Student Loan Consolidation Application

What you'll need to start your application:

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  You’ll need some personal information:

  • Your permanent name, address, phone number and email
  • Your social security number
  • A Government-Issued Photo ID, such as a Driver's License or a Passport.
  • The name of your alma mater
  • The approximate amount of your current student loan debt
• 

  You’ll need a cosigner if you do not have all of the following:

  • Current employment
  • A job that pays at least $24,000 annually*

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  To apply with a cosigner, you'll need:

  • Current employment
  • A job that pays at least $24,000 annually*

  (Even if you meet the guidelines above, a creditworthy cosigner can increase your chances of getting approved and will often lead to lower rates!)

  *Other income requirements may be necessary based on the requested loan amount.

After your initial application is conditionally approved:

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  You’ll need to provide some documents for further loan review:

  • A Government-Issued Photo ID, such as a Driver's License or a Passport.
  • Proof of graduation
  • Proof of income, like recent pay stubs

• 

  You may need to join a credit union

  • Because the cuGrad loan is offered by credit unions participating in the LendKey lender network, you’ll be asked to select a credit union during the application process.
  • Don’t worry! If you’re not already a member of a credit union participating in the LendKey network, we’ll match you with one! Credit unions are easy to join.
  • After you’ve been conditionally approved for the loan, you’ll join the credit union selected during the application process (a small initial deposit may be required).
  • If you later choose to cancel your loan request, there’s no obligation to remain a member of the credit union.

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  Credit union benefits:

  • Low minimum balance required to maintain an account
  • Lower APR on most loan types, including student loans, mortgages, auto loans and credit cards
  • Low-fee or no-fee checking accounts and ATM access
  • Better rates of return on savings accounts and certificates of deposit
  • U.S. Government insured accounts up to $250,000
  • Dividends are paid to members (that may be you), not shareholders!

• 

  You’ll need to decide your monthly repayment option

  • Level Repayment: You’ll make one consistent monthly payment amount over the life of your loan.
  • Graduated Repayment: For the first four years, you’ll make monthly interest-only payments. After that, your payments will increase to a level repayment schedule for the rest of your loan term.

Repayment Tip
Graduated Repayment may help recent graduates trying to manage expenses on an entry-level salary or borrowers with occupations that require a professional degree but have high earning potential in the future. However, selecting the Level Repayment option will help you pay off the loan faster.