • Books
  • Computers
  • Living expenses (minus other aid)

 

Explore why this is a better alternative to the Federal Direct Plus Loan

HUECU Family Loan Federal Parent PLUS Loan
Origination Fee 0% 4.276%
15 Year Variable Prime +1.00% to Prime +4.50% n/a
15 Year Hybrid 5 years fixed at 5.50% to 9.00%
10 years variable (Prime +1.00% to Prime +5.50%)
n/a
Fixed Rate n/a 7.00%
FAFSA Not required, but encouraged. Required.

 

Common Questions

How much can I borrow with a HUECU Family Student Loan?

For the HUECU Family Student Loan, you may borrow up to $25,000 per academic year, or $100,000 in total.

Can the HUECU Family Student Loan pay for a student’s books and personal expenses while in school?

A parent or family member can borrow the Family Student Loan to cover all educational related expenses up to the cost of attendance, which is determined by the financial aid office. This includes indirect costs such as transportation, books and room and board.

How do I apply for a HUECU Family Student Loan?

To apply for a Family Student Loan, all you need to do is fill out the online application. This is the information you’ll need to apply:

  • Name, address, phone number, email address, Social Security Number, date of birth
    Student’s Name, Date of Birth and Social Security Number
  • Cost of attendance and any financial aid received which can be found on the financial aid award letter provided by the college or university
    •  Student Graduation date, loan period and the loan amount
  • Name of school the student plans to attend

You will also be asked to upload certain documents including:

  • Recent pay stub (no more than 60 days old) or other proof of income and
    monthly housing payment.
  • Proof of identification, driver’s license or government issued ID

What kind of credit is required for the HUECU Family Student Loan?

or the Family Student Loan, we will need to see a reasonably strong credit score, which is derived from your credit and payment history.

If you would like to find out more information about your credit, contact HUECU’s financial wellness partner GreenPath at HUECU.org/GreenPath or 877.337.3399. You can also access a free copy of your credit history by visiting annualcreditreport.com.

What if I am not approved for the HUECU Family Student Loan?

If you apply for the HUECU Family Student Loan and are denied, it may be due to your credit history. Speak to the financial aid office about the Federal Direct PLUS Loan or consider obtaining a co-signer for your HUECU Family Student Loan application.

Are there any penalties for paying off the HUECU Family Student Loan early?

There are no prepayment penalties for the Family Student Loan.