Undergraduate 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 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 6 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: Repayment examples assume 4 years in school, and a 6-month grace period. Borrowing $10,000 at 5.75% and 7 year term, results in 5.39% APR, monthly payment of $182.37, finance charge of $5,319.08 and total repayment of $15,319.08.

Interest-Only Repayment

The APR assumes you are enrolled for 4 years, and have a 6 month grace period before full repayment of principal and interest payment begins. You are required to make interest-only payments on your loan while enrolled in school and during your grace period, however you can make interest and principal payments at any time.

Loan Example: Repayment examples assume 4 years in school, and a 6-month grace period. Borrowing $10,000 at 5.75% and 7 year term, results in 5.74% APR, and an interest-only payment of $47.92 during the enrolled and grace periods. When the loan enters full principal and interest repayment, the new monthly payment will be $144.78. The total finance charge under this repayment plan is $4,749.20, and total repayment amount is $14,749.20.

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 or cosigner 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. GRADUATION CASH BENEFIT. Calculated based up the original principal balance of the loan, and processed upon request. Proof of graduation required. Must have a Harvard FCU Checking Account for deposit. Amount not to exceed $2,000. 1% cash back upon graduation if the borrower has a Harvard FCU Checking Account, or 2 % cash back upon graduation if the borrower has a Harvard FCU Checking Account and credit card. Accounts must be open for a minimum of 12 months prior to the date of graduation to be eligible.

5. 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 six-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 6-month grace period ends. Interest Only: The borrower will be required to make interest-only payments while enrolled in school, and for the six-month grace period which begins after graduation, separation from school, or if the borrower drops below half-time enrollment. Full repayment of principal and interest begins after the grace period ends.

6. 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. 

7. 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.