Parent Student Loan - Harvard Federal Credit Union

Help finance your student’s undergraduate education.

The Harvard FCU Parent Loan allows family members to help undergraduate students cover education-related expenses.

Apply Now

Returning User Login

Rates & Terms

Rates¹ starting at 6.00 %.
As low as 6.00 % APR¹.
10 & 15 year repayment options.

Please review the full program disclosure for further information on loan rates and cost.

Benefits

0.25% interest rate reduction for automatic recurring payments.²
0.25% interest rate reduction for qualifying relationships³, applied after the loan is disbursed. Contact us to receive the benefit.
No application or origination fees.
Zero pre-payment penalty.
Funds sent directly to your student’s school.

Covered Costs

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 directly to the student’s account.

Explore why this is a better alternative to the Federal Direct Plus Loan

	Rate¹	APR¹	Estimated Monthly Payment	Federal Parent PLUS Loan
Origination Fee	0%	0%	0%	4.228%*
10 Year Fixed	6.00 % to 8.75 %	6.00 % to 8.75 %	$111.02- $125.33	9.08%**
15 Year Fixed	6.75 % to 9.50 %	6.75 % to 9.50 %	$88.49 – $104.42	This repayment option is not available for the Federal Parent PLUS Loan.
FAFSA	Not required, but encouraged.	Not required but encouraged.	Not required but encouraged.	Required.

*For Direct PLUS loans first disbursed on or after October 1, 2020.

**For Direct PLUS Loans first disbursed on or after July 1, 2024 and before July 1, 2025.

FAQ

How much can I borrow with a Harvard FCU Parent Loan?

You may borrow up to $50,000 per academic year, and $200,000 in total.

Can the Harvard FCU Parent Loan pay for a student’s books and personal expenses while in school?

A parent or family member can borrow to cover all undergraduate education related expenses up to 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.

How do I apply for a Harvard FCU Parent Loan?

To apply, all you need to do is fill out the online application. You will need the following information:

Student’s Name, Date of Birth and Social Security Number
School the student is attending, graduation date, loan period and the loan amount
Cost of attendance and any financial aid, which can be found on the financial aid award letter provided by the college or university

You will also be asked to upload certain documents which may include:

Recent pay stub (no more than 30 days old) or other proof of income.
Proof of identification, driver’s license or government issued ID

What are the credit requirements for the Parent Loan?

We will need to see a reasonably strong credit score and established credit history, including on-time monthly payments.

What if I am not approved for the Harvard FCU Parent Loan?

If you are denied, it may be due to your credit history. Consider obtaining a co-signer for your Parent Loan application, or speak to the financial aid office at your school about the Federal Direct PLUS Loan.

Are there any penalties for paying off the Harvard FCU Parent Loan early?

There are no prepayment penalties.

Terms and Conditions Apply. In order to qualify, a borrower must be a U.S. Citizen or permanent resident, and meet Harvard FCU’s underwriting requirements. Applicants must have a responsible financial history, and meet other conditions.

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. The APR assumes your loan will enter immediate repayment after first disbursement. Interest is charged daily throughout the life of the loan, beginning the first date of disbursement, through any 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.

Loan Example: Borrowing $10,000 at 6.00% and 10 year term, results in 6.00% APR, monthly payment of $111.02, finance charge of $3,322.40 and total repayment of $13,322.40.

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. RELATIONSHIP DISCOUNT. A qualifying relationship discount is considered 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. 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.

5. 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.