Terms and Conditions Apply. In order to qualify, a borrower must be accepted into or currently enrolled at a less than half-time degree program offered by the Harvard Chan School of Public Health, and must satisfy all required underwriting and document requirements. You are an eligible domestic borrower if you are a U.S. Citizen or permanent resident. All international borrowers must pass an OFAC screening, and applications will not be accepted from residents or citizens of OFAC sanctioned countries.
1. Interest Rate & APR.You may receive a lower rate if a qualified cosigner is associated with your application. The APR assumes your loan will enter immediate repayment after disbursement, and the lowest rate accounts for a qualified cosigner associated with your loan. 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. All payment are first applied to fees, interest, and then principal. Calculations are estimates only. Actual rates and payment information may vary based upon applicable terms.
Loan Example: Repayment examples are based upon a borrower and qualified cosigner, and include a cosigner discount of 0.25%. Borrowing $10,000 at 7.75% and 15 year term, results in 7.75% APR, monthly payment of $94.13, finance charge of $6,943.40 and total repayment of $16,943.40.
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 Account 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. COSIGNER DISCOUNT. In order to be eligible for the cosigner discount, your cosigner must meet underwriting and credit requirements.
4. 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, 2022
5. MEMBERSHIP. Membership in the Credit Union requires a $5 minimum deposit in a Share Savings Account.
