Bridgewater Credit Union, a Division of Merrimack Valley Credit Union
Student Loan Line of Credit

student loan line of credit

The Line of Credit is our most popular student loan. It is a low-rate, revolving loan – you apply once and tap into it whenever you need to access funds.

Line of Credit – How it works

  • Line of Credit Student Loan (revolving)
  • School certified – school validates the students’ enrollment and financial need based on their calculated Cost of Attendance minus other aid
  • Funds disburse directly to the school
  • School disburses any extra to the borrower
  • Co-borrower not required, but recommended
  • Payments can be deferred while enrolled at least half-time (maximum 60 months) plus six months grace period after separation
  • Aggregate maximum (total amount) $75,000 for undergraduate
  • Aggregate maximum (total amount) $100,000 for graduate business
  • Competitive rates. The CEILING will not exceed 18.00%. The FLOOR will be determined at application.
  • Zero origination or prepayment fees, NSF, LATE FEE
  • Eligible for most four-year public and private non-profit degree-granting (title iv) schools

Features and Benefits

 
Features Benefits
Line of Credit Structure You apply once versus applying annually, and then draw on the account
Flexible repayment options You can choose to defer payments, pay interest only, or pay the entire payment while in school
No origination fee You get the money you need without high fees that create an additional need for borrowing
No prepayment fees Paying the loan off early is good
Credit Union held loan You loan won't be sold or moved
School certified This protects you from taking too much/not getting enough
Online application Quick application process
Instant conditional approval No waiting for an answer
Student loan (w/co-borrower) Protects the parent
Co-borrower release Co-borrower can be released
Rate reduction Auto payments get a 0.25% discount

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MSIC NCUA Equal Housing Lender Intercept SUM

NMLS# 447563

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