Harvard FCU makes financing your graduate degree simple!
Harvard FCU understands that everyone has a different path to pursuing graduate studies. This is why we’ve created our Flex Graduate Loan! Whether you’re a working professional, or full-time student, as long as you’re enrolled at least half-time and progressing towards a graduate degree, we’ve got you covered. The Flex Graduate Loan offers fixed interest rates, so you can rest assured knowing your payment amount won’t fluctuate, and immediate or deferred repayment depending upon your financial situation and goals.
Graduate students are eligible to borrow on their own but may improve their chances of loan approval, and qualify for a lower interest rate if applying with a credit worthy co-signer. Don’t worry, we’re here to help you understand your options, and to support you through the process!
- Fixed rates1 starting at 7.00 %.
- APR1 as low as 6.38 %.
- 5, 10, and 15 year term options available.
- You may borrow up to $50,000 annually, and $200,000 total over the course of your studies.
- The minimum loan amount is $1,000.
- Full deferral, or immediate repayment options.
- Please review the full program disclosure for further information on loan rates and costs.
The borrower must:
- Be at least the age of majority (18 in most states) for the state in which they reside.
- Be a U.S. Citizen or Permanent Resident with a Social Security Number.
- DACA students may apply with a U.S. Cosigner.
- Be enrolled in a graduate degree program, and attending at least half-time at an eligible not-for-profit school. Please consult your school’s financial aid office if you have questions about your current enrollment status, or eligibility for this loan.
- Be a Harvard FCU member, or establish membership6 as part of the application process.
- Satisfy the Harvard FCU credit requirements.*
Repayment Options4
Deferred Repayment
Payments are not required while you’re enrolled in school at least half-time, and during your nine-month grace period which begins after graduation. Repayment of principal and interest begins after your grace period ends.
Immediate Repayment
You’ll begin making full principal and interest payments one month after your first disbursement.
- No application or origination fees.
- 0.25% interest rate reduction for automatic recurring payments.2
- 0.25% interest rate reduction for a qualifying relationship,3 applied after the loan is disbursed.
- Zero pre-payment penalty.
- Funds sent directly to your school.
- Eligible for Cosigner Release after 48 consecutive on-time payments.
- Tuition
- Books and supplies
- Living expenses (minus other aid)
- If you are receiving a refund above and beyond tuition and fees, the funds will be posted to your student account.
Frequently Asked Questions
To be eligible, graduate students must be enrolled at least half-time in a graduate degree program. Half-time enrollment is typically 6-8 credit hours per semester, but can vary by school. Please consult your school’s financial aid office if you have questions about your current enrollment status.
To help determine eligibility, please reach out to your school to confirm:
- You are enrolled at least half-time, and admitted into a graduate degree program.
- Your financial aid office will certify a loan for your program and receive funds on your behalf.
Students who are enrolled less than half-time are not eligible for the Flex Graduate Loan, but may be eligible to borrow a Personal Loan to help finance program related expenses. Please keep in mind that personal loans do not offer the same repayment options and deferment benefits as Education Loans.
Students may borrow up to their cost of attendance less other aid received, not to exceed $50,000 per academic year, and $200,000 total.
Graduate students can borrow to cover all education related expenses included in the cost of attendance, which is determined by the school’s financial aid office. This includes indirect costs such as room and board, transportation, and books.
Graduate students are eligible to borrow on their own but may improve their chances of loan approval, and qualify for a lower interest rate if applying with a credit worthy co-signer.
The Flex Graduate Loan offers two repayment options: Fully Deferred or Immediate Repayment. Borrowers who select the Fully Deferred option will not be required to make payments while enrolled in school at least half-time, or during their grace period. Borrowers who select the Immediate Repayment option will enter repayment approximately one month after the first disbursement occurs.
The Harvard FCU Flex Graduate Loan has no origination, application, or disbursement fees. There are no prepayment penalties, so you can pay your loan off at any time.
If you are denied, it may be due to your employment status, income, debt, or credit history. You may consider obtaining a cosigner for your loan application, or speaking with the financial aid office at your school about the Graduate PLUS Loan.
*Terms and Conditions Apply. In order to qualify, a borrower must be a U.S. Citizen or permanent resident with a Social Security Number, and meet Harvard FCU’s underwriting requirements and other conditions. DACA students may apply with a U.S. Cosigner.
1. Interest Rate & APR. The rate you receive is based upon the length of your repayment term, your credit score and history, length of employment, and you must meet income requirements. Not all borrowers receive the lowest rate. Interest is charged daily throughout the life of the loan, beginning the first date of disbursement, through any grace or deferment period, and ending when the loan is paid in full. Rates and terms are subject to change without notice. Such changes will only apply to applications taken after the effective date of the change. Due to the in-school and grace period, the APR is lower than the interest rate. Harvard FCU does not accept principal only payments. All payments are first applied to fees, interest, and then principal. Payment and finance charge calculations are estimates only. Actual rates and payment information may vary based upon applicable terms.
Deferred Repayment
The APR assumes you are enrolled for 4 years, and have a 9 month grace period before payment begins. You are not required to make payment on your loan while enrolled in school and during your grace period, however you can make principal and interest payments at any time.
Loan Example: Loan Example: Repayment examples assume 4 years in school, and a 9-month grace period. Borrowing $10,000 at 7.00% and 5 year term, results in 6.38% APR, monthly payment of $263.85, finance charge of $5,831.00 and total repayment of $15,831.00.
Immediate Repayment
The APR assumes your loan will enter immediate repayment beginning the first date of disbursement. Your first payment will be one month after the disbursement of your loan.
Loan Example: Borrowing $10,000 at 7.00% and 5 year term, results in 7.00% APR, monthly payment of $198.01, finance charge of $1,880.60 and total repayment of $11,880.60.
2. AUTO-PAY. In order to be eligible for the 0.25% interest rate reduction for automatic payments, you must be signed up for automatic payments through University Accounting Service (UAS). Payment must be set-up from a U.S. bank account. If at any-time automatic payments are stopped, the rate discount will not be applied. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. Auto-pay is not required to obtain a loan. Harvard FCU reserves the right to change rate discounts at any time.
3. RELATIONSHIP DISCOUNT. In order to be eligible for a qualifying relationship discount, the borrower associated with the loan must have an active checking account for a minimum of 12 months, or any non-education Harvard FCU loan product. Discount to be applied after the loan is disbursed, if applicable. Member must contact the credit union to receive the discount. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. Harvard FCU reserves the right to modify or discontinue relationship benefits at its discretion without notice.
4. REPAYMENT OPTIONS. Deferred: Payments are not required while the borrower is enrolled in school at least half-time (up to 48 months from the first disbursement), and during the nine-month grace period which begins after graduation, separation from school, or if the borrower drops below half-time enrollment. Repayment of principal and interest begins after the 9-month grace period ends. Immediate Repayment: Principal and interest payments begin one month after the first disbursement. The minimum monthly payment will be $50.
5. PRIME RATE. All current Harvard FCU products offer a fixed interest rate. Variable and hybrid rate education loans reprice quarterly in January, April, July, and October based on the prime rate published on the 1st of the preceding month. The prime rate of the last repricing was 8.50 %, adjusted on October 1, 2023.
6. MEMBERSHIP. Membership in the Credit Union requires a $5 minimum deposit in a Share Savings Account. Education Loan borrowers must be the primary accountholder to meet the membership requirement.