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Frequently Ask Questions

Rates and Terms

Term

5 years
(60 months)

Fee

0%

Rate Reduction

0.25% rate reduction when signed up for automatic ACH payments.

Index

Variable, based on 1-Month LIBOR

Interest Rate

2.49% - 7.27%
(2.49% APR - 7.27% APR)

 
 
 
 
 

Term

10 years
(120 months)

Fee

0%

Rate Reduction

0.25% rate reduction when signed up for automatic ACH payments.

Index

Variable, based on 1-Month LIBOR

Interest Rate

2.92% - 7.37%
(2.92% APR - 7.37% APR)

 
 
 
 
 

Term

15 years
(180 months)

Fee

0%

Rate Reduction

0.25% rate reduction when signed up for automatic ACH payments.

Index

Variable, based on 1-Month LIBOR

Interest Rate

3.51% - 7.76%
(3.51% APR - 7.76% APR)

 
 
 
 
 

Term

5 years
(60 months)

Fee

0%

Rate Reduction

0.25% rate reduction when signed up for automatic ACH payments.

Index

Fixed

Interest Rate

3.50% - 8.72%
(3.50% APR - 8.72% APR)

 
 
 
 
 

Term

10 years
(120 months)

Fee

0%

Rate Reduction

0.25% rate reduction when signed up for automatic ACH payments.

Index

Fixed

Interest Rate

4.25% - 9.00%
(4.25% APR - 9.00% APR)

 
 
 
 
 

Term

15 years
(180 months)

Fee

0%

Rate Reduction

0.25% rate reduction when signed up for automatic ACH payments.

Index

Fixed

Interest Rate

4.97% - 9.22%
(4.97% APR - 9.22% APR)

1 Loans are available to Credit Union members in good standing and require membership in the Credit Union, which is subject to a $5 deposit. Other terms and conditions apply. For complete details, contact McGraw-Hill Federal Credit Union at 1-800-226-6428.

2APR = Annual Percentage Rate. Rates and terms based on credit criteria and are all subject to change. APRs of the variable rate loans may increase after consummation, resulting in higher monthly payments. The variable rate loans are based on a publicly available index, the 1-Month LIBOR, as published in the Wall Street Journal. Your rate may change each month and will be calculated by adding the 1-Month LIBOR to a margin assigned to you if approved for the loan. The variable rate loans are subject to a floor rate, as indicated in your loan documents.

Assuming a 15-year variable rate loan, $10,000 loan amount, a 3.51% APR, and the level repayment option, you would make 180 monthly payments of $71.54 to repay this loan. If the APR is 7.76% and the loan amount remains $10,000, you would make 180 monthly payments of $94.18.

Assuming a 15-year fixed rate loan, $10,000 loan amount, a 4.97% APR, and the level repayment option, you would make 180 monthly payments of $78.92 to repay this loan. If the APR is 9.22% and the loan amount remains $10,000, you would make 180 monthly payments of $102.74.

3 0.25% Interest Rate Reduction: Requires continued enrollment of automatic payments. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is cancelled, any increase will take the form of higher payments.

4 Cosigner Release: Subject to lender approval. In order to qualify, the borrower, alone, must meet the lender's credit criteria and income requirements to demonstrate that he/she has the ability to assume sole responsibility of loan repayment. The loan account payment status must be current and any period of forbearance will restart the consecutive payment clock. The loan cannot be in delinquent status, and the borrower cannot have any bankruptcies or foreclosures in the last 60 months or any loan defaults.