Private Student Loans Rates & Terms1

Variable Rate2 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.4 During the in-school and grace period, borrowers have the option to either make a fixed payment of $25 each month5 or to pay only the interest that accrues on the loan each month. The lower rate displayed in the rate range below assumes a 0.25% reduction (subject to the floor rate) upon borrower enrolling in automatic payments3. There are no application or origination fees, and no prepayment penalties.

Repayment Term
beginning after the in-school & grace period		 APR
with autopay3 		Monthly In-School Repayment Option6 Estimated Monthly Payment6
following in-school & grace period		 Estimated Total Payment
10 Year
120 payments		 5.54% – 13.36% Proactive5 $25.00 $122.83 – $247.62 $16,089.60 – $31,064.40
5.70% – 14.95% Interest Only7 $47.50 - $124.58 $109.52 – $161.03 $15,707.40 – $26,051.10
Data in table reflects rates as of 11/24/2024.

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.4 During the in-school and grace period, borrowers have the option to either make a fixed payment of $25 each month5 or to pay only the interest that accrues on the loan each month. The lower rate displayed in the rate range below assumes a 0.25% reduction (subject to the floor rate) upon borrower enrolling in automatic payments3. There are no application or origination fees, and no prepayment penalties.

Repayment Term
beginning after the in-school & grace period		 APR
with autopay3 		Monthly In-School Repayment Option6 Estimated Monthly Payment6
following in-school & grace period		 Estimated Total Payment
10 Year
120 payments		 3.99% – 12.61% Proactive5 $25.00 $106.09 – $231.96 $14,080.80 – $29,185.20
4.03% – 13.99% Interest Only7 $33.58 - $116.58 $101.39 – $155.21 $13,980.30 – $24,920.70
Data in table reflects rates as of 11/24/2024.

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. St. Cloud Financial Credit Union does not charge any application or origination fees, and there are no prepayment penalties. Additionally, your rate may be reduced by 0.25% rate if you enroll in autopay3.

  1. 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 St. Cloud Financial Credit Union's credit and income requirements to qualify for a loan. Additionally, in order to receive a loan from St. Cloud Financial Credit Union, you must be a member of St. Cloud Financial Credit Union. If you are not a member of St. Cloud Financial 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 St. Cloud Financial Credit Union must be certified by the applicant’s school, and St. Cloud Financial 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.
  2. If you choose and receive a variable rate loan, your rate may change once a month. The variable rate is based on the 30-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 monthly adjustment date. Your rate will be calculated each month by adding the 30-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: 2.50% and an interest rate cap of 18.00%.
  3. If you enroll in automatic monthly payments from a personal checking or savings account to pay principal and interest amounts that are due, the rate will be reduced by 0.25%, subject to the floor rate. This 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. 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.
  5. 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.
  6. 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.
  7. 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.
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