Private Student Loans Rates & Terms1View Rates and Terms
Variable Rate2View Conditions for Variable Rates Loans
The following table illustrates the estimated annual percentage rate (APR), monthly payment, and total payment for a $10,000 loan with a 10 year loan term. The examples assume a 4-year in-school period and a 6-month grace period (54 total months) before you are required to make full principal and interest payments.4View Terms for Full Repayment Period During the in-school and grace period, borrowers have the option to either make a fixed payment of $25 each month5View Conditions for Fixed Monthly Payments or to pay only the interest that accrues on the loan each month. There are no application or origination fees, and no prepayment penalties.
| Repayment Term beginning after the in-school & grace period |
APR | Monthly In-School Repayment Option6View Minimum Monthly Payment Condition | Estimated Monthly Payment6View Minimum Monthly Payment Condition following in-school & grace period |
Estimated Total Payment | |
|---|---|---|---|---|---|
| 10 Year 120 payments | 9.19% – 12.49% | Proactive5View Conditions for Fixed Monthly Payments | $25.00 | $171.54 – $229.58 | $21,934.80 – $28,899.60 |
| 9.83% – 13.84% | Interest Only7View Conditions for Interest Only Payments | $81.92 - $115.33 | $131.21 – $154.31 | $20,168.70 – $24,745.20 | |
| Data in table reflects rates as of 12/21/2024. | |||||
Fixed Rate Loans
The following table illustrates the estimated annual percentage rate (APR), monthly payment, and total payment for a $10,000 loan with a 10 year loan term. The examples assume a 4-year in-school period and a 6-month grace period (54 total months) before you are required to make full principal and interest payments.4View Terms for Full Repayment Period During the in-school and grace period, borrowers have the option to either make a fixed payment of $25 each month5View Conditions for Fixed Monthly Payments or to pay only the interest that accrues on the loan each month. There are no application or origination fees, and no prepayment penalties.
| Repayment Term beginning after the in-school & grace period |
APR | Monthly In-School Repayment Option6View Minimum Monthly Payment Condition | Estimated Monthly Payment6View Minimum Monthly Payment Condition following in-school & grace period |
Estimated Total Payment | |
|---|---|---|---|---|---|
| 10 Year 120 payments | 8.48% – 10.17% | Proactive5View Conditions for Fixed Monthly Payments | $25.00 | $160.88 – $187.34 | $20,655.60 – $23,830.80 |
| 9.00% – 11.00% | Interest Only7View Conditions for Interest Only Payments | $75.00 - $91.67 | $126.68 – $137.75 | $19,251.60 – $21,480.00 | |
| Data in table reflects rates as of 12/21/2024. | |||||
How is my loan payment calculated?
The monthly payment for your loan and the rate by which it’s calculated is dependent on a number of factors, including the term length and whether your loan is a variable or fixed rate, depending on what options are offered to you. Interest rates for fixed rate loans do not change throughout the loan term, while interest rates for variable rate loans may fluctuate up or down with a market index which will affect your monthly payment amount due. Mayo Employees Federal Credit Union does not charge any application or origination fees, and there are no prepayment penalties.
- Terms and conditions apply. Loan products, terms, and benefits displayed on this website may be modified or discontinued at any time without notice. Your rate will be determined after a review of your application and credit profile. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school (enrolled on at least a half-time basis), and meet Mayo Employees Federal Credit Union's credit and income requirements to qualify for a loan. Additionally, in order to receive a loan from Mayo Employees Federal Credit Union, you must be a member of Mayo Employees Federal Credit Union. If you are not a member of Mayo Employees Federal Credit Union, you must apply and become a member during the loan application process. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. All private student loans from Mayo Employees Federal Credit Union must be certified by the applicant’s school, and Mayo Employees Federal Credit Union reserves the right to reduce the loan amount or withhold funding based on the school certification or in the event the school does not certify the loan, respectively.
- If you choose and receive a variable rate loan, your rate may change once a quarter. The variable rate is based on the 90-day average of the daily Secured Overnight Financing Rate (“SOFR”) Published by the Federal Reserve Bank of New York as of two business days immediately preceding the quarterly adjustment date. Your rate will be calculated each quarter by adding the 90-day SOFR to a margin that is assigned to your loan upon loan approval. All loans are subject to an interest rate floor based on term: 10 year: 0.00% and an interest rate cap of 18.00%.
- The full Repayment Period will begin on the date that is the earliest of (i) six months after the borrower graduates or six months after the borrower ceases to be enrolled at least half time at an eligible school; or (ii) 60 months after the loan's disbursement for an undergraduate program or 48 months after the loan's disbursement for a graduate program.
- If you have multiple loans with us and choose to make fixed $25 monthly payments during the in-school and grace periods for such loans, only one $25 payment will be required each month.
- The minimum monthly payment during the In-School Period is $25.00. The minimum monthly payment during the full Repayment Period is $50.00 or the unpaid balance of your loan, whichever is less.
- If you have multiple loans with us and choose to make interest only monthly payments during the in-school and grace periods for such loans, you are responsible for paying the interest on the outstanding balance for each loan, subject to a monthly minimum of $25.